Short Sale Contracts
Short sale contracts, and forms. How do you know that the contracts you are using have good strong clauses and terms?
In this article you will find many different clause that are a MUST for buying property on a short sale! If you are interested in learning many, many more strong terms and clauses that are also a must, you can learn more by clicking the link posted at the end of this article.
What is the lease clause, why is it important?
#1. The Lease Clause:
Clause:
SELLER shall provide BUYER with written proof that all leases are in effect and that there have been no modifications or amendments and indicating the amount of any security deposits, pre-paid rent or any funds held by SELLER. Such funds shall be transferred free of charge, to BUYER.
That doesn't seem to complicated does it? Well let me explain it a little better!
This clause means that the Seller must prove in writing that all leases and agreements are what they are represented to be and all pre-paid rents and other funds held by the Seller become the property of the Buyer free of charge. With out this clause you open yourself up to a potential loss. This clause is a must for short sale contracts!
What if you want out of the sale before it is complete? You will LOVE this clause! It too is a must for short sale contracts!
#2. One of my favorite weasel clauses.
Clause:
Contingent upon approval of BUYER'S Business Partner (Husband or Wife, Accountant, Business Manager, etc.)
This clause means that the Buyer is not obligated to go through with the purchase if his/her Business Partner, Husband, Wife, etc. objects for any reason. Sometimes you just need a few of these type clauses in your short sale contracts just in case, and for good reason!
#3. Another weasel clause!
Clause: Contingent upon BUYER'S approval of a complete inspection report (Roof, Foundation, Heat, Cooling, Electricity, Plumbing, etc.) to be paid for by SELLER *
Let me explain, this clause means that the Seller must pay for a complete inspection report and if the Buyer does not like what the inspection reveals, then he/she does not have to complete the purchase.
Learn to write a complete short sale contract here http://www.squidoo.com/TheContractWizard
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This article is to inform you of what clauses are a MUST for putting in your Contract For Deed forms.
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