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Michigan _____________________Notary Public __________ County, Michigan County Treasurer's Certificate 57 L.S.) STATE OF MICHIGAN)ss. COUNTY OF ) _____________________(L.S.)_ The foregoing instrument was acknowledged before me this day of 200__ My commission expires _______________________________________________________________ Dated this day of 20__ WITNESSES: __________________________ _____________________(L.S.) _________________________ _____________________(L.S.) _____________________(eration of _________________________________________________________ subject to:_____________________________________________________________________ ____________________________________________________________ the following described premises situated in the city of _________________________________ County of _________________________________________ and State of Michigan to-wit: for full consid_____________________________________________ Convey(s) and Warrant(s) to ______________________________________________________ whose address is ______________________________________________________Claim Deed does not guarantee full transfer of that property interest. 56 WARRANTY DEED KNOW ALL MEN BY THESE PRESENTS: That ____________________________________ whose address is ___________________litigating on your behalf. In contrast a Quit Claim Deed is simply conveying the grantors interest which could in many situations amount to nothing. In addition, in contrast to a Warranty Deed a Quit roperty free of claims and defects in the title work. In the event there is litigation pertaining to your property, a title insurance company that insured your Warranty Deed will pay for the costs of his kit as a sample. The Warranty Deed acts as a full transfer/conveyance of the property. A Warranty Deed issued through a title insurance company assures the purchaser that they are purchasing the p___________________________ Notary Public, My Commission expires 55 WARRANTY DEED INFORMATION The Warranty Deed you will need will be prepared by the title insurance company. A deed is included in t____ On this ______ day of _________ 20___, before me personally appeared__________________________, to me known to be the person described in and who executed the same as for his free act and deed. ________day of ________20____. In the presence of: _____________________ _____________________ ________________________ ________________________ 54 STATE OF_________________ County of______________torney power to accept, receive and receipt for all sums of money or other consideration which shall be payable on account of said sale. IN WITNESS WHEREOF, I have hereunto set my hand and seal this _ances, bargains sales and all other acts that my said attorney may do for me and which shall at any time hereafter be made by my attorney touching or concerning said premises. I further grant to my at shall be affirmed and ratified, along with any and all agreements or contracts signed by my attorney for me and in my behalf now existing, and further so authorize the execution of such deeds, conveydisposal thereof, including the sale by way of mortgage assumption concerning any mortgage against subject property, and that such sale on whatever basis shall be deemed best and proper by my attorneyed to sign, execute, acknowledge and deliver any deed or deeds, with convenants of warranty, including therein the release of dower and homestead in conveyance or conveyances for the absolute sale or scribed as follows, to wit: also known as for such price and on such terms and to such person or persons as he, my said attorney, shall deem fit and proper for me and in my name and as my act and deansfer and convey all of my right, title and interest in and to certain real estate situated in the City of_____________, County of___________State of ____________, the same being more particularly deand appoint____________________________, whose address is_______________________________________________, my true and lawful attorney for me and in my name, place and stead to grant, bargain, sell, tr power of attorney for future uses. 53 POWER OF ATTORNEY KNOW ALL MEN BY THESE PRESENTS: That I, _______________________whose address is___________________________________, hereby make, constitute strongly advised to use Power of Attorney for a limited period of time specified on the power of attorney. Otherwise you may run into a situation where an unscrupulous party can take advantage of thisre person's who are designated (normally attorneys who will be authorized to receive or disburse funds on their behalf. Many times funds are placed in escrow upon a period of time as warranted. It is _________DATE:__________ 52 POWER OF ATTORNEY In this day and age of a transient population, there are many situations where a seller or a buyer are not able to be at a closing. As a result there ao full refund of earnest money deposit. PURCHASER _________________________________________________________________DATE:__________ SELLER_____________________________________________________________thin 7 days after a bottom lined PA. If unacceptable amounts of lead are found from inspection the Seller must remove the lead and correct the problem or Purchaser may cancel the PA, and be entitled tions in the seller's possession and notify the buyer of any known lead-based paint hazards. A risk assessment or inspection for possible lead-based paint hazards is recommended prior to purchase or wicular risk to pregnant women. The seller of any interest in residential real property is required to provide the buyer with any information on lead-based paint hazards from risk assessments or inspectin young children may produce permanent neurological damage, including learning disabilities, reduced intelligence quotient, behavioral problems, and impaired memory. Lead poisoning also poses a partil dwelling was built prior to 1978 is notified that such property may present exposure to lead from lead-based paint that may place young children at risk of developing lead poisoning. Lead poisoning a bridge/equity advance program on or before ___________________________________________(date). ___LEAD BASED PAINT Every purchaser of any interest in residential real property on which a residentia______ on or before _________________________________(date). ___BRIDGE/EQUITY ADVANCE PROGRAM This offer is contingent upon the Purchaser receiving a commitment from _______________________________forCLOSING OF PURCHASER'S HOME This offer is contingent upon the satisfactory closing of Purchaser's present home, located at ____________________ ________________________________________________________ell and close his/her present property located at ___________________________________________________________________________________ on or before _____________________________________(date). 51 ___mes a pan of this agreement) It is understood and agreed that the above referenced property shall remain on the market, for sale, during the contingency period while the purchaser herein attempts to ssers will provide a detailed credit report at Purchaser's expense to Seller's satisfaction on or before________________________(date). ___SALE OF PURCHASER'S PROPERTY (See attached addendum which becod use permits/building restriction, driveway permits and building permits on or before ___________________ (date). ___CREDIT REPORT (Applicable to Land Contract or Purchase Money Mortgage Only) PurchaNS AND PURCHASERS SATISFACTION (Applicable to Vacant Land) Purchaser to investigate what permits will be necessary for the construction of the dwelling of his choice including, but not limited to, lanpercolation test satisfactory to the Purchaser from the ________________________ County Health Department on or before ____________________(date) and the cost to be paid by ______________ ___INSPECTIO company that the property is within the government guidelines for radon on or before___________________________(date). ___PERCOLATION TEST (Applicable to Vacant Land) This offer is contingent upon a or within 7 days after bottom lined PA. Purchaser ___does ____does not choose to perform a Radon Inspection. Purchaser, at (Purchaser/Seller) expense, shall receive a certificate from a radon testing real property is notified that such property may present exposure to radon placing all persons occupying said house at risk. A risk assessment or inspection for radon is recommended prior to purchaseany that the property is free of any visible wood destroying insect infestation on or before _________________________________(date). ___RADON