+ video tutorials

Sample Documents

FOR BUYER’S AGENTS

Exclusive Buyer Agency

A buyer agent agreement is a contract between you, the buyer, and your broker that defines how you agree to work together. The buyer agent agreement is meant to set expectations and protect both broker and buyer. This document is required in any transaction where you are representing the buyer.

tutorial

Residential Real Estate Contract

A real estate contract is a legally binding document between two or more parties participating in a purchase and sale, exchange or transfer of real estate. It outlines the expectations of the homebuyer and seller. Contracts need to be in writing to be enforceable. A real estate contract generally covers terms of finance, seller assist, home inspection, fixture and appliances, closing date, sale of existing home, etc.

tutorial

Counter Offer

A counteroffer functions as an offer to enter into a contract, as well as a new offer that materially changes the terms of the original offer. Because a counteroffer serves as a rejection, it completely voids the original offer. Thus, the original offer can no longer be accepted.

Amendment

An amendment is a change, correction, clarification, or deletion to an agreement you have already signed. It leaves your original agreement substantially intact.

tutorial

In Its Present Condition

With an In Its Present Condition Addendum, a buyer is purchasing the home in the current state it is in at the time of contract/closing, without the expectation of repairs/upgrades on the seller’s part. This does not prevent the buyer from getting a home inspection, which is an important part of the home buying process and can offer highly valuable insight into the home’s structural condition, the estimated cost of repairs, etc.

tutorial

Inspection Notice

After the effective date, the buyer has ten days to conduct inspections and provide an Inspection Notice to the Seller. The Inspection Notice specifies: 1- the buyer is satisfied and moving forward with the contract; 2- the buyer is electing to terminate the contract with earnest money returned; or 3- there are unacceptable conditions the buyer is requesting the seller to remedy.

If an inspection report indicates that a specialist is required for further inspection(s) of a particular area(s) of the Property, the buyer has the opportunity to submit Notice to Seller and extend the Inspection Period by an additional five days to allow for completion of a specialist’s inspection(s) and submission of the Inspection Notice to Seller.

It should be noted that the buyer may only submit one timely Inspection Notice and once an Inspection Notice has been submitted it may not be modified in any way.

tutorial

Resolution of Unacceptable Conditions

A Resolution of Unacceptable Conditions Amendment states that the buyer wishes to 1 - request that the seller mitigates specific issues that were revealed during inspections; 2 - the buyer wishes to modify the purchase price or terms of the contract. Additionally, a buyer may use this amendment to accept the purchase of the home in its present condition if this was not agreed upon previous to an inspection and inspection notice.

tutorial