Breaking a Contract with Real Estate Agent
Total Page:16
File Type:pdf, Size:1020Kb
Load more
Recommended publications
-
YOUR RIGHTS AS a HOMEBUYER OR SELLER Your Rights As a Homebuyer Or Seller
Wisconsin REALTORS® Association YOUR RIGHTS AS A HOMEBUYER OR SELLER Your Rights as a Homebuyer or Seller Congrats on your decision to pursue homeownership! Buying or selling a home is an important life event that requires many important decisions. This booklet explains the services you may expect from a licensed real estate agent and the duties these professionals owe to you under the law. Wisconsin law provides strong protections for all real estate consumers. For more real estate information designed for you, the consumer, visit the WRA’s Downloadable Consumer Brochure page online at www.wra.org/dcb. What’s a real estate agent? that the buyer has the insurance binder and a certified check for A real estate agent is a professional licensed by the state of payment. Wisconsin to help you buy or sell your home. The agent’s job Not all real estate licensees provide the same services, nor do is to bring buyers and sellers together and help them reach an they charge the same fees. To ensure that you are getting the agreement. An agent also provides other services. best value for your money, ask the real estate agents in your community what services they provide, what they charge, and what A real estate agent may assist both parties in negotiating the additional services are recommended or are necessary to complete purchase contract and in filling out certain legal contract forms. the transaction. It is always recommended that you consider the Forms such as the offer to purchase and counter-offer are typically services of an experienced real estate attorney as early in the used during a real estate transaction. -
United States Real Estate Investment: the Contract Process by Lee A
Property Group | 2003 United States Real Estate Investment: The Contract Process By Lee A. Kuntz* large measure, a reflection of the essential laissez faire * Introduction spirit of the United States economic system. For foreign investors, one of the most important but least In most other countries either by law (primarily statutory understood aspects of an investment in United States real law) or custom, the areas of potential controversy in a real property is the negotiation of a contract of sale and, once estate transaction are largely limited to price and the contract is completed, the closing of the acquisition. payment terms. In a fundamental sense, the basic Because this process differs greatly from the contract question of the merchantability of the property is not at process in most other countries, it is a difficult and often issue, because, as a result of the applicable statutory confusing period for foreign investors. Yet, if they are to provisions, the seller is usually obliged to sell the property protect their interests, they must not only understand the in a merchantable condition and the purchaser is process but join actively in it. This paper will explain the generally assured as to its ownership by registration of its United States contract process to help foreign investors to title. The question of merchantability really becomes participate in it more effectively. important only after the conveyance of the property if the To begin at the beginning, a contract of sale provides the purchaser discovers that the property’s condition does not terms and conditions of the transaction. -
Real Estate in 32 Jurisdictions Worldwide Contributing Editor: Sheri P Chromow 2012
® Real Estate in 32 jurisdictions worldwide Contributing editor: Sheri P Chromow 2012 Published by Getting the Deal Through in association with: Achour & Hájek Advokatfirman Glimstedt Arzinger Barrera, Siqueiros y Torres Landa, SC Biedecki Bin Shabib & Associates (BSA) LLP Divjak, Topi´c & Bahtijarevi´c Law Firm Drakopoulos Law Firm EDAS Law Firm ˙IçtemLegal Attorneys at Law ILA Pasrich & Company Katten Muchin Rosenman LLP Kleyr Grasso Associés Kluge Advokatfirma DA Law Chambers Nicos Papacleovoulou Madrona Hong Mazzuco Brandão – Sociedade de Advogados Nagashima Ohno & Tsunematsu Nnenna Ejekam Associates OMG Oppenländer Rechtsanwälte Orrick Rambaud Martel Reed Smith LLP Schellenberg Wittmer Sultan Al-Abdulla & Partners Thiery & Ortenburger Rechtsanwälte OG Tilleke & Gibbins V&T Law Firm VARUL WongPartnership LLP Zang, Bergel & Viñes Abogados CONTENTS ® Albania Evis Jani and Ekflodia Leskaj Drakopoulos Law Firm 3 Real Estate 2012 Argentina Juan Manuel Quintana, Inés M Poffo, Fernando M Aguinaga and Iván Burin Contributing editor Zang, Bergel & Viñes Abogados 9 Sheri P Chromow Katten Muchin Rosenman LLP Austria Ernst W Ortenburger and Herwig Schönbauer Thiery & Ortenburger Rechtsanwälte OG 17 Business development managers Brazil Maria P Q Brandão Teixeira Madrona Hong Mazzuco Brandão – Sociedade de Advogados 22 Alan Lee George Ingledew China Wang Jihong, Gao Lichun, Zhu Yongchun, Xie Yi, Shi Jie, Zhang Xiaofeng and Gao Lei Robyn Hetherington V&T Law Firm 29 Dan White Marketing managers Croatia Emir Bahtijarevic,´ Marin Vukovic´ and Tena -
Real Estate Contract