INSPECTION Every Purchaser of any interest in residentialte). This cost to be paid by ________________ ___PEST INSPECTION An inspection of the property at (Purchaser/Seller) _________________________________________expense from a licensed exterminating comp AND SEPTIC INSPECTION A report satisfactory to the Purchaser from a private contractor that septic system is in good working order and that well water is potable on or before _____________________(daales Agreement Language by Purchaser's attorney, on or before ________________(date). The approval of the Sales Agreement Language by Seller's attorney, on or before ___________________(date). ___WELLin writing, of Purchaser's dissatisfaction, this agreement may be deemed void and all earnest money shall be returned to Purchaser. (CHECK IF APPLICABLE) ___APPROVAL BY ATTORNEYS The approval of the Sany of the following contingencies on or before the times herein specified, the contingency will be deemed WAIVED and this transaction shall proceed to consummation thereof. Upon proper notification, OFFER SUBJECT TO AND CONTINGENT UPON SATISFACTORY COMPLETION OF THE FOLLOWING ITEMS AS DESIGNATED: Unless Purchaser notifies Seller (or Seller's Agent), in writing, of Purchaser's dissatisfaction of __________________________________________Purchaser for the property commonly known as ______________________________________________________________. THE SALES AGREEMENT SUPPLEMENTED AS FOLLOWS: THISAIN SALES AGREEMENT DATED___________________________________ Between_________________________________________________________________________________Seller, and________________________________________ Witness ________________________________ Purchaser _________________________ Seller ___________________________ Seller ____________________________ Purchaser 50 ADDENDUM 0 WITH REFERENCE TO A CERT_____________________regarding property located at:____________________________________________________________________________ ______________________________ Witness ________________________________atisfactorily passed in order for the sale to take place. 49 ADDENDUM/AMENDMENT DATE_______________________ This is an Addendum/Amendment to and becomes part of the Purchase Agreement dated ________ition attached with a date in which the sellers and buyers attorney has the opportunity to review the Purchase Agreement. The other conditions listed involve contingencies that generally have to be s the original Purchase Agreement and becomes a part of the purchase agreement when signed. ADDENDUM O Simply involves conditions that are self-explanatory. Approval by attorneys-generally is a condges or modifications are needed. As an attorney I recommend that every condition that is necessary be placed in the original Purchase Agreement. This form is to be used for changes or modification to ADDENDUM/AMENDMENT The addendum does not have to a part of the purchase agreement, however, to avoid problems it will be necessary to put these addendum conditions with the Purchase Agreement if chan____________________ In the presence of ____________ ____________ We hereby accept the above escrow deposit under the terms and conditions therein set forth. By Authorized Signature Escrow Agent 48 be made only in writing signed by all parties or their duly authorized representatives. For your services as herein specified, you are to receive the sum of Dollars to be paid . Dated: ______________f litigation affecting your duties relating to this deposit, we agree to reimburse you for any reasonable expenses incurred, including attorney fees. Any changes in the terms or conditions hereof may terms and conditions set forth herein. By acceptance of this agency, you are in no way assuming any responsibility for the validity or authenticity of the subject matter of the deposit. In the event orvices included above, you will thereupon be released and acquitted from any further liability concerning the deposit, it being expressly understood that such liability in any event is limited by the posited with you herewith is $___________________________ to be held by you in escrow for delivery under the following terms and conditions: Upon making such delivery, and performance of any other seill automatically prepare the water Escrow Agreement. This form has been included in the kit for any additional conditions you would like to use it for. 47 ESCROW AGREEMENT ADDITIONAL CONDITIONS Dey in an account for water or cleaning among other things. For example, once the water bill is paid off the remaining amount in the water escrow agreement is returned to the seller. The title company wDITIONS DESCRIPTION An Escrow Agreement simply is an agreement under which moneys are released to a party after certain conditions have been met. For instance, sellers are often obligated to put monelowing 2 ways: Exempt under M.S.A. Section 7.456(5) ( ) or Exempt under M.C.L.A. Section 207.505 ( ) (Add the applicable sub-section letter in the final brackets.) 46 ESCROW AGREEMENT-ADDITIONAL CONa joint tenancy between 2 or more persons where at least 1 of the persons already owned the property. (CL '48,207.505). Please Note: When citing the exemption statute, please cite it in one of the foleds to correct flaws in titles. (m) Land contracts whereby the legal title does not pass to the grantee until the total consideration specified in the contract has been paid. (o) Instruments creating d by the court therefor. (k) Instruments used to straighten boundary lines where no monetary consideration is given. (l) Instruments to confirm titles already vested in grantees, such as quit claim dees in the grantors or the grantor and his or her spouse. (j) Judgments or orders of courts of record making or ordering transfers, except where a specific monetary consideration is specified or orderesuant to the terms or guarantee or insurance of a loan guaranteed or insured by the grantee]. (i) conveyances from a husband or wife or husband or wife creating or disjoining a tenancy by the entiretis, the state , any political subdivision or municipality thereof or officer thereof acting in his official capacity; (iii) given to the United States, the state, or 1 of their officers as grantee, purl subdivision of municipality thereof, or officer thereof acting in his official capacity; (ii) given in foreclosure of in lieu of foreclosure of a loan made, guaranteed or insured by the United State property. (g) Instruments evidencing the transfer of rights and interests for underground gas storage purposes. (h) Instruments [(i) in which the grantor is the United States, the state, any politica discharge thereof. (e) Instruments evidencing leases, including oil and gas leases, or transfers of such leasehold interests. (f) Instruments evidencing any interests which are assessable as personalis state. (c) Written instruments which this state is prohibited from taxing under the constitution or statutes of the United States. (d) Instruments or writings given as security or any assignment orconsideration is less than $100.00 (b) instruments evidencing contracts or transfers which are not to be performed wholly within this state insofar as such instruments include land lying outside of thill calculate this tax. 45 EXEMPTIONS FROM TRANSFER TAX 7.456(5) Exemptions] Section 5. The following instruments and transfers shall be exempt from this act: (a) Instruments where the value of the $200,000 you will pay a transfer tax of $1,500.00. There are some exemptions from this transfer tax. See attached list. Most will not be applicable to the majority of home sellers. The title company wthe state of Michigan, sellers of a property are responsible for paying a transfer tax. On property in Michigan, that transfer tax is equal to 3/4 of one percent. For example, if you sell a house for shed until a final reading is made. Occupancy-- money held by broker to cover use of the property from cIosing until vacated and keys surrendered. 44 TRANSFER TAX INFORMATION Generally speaking, in epare documents. Well/septic Inspection- - charge for Inspection. ESCROWED COSTS: Water Bill -- seller pays for water from date of last billing until date of closing, or an escrow fund will be establieller must make repairs prior to closing. Home Warranty- - protects against failure on listed systems in the warranty. Document Preparation- - If applicable, charged by mortgage or title company to prequired In FHA & VA cases and some conventional. Usually $45. Delinquent Taxes- - amount due from seller for any unpaid past due tax bills. 