Checklist for Presentation of Offers
I use this checklist to protect you when offers are presented on your property:
1. Terms clear and complete.
2. Loan Information
A. Is the anticipated loan realistic?
B. Is there an interest rate - not to exceed %?
C. Is the Buyer to go back through existing lender?
D. Number of days to qualify for and obtain the new loan.
E. Loan contingency to be removed in writing.
3. IMPORTANT - Additional deposit to be increased upon removal of loan contingency.
4. Seller to carry first loan:
A. Insurance coverage, naming beneficiary as insured on fire policy.
B. Financial statement and credit report from the Buyer.
C. Down payment sufficient to create secure Loan-to-Value Ratio?
D. Interest Rate .
E. Term - all due and payable in years.
F. Payable $ monthly.
G. Acceleration clause - due on sale clause.
H. Provision for escrow account for taxes and insurance.
5. Seller to carry second loan:
6. Date of Closing.
7. Date of occupancy - provision made for rental, if possession not upon date of closing.
8. Any variation in payment of normal closing costs for Buyer and seller.
9. Personal property included and/or excluded.
10. INSPECTIONS
A. Who pays for them?
B. Time limit.
11. What repairs, if any, are to be made; by whom and with what dollar limitation, if any?
12. Owner's Disclosure of any deficiency within or affecting the property or structure, which might adversely affect the
value, use or enjoyment of the property or structure by Buyer.
13. Signatures by all Buyers named in contract.
14. Homeowner assessments - paid by Seller or assumed by Buyer.
15. Sale of Buyer's Home.
A. Number of days to sell - does it correspond with the closing date - if so change it so that
if Buyers don't sell, Sellers can put the home back on the market.
B. Contingency release clause - 72 hour release clause.
16. Broker acting as principal - disclosure.
17. Multiple Counter offers.
18. Understanding by Buyer and Seller of costs to be incurred, payments to be made and estimated net revenue to
be realized from this transaction.