REAL ESTATE CONTRACT THIS REAL ESTATE CONTRACT (the “Contract”) is entered into on the _____ day of _________________, 20____ by and between ___________________________________________, hereinafter designated as “Sellers”, and ____________________________________________, and/or their assigns, hereinafter designated as “Buyers”; pursuant to the Buyers offer to purchase from Sellers the property described in Paragraph 1 herein, subject to the terms and conditions set forth herein: 1. Legal Description/Parcel No. and Address: _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ 2. Purchase Price: The purchase price for the Property shall be the exact sum of $_________________________ which is to be tendered by the Buyer with cash paid to Seller at closing. 3. (a) Financing Contingency. This Contract IS NOT conditioned upon Buyer’s ability to obtain financing to purchase the home. Buyer has fourteen (14) business days from the date of this Contract is signed, to obtain financing. Buyer shall inform Seller in writing that financing has been secured within fourteen (14) business days or this Contract is fully terminated and the Earnest Money shall be returned to Buyer. (b) Inspection Contingency. Buyer has ten (10) business days from acceptance of this offer to conduct an inspection. Buyer may rescind this offer for any reason whatsoever within that ten (10) day period by providing written notice to the title company, which shall immediately return the Earnest Money to the Buyer. In this event, this Contract shall be null and void and the parties shall have no rights one to the other. 4. Earnest Money: Within twenty-four (24) hours of execution of this Contract by Buyer and Seller, Buyer shall tender a signed copy of this Contract, along with a check in the amount of $___________________(the “Earnest Money”) payable to Capital Abstract & Title Co., LLC (the “Title Company”). -
CHICAGO ASSOCIATION of REALTORS® EXCLUSIVE BUYER - BROKER AGREEMENT This Contract Is Intended to Be a Binding Real Estate Contract Rev
CHICAGO ASSOCIATION OF REALTORS® EXCLUSIVE BUYER - BROKER AGREEMENT This Contract is Intended to be a Binding Real Estate Contract Rev. 01/2012 1 1. BROKER. This Exclusive Buyer-Broker Agreement ("Agreement") is entered into by and between ____________________________ 2 _________________________________________________ ("Broker") and __________________________________________________________ ("Buyer"). 3 Broker agrees to appoint a sales associate affiliated with Broker to act as the Buyer's designated agent ("Buyer's Designated Agent") for the 4 purpose of assisting Buyer in identifying and negotiating the acquisition of residential real estate ("Property") and Buyer agrees to grant 5 Buyer's Designated Agent the exclusive right ("Exclusive Right") to represent Buyer in such acquisition per the terms and conditions set forth 6 in this Agreement. The terms "acquire" or "acquisition" shall mean the purchase (title transfer or Articles of Agreement for deed), lease, 7 exchange, or contract for the option to purchase Property by Buyer or anyone acting on Buyer's behalf. 8 2. TERM. Broker's Exclusive Right shall extend from the Effective Date, as set forth on page 3 ("Commencement Date"), until 11:59 9 P.M. on ___________________________, 20___, at which time this Agreement shall automatically terminate ("Termination Date"). 10 3. COMPENSATION. Broker shall seek to be paid a commission from the listing broker under a cooperative brokerage arrangement 11 or from the seller if there is no listing broker. In the event that the seller or listing broker does not pay Broker a commission, then 12 Buyer shall pay Broker at the time of closing, compensation equal to _______% [percent] of the purchase price of the Property 13 which Buyer acquires during the Term of this Agreement (“Acquisition Commission”), whether or not the Property has been 14 identified by Broker to Buyer. -
CHICAGO ASSOCIATION of REALTORS® Condominium Real Estate Purchase and Sale Contract
CHICAGO ASSOCIATION OF REALTORS® Condominium Real Estate Purchase and Sale Contract (including condominium townhomes and commercial condominiums) This Contract is Intended to be a Binding Real Estate Contract 1 1. Contract. This Condominium Real Estate Purchase and Sale Contract ("Contract") is made by and between 2 ___________________________________________________________("Buyer"), and ___________________________________________________________ ("Seller") 3 (Buyer and Seller collectively, ("Parties"), with respect to the purchase and sale of the real estate and improvements located at 4 ________________________________________________________________________________________________________________________________("Property"). 5 The Property P.I.N. # is ________________________________________________. 6 The Property includes parking space number(s) _____________, which is (check all that apply) o deeded, o limited common element, o assigned, o indoor, o outdoor. 7 If deeded, the parking P.I.N.# is: ____________________________________________. The Property includes storage space/locker number(s) _________________, which 8 is (check all that apply) o deeded, o limited common element, o assigned. If deed, the storage space/locker P.I.N.# is: ________________________________________. 9 2. Fixtures and Personal Property. At Closing (as defined in Paragraph 8 of this Contract), in addition to the Property, Seller shall transfer to Buyer by a Bill of Sale 10 all heating, cooling, electrical and plumbing systems, and the following checked -
