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OFFER TO PURCHASE CONTINGENCY ADDENDUM The BUYER, if checked, hereby incorporates the following contingencies into this Offer to Purchase Real Estate. MORTGAGE CONTINGENCY In order to help finance
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Hi everybody I'm Sharon McNamara and I am from Boston Connect real estate and what I'm going to do today is just a little tutorial on how to put an offer and I thought that this would be a fun little venture and one of my little Diaries that I would do for you so in front of you you can see that I have a contract to purchase real estate and this is the Massachusetts Association of Realtors this is a standard form here so this is where I would put the buyers name and information and this is where I would put the owners information but I'm just going to keep that blank for now for training purposes I just really don't want to get too much into that this section here the buyer offered to purchase the real estate described as this is where I would put the address so I'm just going to say 1 2 3 Main Street even though that is not the address but that is where it would go generally speaking what I also write in there is like more fully up next as the city and street but what I would put up here sorry about that up here I might write something more fully shown in book and page so more fully shown in book 1 to page 1 2 3 so we usually are able to fit that in there and I sort of maneuver things around as I'm doing this but I always put in there more fully shown in booking page that way there people are able to specify exactly what property we're talking about this also is where you would put whether what it's I have been introduced to this property and this is where you would put the company so obviously it's Boston Connect real estate and for training purposes I'm not going to put in who the other company is that I'm going to be working with but we're going to be submitting this offer to another company locally and that's where their name would go to the purchase price of the property so this is where we put in what the offer is going to be and so just for training purposes on going to put in a certain number and let's just say that that purchase price was three hundred and ten thousand dollars we would put that there generally speaking when you putting in an offer in order to let the buyer I mean to let the seller know that you're really putting your best foot forward and you're really interested in their property you put down a deposit to bind to the offer so generally speaking we see about a thousand dollars for that so that deposit is money that you would put down again to go with the offer if the offer isn't accepted then the check is never cashed if the offer is accepted then it's cached immediately so that money goes into the escrow account so the other company that I'm working with they're the listing agent so that thousand dollar deposit would go directly to that company the check is made out to that company so let's just say it's ABC royalty the check is made out to ABC royalty for $1,000 when the offer is accepted that money is held in ABC royalties escrow account so that's where that money goes so that money cannot be commingled with the...