Tim Bell Contract to sell

Now we're going to have a discussion of the next item on our list here of contract to sell real estate. Now, the contract to sell real estate is very similar to the offer to purchase real estate. But remember, we're in different circumstances with this one. I don't know if you remember way back when a little while ago when we talked about the simultaneous close and we also talked about the transactional funding. Well, with simultaneous close and transactional funding, you're going to have a contract, ideally the offer to purchase contract with Sam, but you're also going to need a purchase contract or a sales contract with Bob, the buyer, okay? You're going to need both. Well, this contract to sell real estate is what you can use with Bob, if indeed you don't have anything else to use or the property is not listed with a real estate agent. Okay? Now if we go through this, we can see that it's very similar. And again, I've sent you a copy that's, that's blank and I've sent you one that's filled in. You can go see. You can see here. It's very, very similar to the offer to purchase. But remember, in this particular circumstance, your role as the wholesaler has changed. Your role is no longer that of the buyer. Your role is now that of the seller. Remember, in your contract with Sam your role was that of the buyer. But in your contract with Bob, your role is that of the seller. Okay? And again, if you, if you, if this is unclear to you, make sure you can check those diagrams that I sent you about and the slides that we saw that talk about the simultaneous close and the transactional funding. Okay? So you may need a buyer's contract with that, okay? That contract is for your buyer. In that particular circumstance, your role has changed. Your role is that of the seller. So we have a contract that is slanted a little bit more towards the seller. Now the main difference, you can read through this, but the main differences in this contract is the fact that we're listing the earnest money deposit that Bob pays us as non refundable. Again, as a seller, we want the earnest money to be non refundable. As a buyer, we don't want the earnest money to be non refundable. We want to get our earnest money back if appropriate. But as the seller, we want it to be non refundable. We want that buyer obligated to the property. So that's the other one change. The other change is in section four. Here it says in the event the seller, remember, in that case that's you. The seller defaults or does not perform on any provisions agreement for any reason. The buyer's deposit referenced above shall be returned to the buyer and said refund shall be the buyer's sole remedy for the seller's default under this agreement. Remember, in this particular contract you are the seller and Sam may change his mind, the original seller may change his mind, he may decide not to sell to you. As a consequence, it's possible you could default on this contract with Bob. That's why it's important to have that sole remedy clause in there, that clause number four in there and you can look through all the rest of them. All the rest of them are pretty self explanatory and very similar actually to the offer to purchase real estate that we talked about that you would use with Sam over here. Again, this contract that we would use with Bob in a simultaneous closer transactional funding is really slanted a little bit towards you as the seller in that case and protecting you in terms of your being the seller.