You know there’s several steps that have to be taken when you’re actually doing an agreement to purchase from somebody. We don’t typically use the word contract. In fact my agreements say agreement they don’t even say contract contract is a very scary word to people and it makes them thinking that. So I have one of my agreement great here that if you can zero in on that. It says agreement for the sale and purchase of real estate. Doesn’t say contract UBAT of a scary words you got to talk talking a third grade level. For me it’s pretty easy you don’t know that I’ve ever advanced pensée actually but there are certain stuff to do when you’re doing this. It’s the first thing you’ve got to make sure you get a good deal number one because I’m going to assume that you’ve already negotiated the deal and now it’s just a matter of going through the paperwork. So we always start with some of the easiest stuff first. And what I use. I served with. It’s called the seller information.
Maybe you can see that and it just gets the seller to answer questions right away. Because every time you get these minor questions answered you’re moving toward a major closing. OK. So a tricycle you make sure I get your name spelled right in the address here. Just I got it. And we need your Social Security number. Might start with the cell phone number. The phone number personal email address. Very easy very innocuous. People sometimes get nervous but their social security number.
But anyway we need it for the title company so they can actually transfer the title they have to run a search. So that’s very simple. So this gives all the contact information because my internal office as well as a title company and we also find out their water provider an electric provider and gas provider if there is one. So we have all the information to go forward. If there’s a mortgage on the property they have to sign a mortgage authorization because that allows us to get the information from the lender to make sure that your balance is right so that we could get them paid off. And this way there’s no confusion that’s just got the mortgage information that can you see that. So we’ve got that. So that would be like my first two stops whenever we go to a person’s house.
We bring them up but we bring them a little personalized gift so that they remember us nobody else is doing this or if there are very few people are doing it. Now they don’t forget. And that’s exactly what we tell them we have to have with one of our business cards here when it leave you with a Muggsy you can’t forget us and you should always ask for referrals to anybody else. So here’s one of my agreements with the sale and purchase of real estate. It starts out with the old right in this line the film their name the they begin to take title in the legal description which is usually damn folio number from the county website which we usually have with us. And if you don’t have it just put in their legal description we’ll be furnished forward to close.
Real simple you don’t have to have the street address is up here somewhere. Viel subject property. OK so then we have the sales price. That it’s if there is a mortgage on it it’s subject to that mortgage amount which basically gives us the amount of money that they got coming that gives us the equity and then right here it says pickable financial we define the terms we can sell or we’ll get 1000 dollars down to the total company and the balance closing everything is going to be. And if you use buy agreements which I highly suggest you do I believe on this thousands of times and we’ve refined these from time to time. Just tells us who the title company is and as we’re going through we have to initial the first page typically we’ll get them to initial the first page. That always depends on the situation but you want to get them to have their agreements moving forward with them. Okay everywhere along the line and then you get the second.
Basically what we do is we explain everything that’s on here. We just give them the nuts and bolts and without great teeth. But like for example from page to here that it’s only two pages of this line says judgment’s and this just explains hey we’re just going to make sure there’s no judgments against you because that would come out of your equity. This test for rate and gas and levies paid in the house wasn’t built before 1978. There’s no based pay. That’s when they stop using it on gas.
We never check for it makes them happy you just cross it out initially it does it’s going we’re going to get possession inspections acceptances gives them a date for inspections for accepting choosey that day. Is when we have a closing amount. Here’s where the down payment goes because of the toll company closing date where it’s going to take place in any other agreement. So if there’s creative terms we put it right in here and then we just ask for their OK. We don’t ask them to sign the contract. We don’t ask them to sign the agreement. They could just Mississippi could you just give us your OK right there. Very simple very innocuous very easy.
So that’s the simple steps for signing an agreement. They work very well for me. They’ll work for you too. You’re going to get good if you do something over and over and over again like I have. You’re going to get going. You won’t be in this business.