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All Forum Posts by: Account Closed

Account Closed has started 2 posts and replied 3 times.

Post: DEPOSIT

Account ClosedPosted
  • Real Estate Investor
  • Brooklyn, NY
  • Posts 5
  • Votes 1
Originally posted by @Eric X.:

@Account Closed Are you working with an agent? Try speaking with an agent in your area to get a better understanding of the process.  The questions you are asking are quite basic and an agent speaking  face to face with you would be extremely beneficial. 

The "money down" you are referring to is called earnest money. Is it required? no but I would say 99.9% of the time there is earnest money of some kind.  Yes you will get a receipt as long as you request one.  Your agent/attorney can explain in detail

 Thanx a lot, Eric for the greeting and for reaching out with a reply. 

Post: DEPOSIT

Account ClosedPosted
  • Real Estate Investor
  • Brooklyn, NY
  • Posts 5
  • Votes 1

Is it correct that a purchase and sale contract is not binding unless the purchaser puts money down? Whether the purchase is a business or individual, should the seller sign some sort of paperwork of acknowledgment of acceptance/receipt?  Is this a promissory note?  What is the process? Thank you.

Post: CONTRACT COMPLETION

Account ClosedPosted
  • Real Estate Investor
  • Brooklyn, NY
  • Posts 5
  • Votes 1

Does options or any other contract have to be notarized either when wholesaling or when signing a purchase and sale agreement?  And once signed, must you register it with the county?  If so, what document do you use to do so and what is the procedure?  Thank you.