43 Estimated Repairs- - applies in those cases where the sed (usually $5-$10). Death certificates of deceased owners usually $5-$15). Special Assessment- - the usual obligation of the seller, usually paid in full. Get accurate figures. Termite Inspection - r a mortgage, to be paid by seller. Mortgage Costs- - If the seller has agreed to pay the buyers costs, they must be estimated from the buyers cost sheet. Recording- discharge of mortgage If not recordate real estate transfer tax- $3.75 to each $500 or fraction of $500 of the total value of the property being transferred Mortgage Discount Profits-% of loan amount charged by lender to give purchasergan Transfer Tax -- $1.10 per $1000 of sale price or portion thereof, except Wayne County which charges $1.50 per $1000 or portion thereof. Michigan Real Estate Transfer Tax- - As of January 1,1995 ste - pay off Title Work- title Insurance costs vary, keep current with the market, stay current with your title company. There is usually a base fee with a credit for the return of an old policy. Michiortgage has been paid. SELLING COSTS: Contract or Mortgage Balance- amount that is to be assumed or paid off. A current figure obtained from the lender or listing ticket should be used. Second Mortgagme the escrow account. Use actual escrow balance. If the mortgage is to be paid off the mortgage company will either deduct the escrow balance from the amount due them or refund the escrow after the mdate on taxes. Insurance adjustments only if the existing policy is to be assumed by the buyer otherwise, insurance agent will refund later. Escrow.- reimbursement applies only if the buyer is to assue price. Remember, estimating future sale price could change the entire estimate if the actual sale price is different. PRORATIONS: Taxes- adjustments on actual taxes as of date of closing, check due OSTS $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ DATE: ACKNOWLEDGED BY________________________________ 42 GUIDE FOR ESTIMATING SELLERS PROCEEDS SALE PRICE - use the actual salT PREPARATION WELL/SEPTIC INSPECTION OTHER OTHER OTHER TOTAL ESTIMATAED NET PROCEEDS DUE SELLER ESCROWED COSTS: WATER BILL OCCUPANCY OTHER OTHER TOTAL ESTIMATED NET PROCEEDS DUE SELLER LESS ESCROWED CS) MICHIGAN REAL ESTATE TRANSFER TAX MORTGAGE COSTS PAID BY SELLER RECORDING DISCHARGE OF MORTGAGE SPECIAL ASSESSMENT FHA/VA TERMITE INSPECTION DELINQUENT TAXES ESTIMATED REPAIRS HOME WARRANTY DOCUMENTIMATED GROSS PROCEEDS DUE SELLER SELLING COSTS: MORTGAGE OR LAND CONTRACT BALANCE MARKETING FEE HOME EQUITY LOAN/2ND MORTGAGE MARKETING FEE TITLE POLICY MICHIGAN TRANSFER TAX MICHIGAN DISCOUNT (POINT to determine approximately what you should receive form the sale of your home. These figures will be an estimate. PROPERTY ADDRESS: SALE PRICE PRORATIONS OF TAXES, INSURANCE & ESCROW ACCOUNT OTHER ESe an idea of how much they will net form the sale of a property. It is for your personal use only. 41 ESTIMATED NET PROCEEDS DUE SELLER Use this form with information that is available at this timee expenses from the final closing price to determine how much a seller is actually receiving. The title company automatically prepares this form. It is included in this kit so that the seller will have. L.S._________________________________ Purchaser L.S.________________________________ Date: 40 CLOSING STATEMENT A Closing Statement breaks down the expenses that a seller has and subtracts thos wife must sign) L.S. L.S. Date Phone Address PURCHASER'S RECEIPT OF ACCEPTED OFFER The Purchaser hereby acknowledges the receipt of the Seller's signed acceptance of the foregoing offer to purchasr services rendered. By the execution of this instrument, the Seller acknowledges the receipt of a copy of this agreement. IN THE PRESENCE OF: __________________________ Seller (If Seller is married,ed under the terms of said offer, the Seller agrees that one-half of such deposit (but not in excess of the amount of the full commission) shall be paid to or retained by the broker in full payment fo time of Seller's election to refund the deposit, or of Seller's or Purchaser's failure, inability or refusal to perform the conditions of this offer; provided, however, that if the deposit is forfeitand for value received a commissionof( ) Dollars per cent of the sale price), which shall be due and payable at the time set in said offer for the consummation of the sale or, if unconsummated, at theLLER: The foregoing offer is hereby accepted and the Seller agrees to sell said premises upon the terms stated. The Seller hereby agrees to pay the broker, if there is a broker, for services rendered rthwith if the foregoing offer is not accepted within the time above set forth. ___________________ 39 Broker/Seller_______ Phone Acceptance of Offer 14. TO THE ABOVE NAMED PURCHASER AND BROKER/SE.S. L.S. Purchaser Purchaser Date Phone Address Broker's/Sellers Acknowledgment Of Deposit 13. Received from the above named Purchaser the deposit money above mentioned which will be returned fo___________________. If, however, a new mortgage is being applied for, Purchaser will execute it at such place as may be designated by the mortgagee. Additional Conditions 12. IN THE PRESENCE OF: LS and is satisfied with the physical condition of structures thereon and acknowledges the receipt of a copy of this offer. The closing of this sale shall take place at the office of___________________efit of the executors, administrators, successors and assigns of the respective parties. By the execution of this instrument the Purchaser acknowledges THAT HE HAS EXAMINED THE ABOVE DESCRIBED PREMISECommissioner. 38 It is further understood between Purchaser and Seller that the additional personal property listed herein has a value of $ . 11. The covenants herein shall bind and inure to the benr. The Purchaser shall, however, have the privilege and option of proceeding with the consummation of this contract without regard to the amount of the appraised valuation made by the Federal Housing rty for mortgage insurance purposes of not less than $ which statement the Seller hereby agrees to deliver to the Purchaser promptly after such appraised value statement is made available to the Sellere of earnest money deposits or otherwise unless the Seller has delivered to the Purchaser a written statement issued by the Federal Housing Commissioner setting forth the appraised value of the propey agreed that, notwithstanding any other provisions of this contract, the Purchaser shall not be obligated to complete the purchase of the property described herein or to incur any penalty by forfeituthe deposit of Dollars shall be held by him as provided by C.L. 1948 Sec. 451.213(j) and applied on the purchase price if the sale is consummated. 10. (Applicable to F.H.A. sales only): It is expressler is accepted by the Seller, the Purchaser agrees to complete the purchase of said property within the time indicated in Paragraph 3. 9. The Broker/Seller is hereby authorized to make this offer and derstood that this offer is irrevocable for five (5) days from the date hereof, and if not accepted by the Seller within that time, the deposit shall be returned forthwith to the Purchaser. If the offbills shall be prorated and adjusted as of the date of closing. Broker/Seller Authorization 8. In consideration of the Broker's effort, if there is a broker, to obtain the Seller's approval, it is unshall be prorated and adjusted as of the date of closing in accordance with (FISCAL YEAR)(DUE DATE) basis of the municipality or taxing unit in which the property is located. Interest, rent and water surrendered to Broker. Taxes and Prorated Items 7. All taxes and assessments which have become a lien upon the land at the date of this agreement shall be paid by the Seller. Current taxes, if any, for said occupancy due Seller at closing the sum of $ charge, paying to the Purchaser the amount due him and return to the Seller the unused portion as determined by date property was vacated and keysperty, it shall be vacated on or before From the date of closing to the date of vacating property as agreed, SELLER SHALL PAY the sum of $ per day. THE BROKER SHALL RETAIN from the amount as security nation of this agreement. Possession 6. The Seller shall deliver and the Purchaser shall accept possession of said property, subject to rights of the following tenants: If the Seller occupies the proeof or upon the closing date set by the lending institution. If the Seller is unable 37 to furnish satisfactory title within the time specified, the deposit shall be refunded forthwith in full termiy such defects within the time specified as evidenced by written notification, revised commitment or endorsement to