Thread: How many agreements are available in Real Estate?

Originally Posted by davidbraken1

I want to invest in real estate especially in Detroit. May I know about the number of agreement exist in real estate?

MILLIONS!! I bet that companies and individuals make agreements with others on a daily basis!

Now, are you trying to find out something different, maybe something more specific?? Just let us know what you are asking for, and we will give you a better responce.

Later!

Originally Posted by REITrainingWhse

MILLIONS!! I bet that companies and individuals make agreements with others on a daily basis!

Now, are you trying to find out something different, maybe something more specific?? Just let us know what you are asking for, and we will give you a better responce.

Later!

I want to know everything about real estate process. But My friends has told me that you have to sign some agreement while buying and sell. He told me about lease and license agreement.

Originally Posted by davidbraken1

I want to know everything about real estate process. But My friends has told me that you have to sign some agreement while buying and sell. He told me about lease and license agreement.

Hmm... well, real estate can be as simple as having only ONE agreement... The Purchase & Sales Agreement. Now it also could involve many more agreements as well.

When you get a Realtor involved, they usually have you sign several addendums, like for lead paint, for this that and the other thing, but when it comes down to it, it is just adding to the P&SA.

As an investor, you might be doing things a bit differently, where now you might have a couple agreements that the seller signs off that they understand that you are not a miracle worker, aka CYA letters, or authorization type letters, like power of attorney or releases.

Then you have commercial purchases, which involves a bunch of other agreements and forms, but all pretty straight-forward. (I suppose that statement assumes the investor is familiar with commercial real estate though.)

It is better to attack the issue you are facing, by telling us what exactly you looking for, or how you want to invest and we can narrow the scope down a bit. To try to dump everything is crazy, and to be honest seminar material.

Later!

You're probably referring to a "Representation Agreement".

There are a few different main kinds for both buying a selling. However, in real estate "everything is negotiable".

I would suggest contacting some local Detroit agents and chatting with them before making a choice.

If they try to hard sell you, just say thanks for the time and move onto the next.

As noted, there are literally 1000's of different forms that could be used when buying or selling a property, not to mention the hundreds of forms required if you are going to buy your property and rent it out.

Make sure that whichever you are doing, all of your forms comply with the laws in the state you purchase and/or rent out your property.

There are very few and select places which offer state specific legal forms for your real estate or landlording transactions yourself.

If you use a Realtor, they will have all of the forms you need for the buying process.

Originally Posted by davidbraken1

I want to invest in real estate especially in Detroit. May I know about the number of agreement exist in real estate?

I think you didn't know the general formalities in real estate. Actually lot of agreement need to be sign while purchase the property and wise verse.

Originally Posted by davidbraken1

I want to invest in real estate especially in Detroit. May I know about the number of agreement exist in real estate?

Every place is a little different, so I would suggest that you contact a real estate closing attorney or a title company, and ask them what forms are needed to close. Generally all you need an executed contract for sale, or a purchase and sales agreement, the other forms are mostly "optional" until you get to the closing.

Once at closing, you will need to have the seller transfer the property to you, through a deed, be it a warranty deed, a quit-claim deed, a ... deed. For the best protection, a warranty deed is prefered, that way the seller is warranting that the title is free and clear of any and all encumberances, and if at a future time some are found, which were previous of the sale, you could go after the seller to correct. A quit-claim is so weak that the anyone (yes, even people who don't own the property) could "sell" you the house, the deed states that the grantor is waiving any and all claim to the property, even if they don't have any claim in the first place. So I would never buy if the sell is only providing the title via a Quit-claim deed.

In WI, you will need to have a transfer tax form completed, as the state wants their cut in the sale of the house.

Umm, I believe that is all the forms that "you need" to complete the sale of property, and there are other forms that are optional, such as various disclosures, authorizations, etc, which really doesn't play in the actual sale of the property, but provide additional support (and CYAs) to either the seller, buyer or third-party agent.

Hope that clairifes.

Later!

Michael.

There are lots of them... Millions I can say.. I bet that companies and individuals make agreements with others on a daily basis!! this proves that there are lots of them... you can also search in the internet if you want...