The diversity of people, properties and situations in real estate transactions requires a diverse array of purchase agreements on which to write and submit an offer to acquire real estate.
Read MoreDownload the Form This form is used by a buyer broker when preparing an offer for their buyer-client to purchase an interest in other than one-to-four unit residential property. Your use of RPI Form 151 Purchase agreement...
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A buyer broker uses RPI Form 151 when preparing an offer to purchase income-producing real estate, excluding one-to-four unit residential property.
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Learn how to counter an offer with a purchase agreement calling for the buyer to pay the broker fee and avoid claims of tortious interference.
Read More![Form-of-the-Week: Purchase Agreement — for One-to-Four Residential Property — with Buyer Broker Fee Provision [RPI Form 150]](https://journal.firsttuesday.us/wp-content/uploads/purchase-agreement-1-627x376.jpg)
A buyer agent uses RPI Form 150 when preparing an offer for their buyer to purchase one-to-four unit residential property with a fee provision for disbursing the buyer broker fee from the purchase price.
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Always enter into a written employment agreement with the buyer using RPI Forms 103.1 and 103.2. Renew or extend the retainer period with RPI Form 103.1A or 103.2A.
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In re: Colyear v. Rolling Hills Facts: A homeowners’ association (HOA) wants to trim trees on a...
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Unlike trade unions, RPI forms for decades has had methods for the buyers broker to set their own fees and disclose the fee amount to their buyer clients.
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These forms are used by a seller’s agent or escrow officer when preparing a purchase agreement or counteroffer for a real estate transaction when the transfer of personal property is included and when on a carryback sale the price includes the transfer of personal property which together with the property sold will be security for the carryback note, to grant the seller a security interest in the personal property.
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These forms are used by a sellers agent as part of the Transfer Disclosure Statement (TDS) to comply with city or county ordinance disclosure requirements and to disclose information about service and maintenance providers currently used on a property listed for sale.
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Agents need to be aware of the maximum dollar amount the seller is entitled to receive upon a buyer’s breach – especially when home prices are falling.
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How does a buyer’s breach impact the seller’s ability to collect on a monetary loss in practice?
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Buyer remedies when a seller breaches or cancels a purchase agreement
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Avoid premature termination when purchase agreement objectives can be met by extending dates.
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Learn when a buyer or seller may exercise their right to cancel the purchase agreement and terminate the transaction.
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Universal characteristics of the purchase agreement; Identification; Price and terms; Acceptance and performance; Property conditions; Closing conditions; Brokerage fee; Signatures and agency confirmation
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A buyer’s use of the purchase agreement to prepare and submit a written offer to purchase property.
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A broker’s freedom to use any real estate form they choose
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When an investor or dealer wants to purchase a residence in foreclosure, they use RPI Form 156 and 156-1 when it is a short sale.
Read MoreDownload the Form This form is used by a buyer’s agent when the buyer will use seller carryback financing to purchase a farm or ranch property, to prepare an addendum to add provisions to the purchase agreement. Your use...
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