commitment, the Purchaser agrees to complete the sale within 10 days of receipt therh in said attorney's opinion or (2) to refund the deposit in full termination of this agreement if unable to furnish satisfactory title. If the Seller is able to comply with such requirements or remede Seller shall have 30 days from the date he is notified in writing of the particular defects claimed, either (1) to fulfill the requirements in said commitment or to remedy the title defects set forte Commitment for Title Insurance or based upon a written opinion of Purchaser's attorney after examination of the Abstract that the title is not in the condition required for performance hereunder, thto enforce the terms hereof or demand, and be entitled to an immediate refund of his entire deposit in full termination of this agreement. Title Objections 5. If objection to the title is made in ths hereof or declare a forfeiture Hereunder and retain the deposit as liquidated damages. Seller's Default 4. In the event of default by the Seller hereunder, the Purchaser may, at his option, elect B, then the closing will be governed by the time there specified for obtaining a mortgage. In the event of default by the Purchaser hereunder, the Seller may, at his option, elect to enforce the termired hereunder, the Purchaser agrees to complete the sale within after delivery of the commitment of title insurance or abstract; however, if the sale is to be consummated in accordance with Paragraph prepared by the same Company certified to a date later than the acceptance hereof. Time of Closing 3. If this offer is accepted by the Seller and if title can be conveyed in the condition days requess than the purchase price bearing date later than the acceptance hereof with policy pursuant thereto to be issued insuring Purchaser, or in lieu thereof, a complete Abstract of Title and Tax History Evidence of Title 2. As evidence of title, Seller agrees to furnish Purchaser as soon as possible a Commitment for Title Insurance issued by an acceptable title insurance company in an amount not lase money within monthly payments of not less than___________Dollars each which include interest payments at the rate of per cent per annum, and which (DO)(DO NOT) include prepaid taxes and insurance. Dollars in cash or certified check, and the execution of a land contract acknowledging payment of that sum and calling for the years from the date of contract in payment of the remainder of the purcho reimburse the Seller upon proper assignment of same. The Purchaser agrees to assume and pay said mortgage according to the terms thereof. D. Sale on Land Contract. Payment of the sum of ____________f each month, which payments (DO)(DO NOT) include prepaid taxes 36 and insurance. If the Seller has any accumulated funds held in escrow for the payment for any prepaid items, the Purchaser agrees t, with accrued interest to date of consummation, held by upon Dollars, with interest which there is unpaid the sum of approximately at per cent, which mortgage requires payment of Dollars on the day o, subject to mortgage to be deducted from the purchase price. Payment of the purchase money is to be made in cash or certified check less the amount owing upon an existing mortgage now on the premisescause this agreement to be null and void at the option of either party and all deposits will be returned. C. Sale to Existing Mortgage. Delivery of the usual warranty deed conveying a marketable titleate obtained from the lending institution, and, if applicable, final inspection of the property approved by the Veterans Administration or F.H.A. Failure to obtain mortgage approval within days shall ____days and pay down plus mortgage costs, prepaid items and adjustments $________________in cash. Purchaser agrees to execute the mortgage as soon as the mortgage application is approved, a closing donveying a marketable title. Payment of purchase money is to be made in cash or certified check. Purchaser agrees that he will apply for a mortgage in the amount of $_____________________within_______ery of the usual warranty deed conveying a marketable title. purchase money is to be made in cash or certified check. Payment of B. Cash Sale with New Mortgage. Delivery of the usual warranty deed cements, and zoning ordinances, if any, upon the following conditions: THE SALE TO BE CONSUMMATED BY: (Fill in one of the five following paragraphs, and strike out the remainder.) A. Cash Sale. Deliv_____________________________________________ , if any, now on the premises and to pay therefore the sum of _________________________Dollars, subject to the existing building and use restrictions, eases, Venetian blinds, curtain rods, traverse rods, storm door windows and storm doors, screens, awnings, TV antenna, Rototenna, incinerator, garage door openers, purchased water softener,___________________,____________County, Michigan, described as follows: being known as___________________Street, together with all improvements and appurtenances, including all lighting and plumbing fixtures, shadby an under capitalized purchaser. 35 OFFER TO PURCHASE REAL ESTATE 1. THE UNDERSIGNED hereby offers and agrees to purchase the following land situated in the City, Township, Village of____________ge as soon as possible. Note of Caution: Sellers would be well advised to make sure their buyer is pre-approved so several prospective buyers are not lost because of a Purchase Agreement being signed Disclosure Statement. I always advise my clients to sell in such a manner since it limits any potential liability. Once the Purchase Agreement is signed it is incumbent upon the buyer to get a mortga A Condition that you should include is indicating that you are selling the property in an "as is" condition which means they accept all defects that you are truly aware of and disclose in the Sellersy. Forget about the handshake or what was said after this agreement is signed. Oral agreements are generally not enforceable when you have real estate contract. Very few exception exist NOTE TO BUYER:after closing. Typically this is 30 days. However, it is dependent upon he agreement between the buyer and seller. It is important that every condition the seller wants be included or you will be sorrimportant part of the Purchase Agreement. Both seller and purchaser will add conditions they deem to be important. For instance, sellers will indicate the period of time they can occupy the residence pplicable to either VA or FHA sales. 11. In the event something was to happen to the seller, their heirs and successors are bound by this Purchase Agreement. 12. Additional Conditions: This is a very damages if the sale is not completed. As a reference it is recommended that a seller get as high a deposit as possible since they have an obligation to keep the property off the market. 10. This is as are the responsibility of the selling party. Of course, prepaid taxes are credited to the sellers in the Closing Statement 34 8-9. Brokers/Sellers authorization-The deposit is kept as liquidated account, typically of $1000-$2000 where a portion can be used on a per diem basis if the seller has not been able to move of the property. 7. This section indicates that all unpaid back taxes and lienhe period of time to remedy this defect is normally 30 days. 6. Possession means the date a purchaser may physically move into the property that was purchased. There is usually an amount in an escrow es not fulfill their obligation. 5. This section indicates if a buyer's attorney is not satisfied with the condition of the title, the seller's will be given the opportunity to remedy the condition. Tiquidated dames if the purchaser does not act within a reasonable amount of time to fulfill their obligations. 4. Sellers Default-This describes the remedy the purchaser has in the event the seller doash deposit. The cash deposit is subtracted from the final sales price. 3. Time of Closing is the approximate time at which a sale will take place. The seller is in a position to keep the deposit as lis a cash sale with a new mortgage. 