Welcome to the new 2018 Trek one to four family residential contract. This is Anna Lucasta and I'm your broker. We'll be going over page one at this time. There is a video for each page of the contract. 2. Page one, let's start with paragraph one. You'll see the parties to this contract are, and the very first blank is the seller's name. Please do not assume that tax rolls are correct. They frequently are not. So if you have any questions about who the seller is, you'll want to ask your friendly neighborhood title company to run a check and be sure that whoever is having to sign at closing is signing on this contract and is aware of the sale. This is particularly important in the case of divorce. Frequently, someone has a divorce decree that says they get the house, but they did not actually go and change the name on the deed. So then the ex must be contacted and sometimes that goes super smooth and the ex can be easily located and is cooperative and just signs a paper. Other times, the ex cannot be located or is not cooperative, and then we have a delay to closing. So super important that you know who the seller is and that you do not assume that the tax rolls are correct. And then your buyer is going to go right here in this second blank. You're going to want to write the name of your buyer, and that does not necessarily impact who is on the mortgage. So this contract is separate from the mortgage and is who is going to be your purchaser. 3. Let's go to paragraph 2, lot block, the name of the subdivision, edition, city, county, and then known as. So right here,...
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Paragraph 7h of the One To Four Family Contract concerns Form: What You Should Know
In the previous paragraphs, the contract language has been summarized by a general description; in this paragraph a more precise statement is made, such as “The seller is conveying the real property (i.e. a house) to the buyer for the sum of money in the contract”. The contract language does not expressly state that a residential contract form is required, this fact is clarified by reference to the contract language of the One-to-Four Family Contract (Resale) contract. The term “property” is used in a way to mean the land itself and not any particular structure, dwelling or improvements. To convey real property, the contracting parties are required to give written notice of their intention to do so to the other, as defined in § 20‑22(f) of the Uniform Commercial Code, and by the statute at 36 C.F.R. Part 3. In addition, § 20‑15 of the Uniform Commercial Code, as amended in 1992, requires a form signed by both parties to the agreement of sale to be received by the purchaser. Pursuant to the Uniform Commercial Code, and in compliance with the statutory requirements of §20‑22 of the Uniform Commercial Code, in effect as of August 31, 1990 (the effective date of the Uniform Commercial Code), every residential transaction involving three (3) or more families (as determined by Federal law) is required to include a purchase receipt (to be kept as proof of delivery, or receipt and delivery documents must be furnished) and a receipt form for each item delivered in delivery to the seller or the contract buyer. The TREE has a publication entitled, “Residential Contract Form” available on the Department's Website (see link:). If the parties sign the form before delivery to the purchaser, then § 20‑22 of the Uniform Commercial Code will govern the terms of the residential contract. The terms of the contract must be stated to the purchaser in the contract, and by the purchaser unless the purchaser has received specific written notice from the seller before delivery of the property to the purchaser. In order to sell all the items in the contract in the same transaction, the seller is required to provide a written notice of each item delivered (or receipt and delivery document is required).
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Video instructions and help with filling out and completing Paragraph 7h of the One To Four Family Contract concerns
