General Warranty Deeds/Purchase contracts

[Namon Thorn]

Hello BP Famz,
I have a question on General Warranty deeds. To all the n=more experienced REInvstrs thanks in advance. As the they say the only stupid question is the one never asked. So here goes.
1) When do you get a GWD signed? My gues is when you get the seller to sign the Purchase and sales agreement. Right?!?!
2) Should the GWD be notorized? If so then when do you turn all the paperwork into the title company?

(Option to) Purchase Contracts
1)Is earnest money the same as saying option money when using Pur-Contracts
2)Do you give the seller the option money/earnest money for signing the contract or so you give it to the title company to start the paperwork and get the deal in motion?
3)Which is the best amount $5.00 or $10.00?

Inquiring newbie mind want to know! Thanks for any "newbie" considerate answers.
SmartAZZZZZZZZZ's need not answr!! Already got enuff of those!!!HaHaHa!!!!!!

Thanks BP Fam!! :-)
Newbie Namen

[Dion DePaoli]

Originally posted by Namon Thorn:

1) When do you get a GWD signed? My gues is when you get the seller to sign the Purchase and sales agreement. Right?!?!

Wrong. Deeds are executed at closing not at contract. When the deed is executed ownership is transferred.

2) Should the GWD be notorized? If so then when do you turn all the paperwork into the title company?
All deeds are notarized. The closing agent/title company will do this at closing.

1)Is earnest money the same as saying option money when using Pur-Contracts
Earnest money, Escrow money and Option money do mean the same thing when using in the context of talking about earnest money. That said, Option money, which is money given for some option to do something can be used in other situations where an option to do something is present. Option money is not commonly used to talk about Earnest or Escrow money and I wouldn't personally use so there is no confusion.

2)Do you give the seller the option money/earnest money for signing the contract or so you give it to the title company to start the paperwork and get the deal in motion?
All funds for a real estate transaction should pass through a title company or escrow company or real estate attorney. Look up RESPA which is Real Estate Settlement Procedures Act.

3)Which is the best amount $5.00 or $10.00?
There is no "correct" amount to give as Escrow money. That said, you will likely get laughed at if you offer such small figures. Escrow money is a showing of good faith and commitment to do the transaction. From a Seller's perspective, you the buyer are offering $X to have an exclusive right to complete a purchase of the Seller's property. Failure to complete the transaction after the grace period can result in you forfeiting your escrow deposit. A Seller looks at the escrow money judging the amount of time the property will be off the market while letting you try to purchase it. Failing to close on your behalf is considered damaging and thus the escrow funds are forfeited. Seller's have a right to counter all terms of your offer including escrow deposit.

Originally posted by Namon Thorn:

SmartAZZZZZZZZZ's need not answr!! Already got enuff of those!!!HaHaHa!!!!!!

I know that was some attempt at humor but it is a bit out of place and illustrates a level of immaturity on your part. You will struggle to find a member who acts in the manner you imply here on BP. Everyone takes the site and the topics including even novice questions seriously. Probably no need to comment like that in the future.