2. Evidence of Title involves having the ability to transfer the title and property to the purchaser. This is for a broker, however, you as a seller will have the c Fixtures must remain with the property. This section normally involves appliances and other items that stay with the property. A-D describes what kind of sale will take place. Generally speaking, it 000, you are not able to renege on the Purchase Agreement. Outline of the Purchase Agreement: 1. Simply describes the location of the property and the items that the Purchaser takes with the property.h a buyer can back out of a sale. Seller should be very careful before signing this agreement. If, for instance, you've sold your house for $100,000 and within two days you get another offer for $120,ys that a seller has after closing in which to occupy the property. Failure to carefully look at this section can temporarily render you homeless. The Purchase Agreement outlines conditions under whicAgreement out since sloppiness can come back to haunt you. Careful review and preparation will make this sale be as smooth a transaction as possible. Conditions that are extremely important are the daresponsibilities of both the seller and the purchaser. IT should be strictly interpreted. Please note that as a seller utilizing the For Sale by Owner Kit, you must be careful in filling the Purchase SE REAL ESTATE This form is the cornerstone of any real estate transaction. If an aggrieved party has to go to court, this is usually the most important document. This document outlines the right and OR YOURSEIF: ALL OF THE ABOVE FORMS AND YOUR EARNEST MONEY DEPOSIT CHECK OR COPY OF CHECK MADE OUT TO TITLE COMPANY. THE TITLE COMPANY WILL TAKES OVER FROM HERE. CONGRATULATIONS! 33 OFFER TO PURCHA, SELLERS DISCLOSURE STATEMENT, LEAD BASED PAINT DISCLOSURE. TO TITLE COMPANY: ONE COPY OF ALL OF THE ABOVE PLUS THE EARNEST MONEY DEPOSIT MADE OUT TO TITLE COMPANY OR COPY OF CHECK MADE OUT TO YOU. FE NEW DATE. 5. ACCEPT THE OFFER YOU ACCEPT THE OFFER BY SIGNING THE PURCHASE AGREEMENT WITH YOUR SPOUSE. 6. COPIES ARE TO BE DISTRIBUTED AT FOLLOWS: TO THE BUYER: ONE COPY OF SIGNED PURCHASE AGREEMENT THE CHANGES WITH YOUR SPOUSE AND RETURN TO THE PURCHASER. THE POTENTIAL BUYER SHOULD INITIAL CHANGES THEY MAKE OR INITIAL NEXT TO YOUR MCHANGES IF THEY AGREE AND RESIGN THE PURCHASE AGREEMENT WITH THOUNT UNTIL THE DEAL IS CLOSED. 4. COUNTER OFFER AFTER YOU HAVE REVIEWED THE OFFER, IF THERE ARE TERMS OR CONDITIONS THAT YOU DON'T AGREE WITH, LINE IT OUT AND WRITE YOUR CHANGES IN. YOU SHOULD INITIAL CHECK CAN BE MADE OUT TO YOU OR IT CAN BE MADE OUT TO THE TITLE COMPANY YOU HAVE CHOSEN TO WORK WITH. IF YOU CHOOSE TO HAVE THE TITLE COMPANY HOLD IT FOR YOU THEY WILL HOLD THE MONEY IN A SPECIAL ACCACK OUT OF THE SALE AS SPECIFIED IN THE PURCHASE AGREEMENT. MAKE SURE THE AMOUNT YOU REQUIRE WILL DETER BUYERS FROM BREAKING THEIR CONTRACT AND THAT YOU WILL BE ADEQUATELY COMPENSTATED IF THEY DO. THEASK FOR 24-48 HOURS TO REVIEW THE OFFER. HAVE THEM BRING AN EARNEST MONEY DEPOSIT IN CERTIFIED CHECK FORM FOR ANYWHERE FROM 2%-5% OF THE PURCHASE PRICE OF YOUR HOME. THIS MONEY ISYOURS IF THE BUYERS BBE IN YOUR BEST INTEREST. MAKE SURE IT IS IN YOUR BEST INTEREST. 3. EARNEST MONEY DEPOSIT SCHEDULE AN APPOINTMENT TO MEET WITH YOUR POTENTIAL BUYERS TO REVIEW THIER OFFER WHEN THEY HAVE COMPLETED IT. KIT. THIS MUST BE COMPLETED AND SIGNED BY THE BUYER AND THE BUYER'S SPOUSE, IF MARRIED. ENCOURAGE THE BUYER TO USE YOUR PURCHASE AGREEMENT IF THEY HAVE THEIR OWN BECAUSE YOUR PURCHASE AGREEMENT WILL INSTITUTION. THIS LETFER SAYS THE POTENTIAL BUYER HAS BEEN PRE-APPROVED TO PURCHASE A HOME FOR A CERTAIN VALUE. 2. PURHCASE AGREEEMENT GIVE THE POTENTIAL BUYER YOUR PURCHASE AGREEMENT PROVIDED IN THIS IS MAKE SURE YOUR BUYER IS PRE-APPROVED SO YOU DON'T WASTE ANY TIME WITH SOMEONE WHO CAN'T AFFORD YOUR HOME. HAVE THE POTENTIAL BUYER GET AN UNCONDITIONAL LENDER PRE-APPROVAL LETTER FROM A FINANCIAL SUB (IF KNOWN)__________________________________ TAX ID (FROM YOUR LAST BILL)_____________________________ 32 PROCESS TO FOLLOW WHEN YOU RECEIVE AN OFFER 1. PRE-APPROVAL THE FIRST THNG YOU SHOULD DO____ TITLE COMPANY ADDRESS______________________________________________ STREET ADDRESS OF PROPERTY BEING SOLD:____________________________ CITY_____________ STATE ZIP CODE__________________ LOT AND work with. The title company will automatically do the lien search. The following information that is needed to order the title search. NAME OF TITLE COMPANY YOU WILL BE USING:______________________de the buyers of your home with title insurance. Start this process early in order to have time in the event problems are uncovered. Order the title search through the title company you have chosen toS CARRYING YOUR TITLE INSURANCE BECAUSE THIS WILL EXPEDITE THE PROCESS. CHECK STANDARD AND POOR'S OR MOODY'S FOR THE TITLE COMPANY RATINGS. 31 INSTRUCTIONS ORDER TITLE SEARCH You will need to proviFF AND OTHER DISBURSEMENTS AND HANDLE CLOSING? WHAT ADDITIONAL FEES AND SERVICES DO THEY OFFER? HERE ARE SOME ADDITIONAL ITEMS TO CONSIDER WHEN CHOOSING: · · TRY TO USE THE SAME TITLE COMPANY THAT I· · · · · · WILL THEY HOLD BUYERS DEPOSIT? CONVENIENTLY LOCATED? WHAT SERVICES DO THEIR FEES AND CHARGES INCLUDE? DO THEY HAVE A GOOD REPUTATION IN THE COMMUNITY? WILL THEY TAKE CARE OF MORTAGE PAY O_____________________________ OWNERS DATE ___________________________________________________________________ PURCHASERS DATE 30 SEARCHING FOR A TITLE COMPANY QUESTIONS TO ASK BEFORE YOU CHOOSE: 7. Effective Date. This Agreement shall become effective as of the date upon which the last of the parties listed below shall have signed this Agreement. 29 ______________________________________eto. 6. Binding Effect. The provisions of this right of first refusal shall inure to the benefit of and shall be binding on the parties, their heirs, legal representatives, successors and assigns. addressed as above. 5. Entire Agreement. This right of first refusal constitutes the entire agreement between the parties and can be modified only by a written instrument signed by the parties herst refusal shall be sent by certified mail, postage prepaid, to the parties at the following addresses: Either party may change the above name or address by sending a certified letter to that effect and acknowledge any documents stating that it releases all the Purchaser's rights and obligations under this right of first refusal. 4. Correspondence. Any writings required under this right of fir the sale is not consummated, this right of first refusal shall remain in effect until_____________________. After the termination as provided above, the Purchaser shall at the Owner's request execute upon the consummation of the assignment, sale, transfer, or conveyance in fee simple to a third party of the Premises after full compliance with the terms of this right of first refusal; however, ifrranty. The Owner warrants that it has good and marketable title to the Premises and the right to grant this right of first refusal. 28 3. Termination. This right of first refusal shall terminate the period of 72 hours, the Owner may then sell the Premises to the offeror provided the sale is on the terms and conditions and for the price set forth in the contract sent to the Purchaser. 2. Waright within days to accept the terms of the contract in writing to purchase the Premises for the purchase price and on the terms specified in the contract. If the Purchaser shall not so elect withinrchase in whole or in part the Premises, the Owner shall send the Purchaser a copy of the proposed contract and notify the Purchaser of its intention to accept the offer. The Purchaser shall have the remises"); upon the following terms and conditions: 1. Right of First Refusal. If at any time the Owner shall receive a bona fide offer from any person, persons, organization or organizations to pu______ (the "Owner") and______________________(the "Purchaser") for the purpose of granting to Purchaser a right of first refusal for a tract of land described as follows: (legal description) (the "Pt it allows a tenant the opportunity to purchase a property at what can normally be viewed as fair market value. 