Tyson Smith walks a seller through contract objections on a wholesale deal. He explains waiving the lead-based paint inspection, clarifies "as-is" language so the seller keeps furniture, and cuts the inspection period from 15 days to 10 days. When he catches a missed clause, he voids the old signature and sends a corrected version.
Okay, so I'm just wondering, um, on— let me see if I can scroll here. I'm missing a mouse. There you go.
I'm sorry, did you say— did you say that you had a question about a section, or were you still trying to find it?
Oh no, I have it. Okay, so it's on page 2, and it's, uh, number 6. I don't know how to disclose the lead-based paint. Exposure. Like, what do I do with that?
Yeah, no worries at all. Go ahead. If you can see the very last sentence, buyer waives the 10-day opportunity to conduct a lead-based paint inspection and risk assessment. We're not even asking for it. We don't, we don't.
Oh, okay.
Cool.
Very cool. That was just like, I don't know any of this. Like, I don't know how—
Hey, wait. Yeah, I totally get you. Yeah.
Okay. Sounds good. Okay. Um, so now, now number 7. Buyer is purchasing property as is in the condition existing as of the effective date. The property shall be delivered to buyer at the closing of escrow in substantially the same condition existing as of the effective date. Seller agrees to have all furniture, personal property removed by 10:00 AM. So I'm not sure. I thought we were going to Sell this as is because there's like stuff inside. Do I need to move it?
Nope. Listen, is what I'm actually going to do is I completely forgot that that part's in there. Is what I'm going to do right now is I'm going to copy and I'm going to resend you a new one. And I'm going to put— scroll up to where you see additional terms and conditions.
Scroll up. Okay. Is that page 1?
No, no, it's on page 2, 1.12, additional terms and conditions.
Right, right, right. Okay.
I'm going to put, I'm going to put, as per Section— this is my fault. I completely forgot that that's even in there. So I'm going to say, as per Section 7, seller does not need to leave the property in broom-swept condition. Buyer is purchasing the property as is. There we go.
Boom.
So yeah, we're buying the property entirely as is. You don't have to worry about removing any furniture or anything like that. Take the stuff you want, leave everything else.
Okay, that's awesome. So you're amazing. Yeah, because I was worried because there's stuff in there and like, I just don't want to hassle moving it and stuff right now.
Yeah, that's totally my bad. I forgot that that was— I Um, you know, some, sometimes some properties we buy, we do want it to be in broom swept condition, but I had talked to Bonnie and we agreed that we'd buy it as is. So I forgot to take that off.
Right. Right. No worries. Yeah. So I just remember talking to her and she mentioned that before. So I just want to clarify with you. Um, yeah, perfect. Okay. Um, oh, and then, uh, just the inspection period, does it have to be 15 days? Can we do it like less so that we can close faster?
I mean, either way, uh, it's, uh, What is it? Because we're closing on the 29th. I mean, either way, we're going to be closing on the 29th. But I mean, yeah, I can do a shorter inspection. Is it all right if we put 10 days on there?
Yeah, that's fine.
No worries. I mean, it's going to, you know, we've got to get our guy out there real quick, make sure that no meteors recently hit the property, and we'll be good to go.
Of course. Okay, sounds good. Okay, perfect. That sounds good. So you're just gonna send me a revised copy and then I'll just sign that one, right?
Yeah, so is what you're gonna get right now is an— or well, here, I'm gonna do this actually in a different order. So I just sent a new one to myself with the revisions. I'm gonna go ahead and void— you're gonna get an email right now saying I voided the first one. I'm gonna say, let's see, void reason: made changes to agreement. Void and delete. So you'll get an email saying that that one's been voided. However, I just sent myself a new one. It's going to be identical. Besides, the inspection period is changed to 10 days, and then you'll see in the additional terms and conditions the language I put in there showing that we're buying the property as is and it does not need to be broom swept.
Okay, sounds good. Okay, thank you so much. Okay, I'll wait for that email and then— oh, it's here. Okay, I will. I'm gonna sign it and send it over to you.
All right, perfect.
Thank you so much for your time.
All right, thank you. And then as soon as we get that back, um, well, I shouldn't say as soon. Tomorrow I'll be having my transaction coordinator give you guys a call, and they're gonna go ahead and set up the time for us to run by. We'll get some updated pictures, and that's the— that's really our inspection. That's for us to make sure, like I said, didn't get hit by meteors.
We'll be good to go. Okay, sounds good, sir. I'll get that to you right away. Thank you.
All right, thank you. Pleasure doing business with you. Talk soon.
Yes, sir. Have a great day. Bye-bye.
You too. Bye-bye. All right, there we go. So that is 9 times out of 10 what you're gonna see when people are reviewing contracts. You know, so basically my process when I'm sending a contract is I first send it to them and I say, You know, we pull up the contract. If you guys don't already have my contract, go to Instagram @tysonsmith, S-M-I-T-H, send me a DM, just the word "contract." Don't say anything else, don't say "contract please" or put quotes, just the word "contract." I'll automatically send you a link where you can go ahead and download the exact contracts I use. Either way, I'll send those on over to them and I tell them like, "Hey, it's company policy. We have to review this agreement on the phone together." Once we get the contract pulled up, I'll go ahead and say, "Hey, I want to review a couple important parts with you. First, can you just go ahead and confirm at the top there where it says the property address, that the address is spelled correctly, we got the right house?" Okay, perfect. Then, "Hey, most important part is Section 1.5 where I have the purchase price." Notice that we have, you know, put there, so in this example it was $100,000. That's the amount we agreed upon, you know. Lastly is the 1.6, that's the close of escrow date. We're gonna be closing on March 29th. That's gonna go ahead, that's gonna be the day where you're gonna have to be moved out and you're gonna get paid for the property. Lastly, Section 1.10, the closing amounts to be paid as followed. I have 100% by buyer checked there. You're not gonna be responsible for any closing costs. That's the most important thing. Do you have any questions about that first page? Typically they'll say no, and then I'll ask them, okay, go ahead on the bottom left, you'll see there's a place for you to put your initials. Go ahead and initial, and then let's move on to the second page. And then I just start to walk them through. Now, most of the time, people are gonna go ahead and just start signing and you're good. Now, in this situation with the call you guys just saw there, she said, "Hey, I would actually like to read through the second and third pages. Is it okay if I give you a call back after I have?" And I said, "Yes, that's absolutely fine. How about first I just kind of go over, give you the SparkNotes version, and then we can continue?" And she declined. She said, "No, I'd really rather look at them myself." So, Without wanting to be contentious, I said, "Yes, that's totally fine. Go ahead, look it over, and we'll talk soon." This was our follow-up call. As you can see, she had some quick, simple questions. We got it dealt with.
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