Can somebody please help me with a few lines of a sub2 contract. I want to be sure that I look like I know what I’m doing in front of the sellers. Here’s how the contract is laid out:
Purchase Price The total purchase price to be paid by Buyer will be $___________
Earnest money deposit $___________
Subject to existing Loans $____________
Cash balance due at closing $_____________
Ok here’s the part that really confuses me:
EXISTING LOAN In the event part of the purchase prices is to be satisfied by buyer taking subject to existing financing, buyer shall not be required to pay fees exceeding $_____________
My Sub 2 contract is 12 pages I think you have left a lot out of yours.
12 PAGES!!! :shocked Do you bring a pillow and blanket when you’re explaining it to the sellers? :sleeping
BTW- My agreement is 1 page and includes all of the clauses that I might need to protect me. Not saying that mine is better but man, I just couldn’t imagine a 12 page agreement. :banghead
I hope that you have an attorney review this document for you. If you did, then he should be able to explain it to you.
I’m not an attorney so I would hate to give you my interpretation of that sect and give you bad info. Good luck.
Yep it takes about 10 minutes to explain… And is a contract that will keep the deal in the game…
Thanks for the reply,
The contract that I have is more detailed than what I have posted. It has a total of 12 paragraphs. I only asked about paragraphs 2 and 6. I was just wondering how I should fill in the lines. I know the information I must put in the other parts. I also have a Seller Acknowledgement, Disclosure, and Addendum to the Sales Contract which is very detailed. :deal