27 RIGHT OF FIRST REFUSAL This Agreement is entered into between____________________ers. Sometimes the right of first refusal allows the tenant an opportunity to purchase the real estate, whether residential or commercial. This right of First Refusal is not a lien on the property, bu two or more offers. As a result, this creates a bidding war in which sellers can get more money from the purchaser. It, however, also acts to give the purchaser the opportunity to match or exceed off___ Purchaser Date 26 RIGHT OF FIRST REFUSAL DESCRIPTION The Right of First Refusal form is a measure to protect the selling party as much as possible. It isn't uncommon for some sellers to receiveignatory is true and accurate. ______________________________ Seller Date ______________________________ Purchaser Date ___________________________________ Seller Date ________________________________nd/or lead-based paint hazards. Certification of Accuracy The following parties have reviewed the information above and certify, to the best of their knowledge, that the information provided by the sent or inspection for the presence of lead-based paint and/or lead-based paint hazards; or 25 Waived the opportunity to conduct a risk assessment or inspection for the presence of lead-based paint aas received the pamphlet: "Protect Your Family from Lead in Your Home." (e)____Purchaser has (check one below): Received a 10-day opportunity (or mutually agreed upon period) to conduct a risk assessmaining to lead-based paint and/or lead-based paint hazards in the housing. Purchaser's Acknowledgment (initial) (c)____Purchaser has received copies of all information listed above. (d)____Purchaser hrovided the purchaser with all available records and reports pertaining to lead-based paint and/or lead-based paint hazards in the housing (list documents below). Seller has no reports or records pertin the housing (explain). Seller has no knowledge of lead-based paint and/or lead-based paint hazards in the housing. (b)____Records and reports available to the seller (check one below): Seller has por to purchase. Seller's Disclosure (initial) (a)____Presence of lead-based paint and/or lead-based paint hazards (check one below): Known lead-based paint and/or lead-based paint hazards are present essments or inspections in the seller's possession and notify the buyer of any known, lead-based paint hazards. A risk assessment or inspection for possible lead-based paint hazards is recommended pri also poses a particular risk to pregnant women. The seller of any interest in residential real property is required to provide the buyer with any information on lead-based paint hazards from risk assng. Lead poisoning in young children may produce permanent neurological damage, including learning disabilities, reduced intelligence quotient, behavioral problems, and impaired memory. Lead poisoning which a residential dwelling was built prior to 1978 is notified that such property may present exposure to lead from lead-based paint that may place young children at risk of developing lead poisoniWASHINGTON DC 20410 202 755 1785 24 Disclosure of Information on Lead-Based Paint and Lead-Based Paint Hazards Lead Warning Statement Every purchaser of any interest in residential real property on FOUND AT: http://www.epa.gov/opptintr/lead/pubs/leadpdfe.pdf OR BY CONTACTING: U.S. DEPT OF HOUSING AND URBAN DEVELOPMENT OFFICE OF HEALTHY HOMES AND LEAD HAZARD CONTROL 451 SEVENTH STREET SW P.3206 statement of the property condition. Do these two together. FOR DETAILED INFORMATION ON LEAD IN THE HOME, PLEASE READ THE PAMPHLET, "PROTECTING YOUR FAMILY FROM LEAD IN YOUR HOME" THE PAMPHLET CAN BE________________________________ GUEST SIGN-IN SHEET NAME ADDRESS PHONE 23 LEAD BASED FORM This form simply determines whether there is lead-based paint in the house. This is part of the disclosureate of seller's signature. Seller Date __________________ Seller Date___________________ Buyer has read and acknowledges receipt of this statement. Buyer Date Time Buyer Date Time 22 DATEor any representations not directly made by the broker or broker's agent. 21 Seller certifies that the information in this statement is true and correct to the best of seller's knowledge as of the dical/appliance systems of this property from the date of this form to the date of closing, seller will immediately disclose the changes to buyer. In no event shall the parties hold the broker liable fresentation only since that date. The seller has indicated above the history and condition of all the items based on that information known to the seller. If any changes occur in the structural/mechanate). The seller has lived in the residence on the property from was $ __ (date) to (date). The seller has owned the property since (date). The seller has owned the property since (date) and makes repy of these questions is yes, please explain. Attach additional sheets, if necessary: The most recent state equalized valuation of the property provided by the local taxing unit to the seller as of (dYes / No 7. Any underground storage tanks? Unknown / Yes / No 8. Any area environmental concerns (i.e., proximity to a landfill, airport, shooting ranges, etc.)? Unknown / Yes / No If the answer to an contractors? Unknown / Yes / No 5. Settling, flooding, drainage, structural, or grading problems? Unknown / Yes / No 6. Major damage to the property from fire, wind, floods, or landslides? Unknown / with others), or a homeowners' association that has any authority over the property? Unknown / Yes / No 4. Structural modifications, alterations, or repairs made without necessary permits or licenseds / No 20 2. Any encroachments, easements, zoning violations, or non-conforming uses? Unknown / Yes / No 3. Any "common areas" (facilities like pools, tennis courts, walkways, or other areas co-ownedared in common with the adjoining landowners, such as walls, fences, roads and driveways, or other features whose use or responsibility for maintenance may have an effect on the property? Unknown / Yent, fuel or chemical storage tanks and contaminated soil on the property. Unknown / Yes / No If yes, please explain: Other Items: Are you aware of any of the following: 1. Features of the property sh carpenter ants, etc.) 10. Environmental Problems: Substances, materials or products that may be an environmental hazard such as, but not limited to, asbestos, radon gas, formaldehyde, lead-based paieating System: Type/approximate age: 7. Plumbing System: Type: copper Any known problems? galvanized other: 8. Electrical System: Any known problems? 9. History of infestation, if any: (termites,Well: Type of well (depth/diameter, age and repair history (if known): Has the water been tested? If yes, date of last report/results: 5. Septic tanks/drain fields: Condition, if known: Yes / No 6. Hter: If yes, please explain: 2. Insulation: Describe if known Urea Formaldehyde Foam Insulation (UFFI) is installed: Yes / No Unknown / Yes / No 3. Roof Leaks Approximate age if known Yes / No 4. PLIANCES ARE SOLD IN WORKING ORDER EXCEPT AS NOTED, WITHOUT WARRANTY BEYOND DATE OF CLOSING. 19 Property conditions, improvements & additional information: 1. Basement: Has there been evidence of waECTRONIC AIR FILTER SOLAR HEATING SYSTEM FIREPLACE AND CHIMNEY WOOD BURNING SYSTEM DRYER Explanations (attach additional sheets if necessary): NO UNKNOWN N/A UNLESS OTHERWISE AGREED, ALL HOUSEHOLD APMBING SYSTEM WATER SOFTENER/CONDITIONER WELL & PUMP SUMP PUMP SEPTIC TANK AND DRAIN FIELD CITY WATER SYSTEM CITY SEWER SYSTEM CENTRAL AIR CONDITIONING CENTRAL HEATING SYSTEM WALL FURNACE HUMIDIFIER ELER & REMOTE CONTROL ALARM SYSTEM INTERCOM CENTRAL VACUUM ATTIC FAN POOL HEATER, WALL LINER & EQUIPMENT MICROWAVE TRASH COMPACTOR CEILING FAN SAUNA/HOT TUB WASHER LAWN SPRINKLER SYSTEM WATER HEATER PLUAGREEMENT. 18 Appliances/Systems/Services: The items below are in working order: YES RANGE DISHWASHER REFRIGERATOR HOOD/FAN DISPOSAL TV ANTENNA TV ROTOR & CONTROIS ELECTRICAL SYSTEM GARAGE DOOR OPENN/A (non-applicable). If you do not know the facts, check UNKNOWN. FAILURE TO PROVIDE A PURCHASER WITH A SIGNED DISCLOSURE STATEMENT WILL ENABLE A PURCHASER TO TERMINATE AN OTHERWISE BINDING PURCHASE itions affecting the property. (3) Attach additional pages with your signature if additional space is required. (4) Complete this form yourself. (5) If some items do not apply to your property, check s), if any. This information is a disclosure only and is not intended to be a part of any contract between buyer and seller. Instructions to the seller: (1) Answer ALL questions. (2) Report known cond any prospective buyer in connection with any actual or anticipated sale of property. The following are representations made solely by the seller and are not the representations of the seller's agent(iving this statement from the seller, the seller's agent is required to provide a copy to the buyer or the agent of the buyer. The seller authorizes its agent(s) to provide a copy of this statement toation with the knowledge that even though this is not a warranty, the seller specifically makes the following representations based on the seller's knowledge at the signing of this document. Upon recegent representing the seller in this transaction, and is not a substitute for any inspections or warranties the buyer may wish to obtain. Seller's Disclosure: The seller discloses the following informss otherwise advised, the seller has not conducted any inspection of generally inaccessible areas such as the foundation or roof. This statement is not a warranty of any kind by the seller or by any aes not possess any expertise in construction, architecture, engineering, or any other specific area related to the construction or condition of the improvements on the property or the land. Also, unleerty in compliance with the seller disclosure act. This statement is a disclosure of the condition and information concerning the property, known by the seller. Unless otherwise advised, the seller dofactor in allowing a buyer to come to the purchase price offer. 