Top News Extended Eviction Moratorium and Emergency Rental
WRA Legal News Weekly January 11, 2021 Top News: • Extended Eviction Moratorium and Emergency Rental Assistance • Increase Diversity with Partnership for Success • Legal Hotline Available on Sunday Afternoons Legal Hottips: • Criteria for protected buyers • Repair of RECR defect • Discriminatory covenants • Condominium executive summary • Possible material adverse facts Top News Extended Eviction Moratorium and Emergency Rental Assistance In the latest COVID-19 relief act, Congress extended the Centers for Disease Control and Prevention (CDC) imposed eviction moratorium through January 31, 2021, and established a $25 billion fund to assist those who have missed rent or utility payments due to the pandemic. Grant money may be used to pay current and past due rent, utilities, home energy costs and other housing expenses incurred due to COVID-19. The Emergency Rental Assistance Program prioritizes assistance for households that have income totaling less than half the area median household income or where an individual has been unemployed for more than 90 days. Individuals who have qualified for unemployment benefits, experienced a reduction in household income, had other financial hardship due to COVID-19, or can demonstrate a risk of homelessness or housing instability can also apply. Any assistance received will not be treated as income. The act allows landlords and owners to assist renters in seeking grant money and allows the landlords to apply on behalf of a renter in their dwellings. If a landlord submits an application, the landlord must obtain the tenant’s signature either wet or electronic, provide the tenant a copy of the application and use any payments received to satisfy the tenant’s rental obligations. -
Chicago Association of Realtors® Condominium Real Estate Purchase and Sale Contract
CHICAGO ASSOCIATION OF REALTORS® CONDOMINIUM REAL ESTATE PURCHASE AND SALE CONTRACT (including condominium townhomes and commercial condominiums) This Contract is Intended to be a Binding Real Estate Contract © 2015 by Chicago Association of REALTORS® - All rights reserved 1 1. Contract. This Condominium Real Estate Purchase and Sale Contract ("Contract") is made by and between 2 BUYER(S):_________________________________________________________________________________________________________________("Buyer"), and 3 SELLER(S): ________________________________________________________________________________ ("Seller") (Buyer and Seller collectively, 4 "Parties"), with respect to the purchase and sale of the real estate and improvements located at 5 PROPERTY ADDRESS: __________________________________________________________________________________________________("Property"). 6 (address) (unit #) (city) (state) (zip) 7 The Property P.I.N. # is ____________________________________________. Approximate square feet of Property (excluding parking):________________. 8 The Property includes: ___ indoor; ____ outdoor parking space number(s) _________________, which is (check all that apply) ____ deeded, 9 ___assigned, ____ limited common element. If deeded, the parking P.I.N.#: ______________________________________. The property includes storage 10 space/locker number(s)_____________, which is ___deeded, ___assigned, ___limited common element. If deeded, the storage space/locker 11 P.I.N.#______________________________________. 12 2. Fixtures -
Multi-Board Residential Real Estate Contract 6.0
MULTI-BOARD RESIDENTIAL REAL ESTATE CONTRACT 6.0 1 1. THE PARTIES: Buyer and Seller are hereinafter referred to as the “Parties”. 2 Buyer Name(s) [please print] 3 Seller Name(s) [please print] 4 If Dual Agency Applies, Complete Optional Paragraph 31. 5 2. THE REAL ESTATE: Real Estate shall be defined as the property, all improvements, the fixtures and Personal 6 Property included therein. Seller agrees to convey to Buyer or to Buyer’s designated grantee, the Real Estate 7 with approximate lot size or acreage of commonly known as: 8 9 Address City State Zip 10 11 County Unit # (If applicable) Permanent Index Number(s) of Real Estate 12 If Condo/Coop/Townhome Parking is Included: # of spaces(s) ; identified as Space(s) # ; 13 [check type] deeded space, PIN: limited common element assigned space. 14 3. PURCHASE PRICE: The Purchase Price shall be $ . After the payment of 15 Earnest Money as provided below, the balance of the Purchase Price, as adjusted by prorations, shall be paid at 16 Closing in “Good Funds” as defined by law. 17 4. EARNEST MONEY: Earnest Money shall be held in trust for the mutual benefit of the Parties by [check one]: 18 Seller’s Brokerage; Buyer’s Brokerage; As otherwise agreed by the Parties, as “Escrowee”. 19 Initial Earnest Money of $ shall be tendered to Escrowee on or before day(s) after Date 20 of Acceptance. Additional Earnest Money of $ shall be tendered by , 20 . 21 5. FIXTURES AND PERSONAL PROPERTY AT NO ADDITIONAL COST: All of the fixtures and included Personal 22 Property are owned by Seller and to Seller’s knowledge are in operating condition on the Date of Acceptance, 23 unless otherwise stated herein. -
