The process of drawing up a real estate Rent option for your tenant buyers involves a lot of steps. These steps are not hard to follow, but they can cause serious trouble if you forget one or get them out of order. The administrative assistant creates a Noida Extension packet with the information on what you need to have a closing. Once we have an approved application, we call them in and the administrative assistant often fills the paper work out before Buyer shows up. It makes sense. When I say we have a closing, the info is filled in and all anyone has to do is sign. All Buyer has to do is lay it out in front of them
We inform the buyer that they need homeowners insurance and that they will be responsible for the taxes on it too. Gaur City Center Shops and Offices On Rent, They can get their own insurance but they have a time advantage because we have already got a go-to insurance company. We are in the sales portion on this so a lot of times they just go to our insurance person and pick up what we need there. It’s the same price that the tenant would get someplace else. If they want to go someplace else, we do not care. We do it this way to make it easy on everybody. Next up on the check sheet is to call the utility company. We have to make sure that the utility company can get them switched over and to get a final reading. Aspire Leisure Park by Gaurs Price list / Aspire Centurian Park by Gaurs Price list / Gaur The Islands Price list / Gaur City 10th Avenue Price list Noida extension.
This is one thing that, over the years, has brought us some drama. Believe it or not, people sometimes move in and wo not put the utilities in their name. It gets old after it happens a few hundred times. So we offer the option of setting up an escrow arrangement where they can make monthly payments and some of those costs instead. So we do escrow at times. I really do not like to do that. I have done it a few times because this is a property that I bought into my IRA and I escrowed it there. But normally we do not like to do that because then we have to take care of the records. It’s just extra work. Remember, our systems are designed to alleviate some of the extra work.
Once the customer is taken care of, we set up a date for them to fill out the paperwork in the office. Gaur City Center Shops and Offices On Rent, The administrative assistant will type up the land contract and the amount of the down payment as well as the purchase price. In a nutshell, we do our real estate land contracts in the office just like we do the Rent option. We do not take them to an attorney and do them. There’s times when we close on a weekend and the administrative assistant is not around. But it’s not a problem. Buyer just hand writes the paperwork himself. We have the packets made up. All Buyer has to do is pick one up, fill it out, and go.
This packet that we are talking about contains all the information and the documents that describe our payment schedule and outlines the responsibility to the tenant buyer. This description includes information on taxes and insurance. We give the tenant documents that explain the importance of paying on time. We also stress the importance of timely payment during the closing session. We want them to pay on time because we want to cash them out with a mortgage. If we have a good payment history, it is easy to close on the property.
With a land contract, we put them on an amortization schedule. Gaur City Center Shops and Offices On Rent, This shows them the money saved by purchasing in twelve months. We do not want them to go out and make a big purchase right before we get ready to close. We explain debt to income ratios to them. They might not be aware of how important it is to the mortgage companies. We have also found that mortgage companies are going to ask for payment records. So we make sure they know they are going to need to make the payments on time. We also have mold and lead disclosure statements in the property packet. We have to keep the EPA happy on that one. We also have a copy of the land contract or the Rent option, depending on what we are doing with them. They also get a copy of the purchase and sale agreement.
We always want the down payment in the form of a cashier’s check or a bank money order. One of the things I learned about the down payment early on is that when I am sitting at a closing table and they come in, the first thing that moves is their money to me. I do not want to fill the paperwork out and have them leave. I do not like the mental picture of that check sticking in their pocket and them walking out the door with my down payment. I do not want to chase them for it later. So our system is for them to show me the money up front. Some people are uncomfortable about asking for money and I was like that initially. I realized early on that it was good for everybody if I got the money taken care of and then we do the paperwork.