17 SELLER'S DISCLOSURE STATEMENT Property Address: Purpose of Statement: This statement is a disclosure of the condition of the propt exist on a property (both obvious and hidden) even if you are selling that property as is. Such an as is sale does not absolve one of liability since the disclosure of any defects had a substantial m after it is filled out to distribute to any potential buyers. A buyer is in a position to back out of a sale if there is no disclosure statement. Please note: You still must document any defects thaooded. Sellers are under a duty to disclose both obvious and hidden defects. It is better to be honest and up front than to hide a defect and keep your fingers crossed. Make several copies of this forinking they do not have to disclose such problems to a potential buyer. This could open up the seller to a lawsuit especially if that buyer has a flash flood and the basement leaks for is partially flare leaving. This is an area that is many times the subject of litigation. For example, many sellers often times will paint over cracks in basement walls where there have been leaks in the basement th____________ Purchaser Date 16 INSTRUCTIONS SELLERS DISCLOSURE STATEMENT This is a form in which a seller discloses the condition of their property along with the condition of appliances that they ONDS AUTO FURN. OTHER OTHER OTHER $ The information above is true to the best of my knowledge and belief, and is provided voluntarily. ______________________________ Purchaser Date __________________IES PAID TO: AUTO LOAN REAL ESTATE FINANCE CO. FINANCE CO. FINANCE CO. PAYROLL DED. CREDIT UNION RETAIL RETAIL CHILD SUPPORT ALIMONY ASSETS MO. PAY. $ APROX.BAL. $ BANK BANK BANK CREDIT UNION STOCKS BAVE YOU BEEN INVOLVED IN BANKRUPTCY JUDGEMNT OR REPOSSION? ___YES____NO ARE YOU A CO-SIGNER OR CO-MAKER OF ANY NOTE? ____YES____NO 15 PLEASE EXPLAIN ANY YES ANSWERS ON THE BACK OF THIS FORM LIABILIT HOW LONG EMPLOYED____________________________________________________ ANNUAL INCOME___________ADDITIONAL INCOME_________________________ HAVE YOU BORROWED FUNDS TO PURCHASE THIS PROPERTY?__YES___NO H____________________________ ANNUAL INCOME__________________ BASE PAY_________________ IF PRESENT EMPLOYER IS LESS THAN 5 YEARS: PREVIOUS EMPLOYER______________________________________________________ER OR CO-MAKER OF ANY NOTE? ____YES____NO PURCHASER B NAME ADDRESS TELEPHONE NO. WORK PRESENT EMPLOYER_______________________________________________________ HOW LONG EMPLOYED______________________________ADDITIONAL INCOME_________________________ HAVE YOU BORROWED FUNDS TO PURCHASE THIS PROPERTY?__YES___NO HAVE YOU BEEN INVOLVED IN BANKRUPTCY JUDGEMNT OR REPOSSION? ___YES____NO ARE YOU A CO-SIGN PRESENT EMPLOYER IS LESS THAN 5 YEARS: PREVIOUS EMPLOYER______________________________________________________ HOW LONG EMPLOYED____________________________________________________ ANNUAL INCOME_____ESENT EMPLOYER_______________________________________________________ HOW LONG EMPLOYED____________________________________________________ ANNUAL INCOME__________________ BASE PAY_________________ IFste time with people who are either not very interested or do not even have the financial means to purchase the home. 14 PURCHASER FINANCIAL STATEMENT PURCHASER A NAME ADDRESS TELEPHONE NO. WORK PRtial purchaser makes an offer. To screen potential viewers even more you may also want to use this form to interview people when they call to set up an appointment for a viewing. This way you don't waly recommended that this statement be utilized prior to showing the house in order to avoid lookers who have nothing in their pockets. This form can also be used as an initial application when a potenser is even in the position to purchase the property. Effective use of this tool should be utilized by the sellers to determine if they are wasting their time with the purchaser. In fact, it is strongOR DON'T SHOW UP. 13 INSTRUCTIONS PURCHASER FINANCIAL STATEMENT The Purchaser Financial statement is very important from the sellers' point of view since the seller wants to determine if the purchaN'T WASTE TIME. DON'T SHOW YOUR HOME TO SOMEONE WHEN THEY JUST DROP BY WITHOUT AN APPOINTMENT. ALWAYS GET A NAME AND PHONE NUMBER WHEN YOU SET UP AN APPOINTMENT SO YOU CAN CALL THEM IF THEY ARE LATE A GOOD PROSPECT FROM YOUR GUEST LIST CALL THEM BACK IN A DAY OR TWO TO GET THEIR FEEDBACK. · · ADVERTISE IN THE NEWSPAPER, ONLINE, AND BY WORD OF MOUTH SCHEDULE SHOWINGS BY APPOINTMENT ONLY SO YOU DOPRE-QUALIFIED FOR A LOAN. IF NOT HAVE NOT HAVE THEM FILL OUT PURCHASERS FINANCIAL STATEMENT. THIS WAY YOU WON'T WASTE YOUR TIME WITH THOSE WHO ARE JUST LOOKERS OR NOT VERY INTERESTED. IF ANYONE SEEMED SIGN IN A GUEST SHEET, MAKE SURE THEY INCLUDE TELEPHONE NUMBER. TAKE BUYERS THROUGH A TOUR OF THE HOUSE POINTING OUT FEATURES AND ANY PROBLEMS THAT SHOULD BE ACKNOWLEDGED. FIND OUT IF THEY HAVE BEEN ERS DISCLOSURE 3. FLYERS 4. PURCHASERS FINANCIAL STATEMENT ALL OF THESE FORMS ARE INCLUDED IN YOUR KIT. WHAT TO DO DURING THE OPEN HOUSE: GREET PEOPLE AND GIVE THEM COPIES OF YOUR MATERIAIS. HAVE THEM THE WEEKENDS BETWEEN 12-5 PM. THIS WILL ATTRACT THE MOST PEOPLE. CLEAN HOME, PUT AWAY CLUTTER AND HAVE THE HOUSE WELL-LIT BEFORE THE OPEN HOUSE MAKE COPIES AND PUT OUT: 1. GUEST SIGN IN SHEET 2. SELLACT TELEPHONE NUMBER ON THE SIGN AND HAVE AN INFORMATION BOX TO PUT YOUR FLYERS IN. YOU CAN PURCHASE A SIGN WITH INFORMATION BOX FROM A HARDWARE STORE · HOLD OPEN HOUSES: TRY TO DO YOUR OPEN HOUSES ONYES YES YES YES YES YES YES YES YES YES YES YES YES YES YES YES YES NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO INFORMATION ABOUT COMMUNITY AND SCHOOIS: 12 · FOR SALE SIGN SHOW YOUR CONTDIFIER AIR CLEANER FIREPLACE/CHIMNEY INTERCOM SYSTEM SKYLIGHTS BAY/BOW WINDOWS RAISED OR CATHEDRAL CEILINGS BAY WINDOWS PATIO/DECK SUNROOM APPLIANCES STAYING WITH HOME: SPECIAL FEATURES OF HOME: YES O BASEMENT TYPE: FULL / HALF/ CRAWL / SLAB / FINISHED / UNFINISHED ADDITIONAL FEATURES OF BASEMENT: GARAGE CENTRAL AIR GARAGE DOOR OPENER ALARM SPRINKLER SYSTEM DISPOSAL FAN(S) HOT TUB SUMP PUMP HUMICONDITION OF HOME (READY TO MOVE IN, NEEDS WORK) EXPLAIN: HEATING TYPE/AGE: 11 COOLING SYSTEM: WATER HEATER TYPE: WATER/SEWER SYSTEM TYPE: AVERAGE UTILITY COST: FEATURES OF HOME: BASEMENT: YES N________ BR6_________ LR__________ # OF BATHS_______________ DESCRIPTION OF PROPERTY: BR3_________ FR__________ BR4_________ DR__________ BR5_________ KIT_________ EXTERIOR OF HOME: STYLE OF HOME: ______ ASSOCIATION FEES: ______________________ SQUARE FOOTAGE OF HOME: ______________________ LOT SIZE: ______________________ YEAR BUILT __________ LEGAL DESCRIPTION: MEASUREMENTS: MBR________ BR2_ CROSS STREETS:_____________________________________________________________ SELLING PRICE: TERMS OF SALE: TAXES: _______________ _______________ SUMMER ______________________ WINTER: ________________ALE SIGN AND CAN AISO BE PASSED OUT TO PEOPLE OR LEFT WHERE PEOPLE CAN PICK THEM UP. INFORMATION TO INCLUDE ON YOUR FLYER: · HOME ADDRESS:____________________________________________________________S AMOUNT TO NEGOTIATE. 