Is this backwards ?

General Real Estate Investing
1

Any overstatement in the above loan and lien amounts will be added to note to seller. Any understatement will be deducted from balance due at close.

2

what, exactly, are you trying to do?

3

I believe he’s trying to give me an “ice cream headache”…and it’s working!

Keith

4

Purchase and Sale Agreement

This agreement is made this _________day of _______________, 20

between Seller(s)_______________________________________ Social Security #______________________

and Buyer _________________________________________________________________________________

and or assignees. Seller agrees to sell and buyer agrees to buy the following described real property together with all improvements and fixtures and the personal property described below:

Street Address______________________________________________________________________________

Legal description: ___________________________________________________________________________

___________________________________________________________________ County ________________.

Personal property included: ____________________________________________________________________

Earnest Money Deposit
$______________________

Cash To Seller At Closing
$______________________

Existing Loans & Liens
$______________________

New Loan To Seller At Closing
$______________________

Purchase Price
$______________________

The purchase price to be paid as follows:

  1. EARNEST MONEY to be deposited with licensed title company or attorney within 48 hours of acceptance by seller. The buyer will take title subject to the following loans on terms agreeable to the buyer:

A. Loan to _______________________________________ Balance $____________________________
Interest rate: _________ %, Monthly Payment $___________________ Loan Number _____________
Date last payment made____________________________ Loan current through _________________

B. Loan to ________________________________________ Balance $___________________________
Interest rate: _________ %, Monthly Payment $___________________ Loan Number _____________
Date last payment made____________________________ Loan current through _________________

Other liens: ________________________________________________________________________________

Any overstatement in the above loan and lien amounts will be added to note to seller. Any understatement will be deducted from balance due at close.

  1. THE BALANCE DUE SELLER in the amount of $ _______________ shall be paid as follows: ____________

_________________________________________________________ including interest at the rate of _______%.

  1. PRORATIONS, IMPOUNDS & SECURITY DEPOSITS: Loan interest, property taxes, insurance, and rents shall be prorated as of the date of closing. All security deposits shall be transferred to buyer at closing. All impound accounts for taxes and insurance are included in the purchase price and shall be transferred to buyer at closing. Any shortage in these accounts shall be charged to seller at closing.
5

oh. I think it’s ok, but a little confusing.

If the seller owes less (ie, the amount above is “overstated”) then, yes, that difference would then increase the amount going directly to the seller. and vice versa.