LandInvestors.com Forums **Ask A Question** No Deposit on Land Mailer Template?

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  • #24102
    Edgar
    Participant
    Post count: 39

    I had to modify the purchase agreement a bit more because it was lacking on some additional terms. The main one that stood out though is that it doesn’t have a deposit amount.

    Should we include deposit amount or just leave it empty?

    I know that for some self close deals this is no biggie, but for most of my deals I plan to use title company.

    Also for all my r/e agents I put the following statement:
    Seller understands that one or more owners of this company is a licensed real estate agent. Buyer has a personal interest to purchase this property as an investment for the purpose of making a profit. Buyer has no brokerage relationship with seller and is not representing seller in this transaction.

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  • Kevin Farrell
    Moderator
    Post count: 1457
    ProAdvanced

    I don’t have a deposit amount on my offers. I close in title companies without a down payment. I just send them the signed agreement and ask them to open a file for this purchase. And specify that I want title insurance and I want them to close it.

    Kevin

    Edgar
    Participant
    Post count: 39
    Pro

    Nice, thanks a bunch Kevin. This was my last hiccup, I will be sending my 1st mailer soon, it’s a very small batch, and will send the bigger portion within couple of weeks afters.

    Michael Aillon
    Participant
    Post count: 305
    Pro

    I don’t know why you feel you need to complicate the process. Real Estate deals get done only when both parties WANT to get it done. The title company should handle all monies. Sure. I understand you would probably need an EMD for house or apartment building to show you’re a serious/motivated buyer. But you should give the impression that any deal you are considering with a seller is a deal that doesn’t matter whether you get it or not. Furthermore, if there is a deal to be done, it’s going to be on your terms (with no EMD). There are thousands and thousands of deals done in this group without EMD. The only thing you are setting yourself up for is lost EMD.

    Daniel F. Harb
    Participant
    Post count: 9
    Pro

    Well said all.

    Steven Butala’s purchase agreement has been shaped, refined, and perfected over 20 years. If one is brand new, including myself, I would stick with Steven’s precision contracts verbatim.

    But that’s just me. Unless I am a Kevin Farrell, a Joe Martin, or a Travis, I wouldn’t touch any single thing.

    These three have the proven track record to refine, if need be. Personally, I don’t touch, but continue to “Sit at the feet of the Masters!” 😁

    I’ll take their proven contracts, thank you! Don’t overthink. Just get the mailers out… and “Boom!” Watch what happens!

    Happy Thanksgiving!🦃🍁

    Daniel F. Harb

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