Sneak Preview Outline For:
THE “LUCKY 13” THINGS TO KNOW AND DO WHEN USING
THE BRIDGEPORT BOARD CONTRACT

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1. You always need the sellers name and signature. All sellers! Do not put in the contract that the seller is “Of Record”. This accomplishes nothing!

2. Go to Town Hall and get a complete copy of the Warranty Deed in to the seller and the Schedule “A” along with its Volume and Page. Put this into the contract in the appropriate place along with the correct address for the property. If you want you can even fill out the rest of the information called for in the contract such as lot size, etc. You can get that information from the field card at the tax assessor’s office.

3. While at Town Hall Look take a look at the land records and see how many mortgages and/or liens the seller has on the property and add them up to make sure seller will not be short! Make copies of the pages that show names, numbers, amount owed, etc. to any mortgagees or lienors.

4. IF YOU FIND A PROPERTY THAT APPEARS TO BE SHORT GOOD FOR YOU. YOU HAVE JUST DONE MORE THAN 90 PERCENT OF THE AGENTS IN BUSINESS. If you are the listing agent you need to have a talk with your client and probably list the property as short by calling it out as “subject to third party bank approval. AS IS. NO REPAIRS.” IF A SELLER INTENDS TO PAY THE SHORTAGE THEN MONEY MUST BE PUT IN ESCROW ACCOUNT FOR SHORTAGE TO GUARANTEE IT AT CLOSING! IF YOU REPRESENT A BUYER ON A SHORT SALE VISIT WWW.J4HO.COM AND WATCH THE VIDEO CLIPS PERTAINING TO BUYERS IN SHORT SALES.

5. Make sure you check the appropriate loan that borrowers are going for (conventional, FHA, CHFA, etc) and give at least 28 days to get the UNCONDITIONAL MORTGGE COMMITTMENT. FAILURE TO COMPLY CAN COST THE BUYER THEIR DEPOSIT IF BUYER FAILS TO RECEIVE EXACT TYPE OF FINANCING SPECIFIED! Buyer must be informed to notify you or his attorney IF HE CHANGES HIS MORTGAGE PRODUCT!

6. If there is a closing cost credit, call mortgage broker and make sure borrowers will actually have that much in closings costs and the called for amount is allowed by the bank. IF THIS IS NOT DONE IT WILL RESULT IN DELAY OR A DEAD DEAL! Neither option is a good one.

7. Insert the word “unconditional” before the word mortgage in the contingency paragraph. IT IS TYPICAL THAT BUYERS GET “WRITTEN” COMMITMENTS WITH TONS OF CONDITIONS. We want an UNCONDITIONAL WRITTEN MORTGAGE COMMITMENT!

8. Give enough time for inspections and results! Be sure to extend as per the contract when necessary. When extending do it in writing and get confirmation of receipt. I hate email. If you have to use it get a”delivery receipt” and “read receipt”. Otherwise do it via fax. In any event, keep your proof of transmittal in the file.

9. Failure to do so can result in bad things including fines from the Real Estate Commission. This holds true for all of your realtor responsibilities!

10. When representing either buyer or seller make the contract “subject to attorney review and cancellation” within three business days.

11. When representing a buyer make the contract “subject to review and cancellation by buyer’s attorney after his/her receipt of Schedule “A” and “Subject To’s” This protects your buyer a restrictive covenant or easement pop up that prevents your buyer from doing something with the property that he/she needs to do. (i.e, parking his commercial vehicle in the driveway or having more than two dogs of a particular size or painting her house hot pink!-- The first two examples are real life examples. THE BUYERS WERE BOTH STUCK IN CONTRACT WITH BIG MONEY DOWN ON DEPOSIT AND COULD NOT GET OUT EVEN THOUGH THEY NEVER WOULD HAVE BOUGHT THE PROPERTY IF THEY HAD KNOWN THE RESTRICTIONS EXISTED.

12. When accounting for personal property that is to stay or go at closing please be accurate and complete. Otherwise, we will argue over the missing toilet seat all afternoon of the day of closing. You can always put additional information on an addendum that is “incorporated into the contract as if set forth word for word” Both parties should sign and date any addendums.


13. Please fax all pages front and back of contract to attorney for review. Call the attorney if you know there are problems(i.e., short sale or probate problem) and discuss what will be done this must happen when representing a seller or a buyer) Do not assume the attorney will review just because you say it is subject to review and cancellation. If you find any potential title issues BRING THEM TO THE ATTENTION OF THE ATTORNEY REPRESENTING YOUR PARTY IN THE VERY BEGINNING OF THE TRANSACTION.