10 PUTTING YOUR HOME UP FOR SALE · MAKE FLYERS SHOWING YOUR HOME IS FOR SALE. LIST PROPERTY INFORMATION ON THE FLYER. THESE FLYERS CAN GO IN THE INFORMATION BOX ON THE FOR SYOU HAVE ENTERED ON THIS FORM AND DECIDE ON YOUR ASKING PRICE. $_____________________ 8. AMOUNT FROM REPAIR AND UPDATES WORKSHEET___________ EITHER REDUCE THIS AMOUNT FROM ASKING PRICE OR PLAN ON THIthe low end if you need to sell quickly or if it is a buyers market. Price your home on the high end if it is a sellers market. LOW END RANGE TO HIGH END RANGE TO_________ REVIEW ALL THE FIGURES nd features of your home to theirs. COMPARABLE HOUSE FOR SALE PRICE RANGE $ 9 ________ $_____________ 7. Value range: Based on the information above decide on a value range for you home. Price it on ISED VALUE$_______________________ 5. Research houses for sale on the market now: Look in Newspaper or real estate books and find out how much they are selling their house for. Compare price, terms awill order one and if it comes up short the buyer may not be able to get financing for the price you are asking. The professional appraisal will add credibility when your negotiating your price. APPRAue. Remember the assessed value is different from the market value. ASSESSED VALUE RANGE $___________ ________________ 4. You should contact an appraiser to do a market appraisal. The buyer's lender f garage, special features. COMPARABLE HOMES HAVE SOLD IN RANGE OF $_________ - $___________ 3. Request tax assessments on houses that have sold recently in your neighborhood to determine assessed valhe Internet. There are sites on the Internet that show you which homes have recently sold in your neighborhood and for how much. Compare features, square footage, number of bedrooms, bathrooms, size oIS AMOUNT OR YOU WILL LOSE MONEY $ 2. Research houses that have recently sold in your neighborhood: a. Research at the recorder of deed's office. b. Check your newspapers legal section. c. Research tR YOUR HOME WHEN YOU PURCHASED IT? $ HOW MUCH MONEY DID YOU PUT INTO THE HOUSE IN IMPROVEMENTS SINCE YOU PURCHASED IT? $ ADD THESE TWO FIGURES TOGETHER. YOU SHOULD SELL YOUR HOME FOR NO LESS THAN THal price 4. Fix vs. Don't Fix Fix Cost Don't Fix Approx Cost 7 TOTAL: $__________________________ FIX $________________________DON'T FIX 8 PRICING YOUR HOME WORKSHEET 1. HOW MUCH DID YOU PAY FOor opener Chimney 5 1. Repairs List 2. Repair Breakdown Inexpensive Repairs Approx Cost Expensive Repairs Cost 6 3. Do it Yourself vs. Hire Professional Repair Do it yourself est. Hire professionlbs that need to be replaced Missing or broken landscaping stones Loose bricks Mortar cracks Trim Shrubs and trees Roof Chipping, peeling paint Damaged or missing window screens Garage door/ Garage do systems Furnace/air conditioning, water heater Garbage disposal Sump pump Fireplace OUTDOORS: Cracked/Broken sidewalks/driveways Porches or decks Pool Missing siding Clogged or loose gutters Light budrails Creaky floors Doors /locks Replace Light bulbs that have burned out All appliances Doorknobs/doorbell Problems with wiring/electrical systems/cable box or fuse box Problems with heating/coolingOME OF AREAS TO LOOK AT FOR NEEDED REPAIRS: INDOORS: Leaks Carpet, linoleum, tiles Plumbing Sinks, toilet, shower Water pressure Windows Screens Paint and wallpaper, walls Dampness in the basement Hanome up with a total of what it will cost to get the repairs done and use this figure on the pricing your home worksheet to help you determine an asking price for your home. HERE IS A GENERAL LIST OF Sat it costs to make the repair. With major remodeling projects you will probably not recoup your investment. Kitchen or bathroom remodeling or additions will probably improve the value of your home. Cite down how much each repair will cost and decide whether you will do it yourself or hire a professional to do it. Do not to fix anything that will not increase the value of your home by more than wh being prepared for this could jeopardize your sale. Look over the inside and outside of your home. Look at the list below and add whatever problems you notice to the list. After you have your list wr AND CLEAN GARAGE: WHEN SHOWING YOUR HOME KEEP ALL ROOMS INSIDE AND OUTSIDE LIT. 4 REPAIRS CHEKCLIST/WORKSHEET Prepare your home for an inspection by a licensed contractor working for the buyer. NotING LOOK AS ATTRACTIVE AS POSSIBLE BY WEEDING FLOWERBEDS AND PLANTING COLORFUL PLANTS. REPAIR LANDSCAPING STONES. CLEAN WINDOWS GET RID OF BROKEN DOWN VEHICLES. KEEP CARS AND BIKES IN GARAGE. ORGANIZE STAY. BEDROOMS: TAKE DOWN POSTERS, PUT AWAY TOYS AND CLUTTER DUST/CLEAN WINDOWPANES 3 OUTSIDE: SWEEP THE SIDEWALK AND PORCH. APPLY FRESH COAT OF PAINT TRIM FLOWERS, SHRUBS, AND LAWN. MAKE LANDSCAPY FAUCETS, RUNNING TOILETS, TORN SCREENS. REMOVE ANY ITEMS THAT ARE BOLTED OR WIRED DIRECTLY TO THE HOUSE IF YOU PLAN ON KEEPING THEM BECAUSE THEY WILL BE CONSIDERED FIXTURES OF THE PROPERTY THAT WILLNETS, OVEN, STOVE AND REFRIGERATOR. CLEAN STAINS ON THE CARPET WITH A CARPET MACHINE OR REPLACE IF IT IS VERY WORN AND STAINED OR OLD FASHIONED. REPAIR SCREENS, BROKEN WINDOWS, BURNED OUT LIGHTS, LEAKSO THERE ARE NO SIGNS OF MOLD OR MILDEW. CLEAN TOILETS, SINK, TUB. CLEAN GROUT ON TILE FLOOR. CLOSETS: ORGANIZE EVERYTHING IN YOUR CLOSET TO MAKE THE CLOSET LOOK ROOMIER. KITCHEN: CLEAN WALLS AND CABI WATER HEATER, FURNACE, AND OTHER MECHANICAL DEVICES SO THEY WILL LOOK WELL MAINTAINED TO PROSPECTIVE BUYERS. BATHROOM(S): PUT AWAY ALL THE CLUTTER ON COUTERTOPS AND SHELVES. REPAIR TILE AND CAULKING s checklist. INSIDE: REPAIR AND DENTS AND HOLES IN THE WALL AND APPLY FRESH COAT OF NEUTRAL PAINT OVER ENTIRE HOUSE. CLEAN BASEMENT OF ANY MOLD, MILDEW, AND STAINS ON WALS. REMOVE DUST AND WEBS, CLEAN........ 54 WARRANTY DEED SAMPLE .....................................................................56 2 IMPROVEMENT/CLEAN UP CHECKLIST To make a good first impression of your property, follow thi......................... 48 ADDENDUM/AMENDMENT FORMS........................................................... 50 POWER OF ATTORNEY................................................................................................................. 42 TRANSFER TAX INFORMATION............................................................... 46 ESCROW AGREEMENT CONDITIONS................................IONS TO FOLLOW WHEN YOU RECEIVE AN OFFER....................... 33 OFFER TO PURCHASE REAL ESTATE FORM................................................ 34 CLOSING STATEMENT................................................ 27 SEARCHING FOR A TITLE COMPANY INFORMATION.................................. 31 TITLE SEARCH INFORMATION............................................................... 32 INSTRUCT....................... 23 LEAD BASED FORM............................................................................... 24 RIGHT OF FIRST REFUSAL........................................................................................ 14 SELLERS DISCLOSURE STATEMENT......................................................... 17 GUEST SIGN IN SHEET.....................................................UR HOME WORKSHEET.......................................................... 9 MARKETING STRATGY (PUTTING YOUR HOME UP FOR SALE)..................... 11 PURCHASER FINANCIAL STATEMENT...................ontents IMPROVEMENT/CLEAN UP CHECKLIST..................................................... 3 REPAIRS WORKSHEET............................................................................ 5 PRICING YOty, or tort (including negligence or otherwise) arising in any way out of the use of these materials. An attorney should be consulted for all serious legal matters. SELL YOUR HOME BY OWNER Table of Cnot limited to, procurement of substitute goods or services; loss of use, data, or profits; or business interruption) however caused and on any theory of liability, whether in contract, strict liabilis, or affiliates, or ii) the providers, authors or publishers of the forms, be responsible or liable for any direct, indirect, incidental, special, exemplary, or consequential damages (including, but merchantability, suitability or completeness for any of the materials for your particular needs. The materials are used at your own risk. In no event will: i) FindLegalForms, Inc, its agents, partnerchase and use of these materials is subject to the "Disclaimers and Terms of Use" found at findlegalforms.com. These materials are provided "AS-IS." We do not give any express or implied warranties ofTIONS AND ADVICE REGARDING ALL ISSUES OF SELLING YOUR HOME Disclaimer No Attorney-Client relationship is created by use of these materials. FindLegalForms, Inc. does not provide legal advice. The purr use in Michigan. · · · PURCHASE AGREEMENT AND ALL FORMS NECESSARY FOR AN OWNER TO SELL HIS/HER HOME IN THE STATE OF MICHIGAN EASY TO UNDERSTAND INSTRUCTIONS FOR USING EACH FORM. STEP-BY-STEP INSTRUChe purchase agreement you will use to actually sell your house. Your home may be your largest financial asset, but selling it doesn't need to be you largest headache. This kit specifically designed fo, you'll have all the legal forms and information you need to guide your through the sales process, from suggestions on making pre-sale improvements on your house to searching for a title company to tinancial assets. The idea of selling it on your own without the help of an expensive "expert" may seem daunting or perhaps even impossible. But this doesn't need to be the case. With our Home Sale KitInformation Home Sale Kit - Michigan ©2006 provided under agreement with copyright holder This kit provides tools and guidelines to assist you in selling your home. Your home is one of your biggest f Michigan