Page 13 - Training Manual Port City Realty Updated

The EMD is commonly a percentage of the sales price held in escrow until buyers complete or cancel a purchase.
Disputes arise over monies held in escrow when buyers back out after releasing all contingencies. It’s essential that buyers clearly understand up front what the penalty can be for backing out of a deal at the last minute. It never ends well.
9. Exclusions and inclusions
These are items the contract doesn’t compel the seller to leave at the property. Appliances and other items included or excluded from the sale may be written into the listing agreement and/or purchase agreement.
The important thing is to label included and excluded items clearly to avoid post-sale disputes over something like a towel bar or mirror.
10. Escrow holder, title officer and escrow attorney .
11. Legal name(s)
Over the course of many deals, we’ve learned that it’s prudent to request the clients’ legal names very early for use on all documents. If names and spelling aren’t checked up front, they can hold up a deal at the worst possible moment.
12. Mortgage/mortgage lender
Your buyers might select a lender and receive a pre-qualification letter from that lender before you ever connect with them. If not, getting them pre- qualified is the first step in the buying process. We might provide an introduction to a lender to get that all-important pre-qualification letter done. And we also ask those lenders to attest that the buyer has funds sufficient to close in their pre-qualification letter as this information is a requirement of the contract.