Some Basics Regarding Real Estate Transactions in Iowa
SOME BASICS REGARDING REAL ESTATE TRANSACTIONS IN IOWA MATTHEW J. HEKTOEN SIMMONS PERRINE MOYER BERGMAN PLC I. PURCHASE AGREEMENT. A. Role of the Attorney. The purchase agreement establishes and “locks in” the key terms of the real estate trans- action. These terms include purchase price, dates of closing and possession, contingencies, de- scription of real property conveyed, description of personal property included or excluded, re- sponsibility for insuring the property, and a number of other provisions. Unfortunately, all too often purchase agreements are drafted by inexperienced persons. Real estate transactions are usually the most important business transactions in which people engage, and, therefore, the pur- chase agreement should be prepared with great care, preferably by an attorney or experienced realtor and reviewed by the parties’ attorneys. This procedure is often not followed. 1. Are you the realtor too? Before drafting a purchase agreement, confirm whether client has a realtor. If not, expanded representation is required. Failure to provide any of the infor- mation below can result in a court-ordered rescission of the contract. a. For ALL residential transactions - Iowa Code Section 558A.2 provides that “[a] person interested in transferring real property…shall deliver a written disclosure statement to a person interested in being transferred the real property. The disclosure statement must be delivered prior to either the transferor making a written offer for the transfer of the real property, or accepting a written offer for the transfer of real property.” b. For Residential Installment Sales Contracts (Four or more sales in a calendar year) - In addition to Iowa Code Section 558A.2 disclosure, contract seller must provide information set forth in Iowa Code Section 558.70 (taxes, assessed value, amortization schedule plus much more). -
Wb-1 Residential Listing Contract - Exclusive Right to Sell
Approved by the Wisconsin Real Estate Examining Board Page 1 of 6, WB-1 7-1-16 (Mandatory Use Date) WB-1 RESIDENTIAL LISTING CONTRACT - EXCLUSIVE RIGHT TO SELL 1 SELLER GIVES THE FIRM THE EXCLUSIVE RIGHT TO SELL THE PROPERTY ON THE FOLLOWING TERMS: 2 ■ PROPERTY DESCRIPTION: Street address is: ______________________________________________________ 3 _______________________________________________________________________________________________ 4 in the _________________ of ________________________________, County of _____________________________, 5 Wisconsin. Insert additional description, if any, at lines 303-308 or attach as an addendum per lines 309-310. 6 ■ INCLUDED IN LIST PRICE: Seller is including in the list price the Property, all Fixtures not excluded on lines 12-14, 7 and the following items: ___________________________________________________________________________ 8 _______________________________________________________________________________________________ 9 _______________________________________________________________________________________________ 10 _______________________________________________________________________________________________ 11 ______________________________________________________________________________________________. 12 ■ NOT INCLUDED IN LIST PRICE: __________________________________________________________________ 13 _______________________________________________________________________________________________ 14 ______________________________________________________________________________________________. -
EXCLUSIVE RIGHT-TO-SELL LISTING CONTRACT SELLER AGENCY TRANSACTION-BROKERAGE Date
The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission. (LC50-6-19) (Mandatory 1-20) DIFFERENT BROKERAGE RELATIONSHIPS ARE AVAILABLE WHICH INCLUDE BUYER AGENCY, SELLER AGENCY OR TRANSACTION-BROKERAGE. EXCLUSIVE RIGHT-TO-SELL LISTING CONTRACT SELLER AGENCY TRANSACTION-BROKERAGE Date: 1. AGREEMENT. Seller and Brokerage Firm enter into this exclusive, irrevocable contract (Seller Listing Contract) and agree to its provisions. Broker, on behalf of Brokerage Firm, agrees to provide brokerage services to Seller. Seller agrees to pay Brokerage Firm as set forth in this Seller Listing Contract. 2. BROKER AND BROKERAGE FIRM. 2.1. Multiple-Person Firm. If this box is checked, Broker (as defined below) is the individual designated by Brokerage Firm to serve as the broker of Seller and to perform the services for Seller required by this Seller Listing Contract. If more than one individual is so designated, then references in this Seller Listing Contract to Broker include all persons so designated, including substitute or additional brokers. The brokerage relationship exists only with Broker and does not extend to the employing broker, Brokerage Firm or to any other brokers employed or engaged by Brokerage Firm who are not so designated. 2.2. One-Person Firm. If this box is checked, Broker (as defined below) is a brokerage firm with only one licensed. References in this Seller Listing Contract to Broker or Brokerage Firm mean both the licensed person and brokerage firm who shall serve as the Broker of Seller and perform the services for Seller required by this Seller Listing Contract.