As a real estate investor, when there is a deal at hand, there is necessarily a contract involved. While real estate contracts may seem intimidating, taking the time to familiarize yourself with the terminology you’ll encounter is well worth the effort. You’ll want to have a full grasp of contracts or a trusted guide to review everything on your behalf before entering into any agreements. This knowledge will help you feel confident and assist in making wise choices as your investment business grows. Understanding the different purposes of these styles of real estate contracts will be very beneficial to you in the long run. If you’re in the process of trying to sell your house in Lawrenceville or are simply looking to make some home improvements, we are local homebuyers in Georgia, and we can help. We buy houses in Lawrenceville Georgia, and other surrounding areas. Take a look at our guide to Lawrenceville real estate contracts.
Our Guide to Lawrenceville GA Real Estate Contracts
While it may sound complicated, Lawrenceville real estate contracts are often assigned to another buyer. In this way, real estate investors facilitate sales as a wholesaler between the seller and the end buyer. In other words, the original buyer has sold the rights to buy the house to another buyer. The end buyer pays an assignment fee, which is typically very small, and then proceeds with the purchase of the home from the seller.
Selling property as “subject to” an existing loan is yet another way that Lawrenceville contracts may be written. This clause in a real estate contract allows a distressed seller, who may otherwise lose the property, to assign payments and right of residency to the buyer. Ownership of the property remains with the seller, who is still responsible for the original mortgage with the lender. The buyer is under no obligation to the lender, so should the worst happen and they fail to make the payments, regrettably, it is possible for the property to end up in foreclosure.
A purchase agreement is what may be considered the most common style of Lawrenceville real estate contracts. This is a fairly simple and straightforward sale between the seller and buyer and contains all the elements of a legally binding contract. If you are working with an agent, it will likely be a state or association contract. If the sale is directly between the seller and the buyer, then the general purchase agreement is typically used. As for properties other than single-family, you may need to make use of a property-specific form.
If your plans involve becoming a landlord, your Lawrenceville real estate contracts will involve lease agreements. This guarantees the tenant the use of the property, for a specified period, while at the same time providing you with a guaranteed monthly income. These contracts are carefully laid out to avoid any confusion or misunderstanding of any issues that may arise and what exactly is expected from each party involved. You’ll want to be certain that you’re meeting all local, state, and federal guidelines.
Power of Attorney
While not commonly thought of, the power of attorney can be extremely useful in real estate contracts. Through the use of the power of attorney, you can convey your rights to conduct business to someone who is entrusted with your finances, an attorney, or an agent. They come into play when the owner is either not available to conduct business or is incapacitated, has had an accident, or is in seriously declining health and unable to conduct business any longer.
Rent to Own
The rent to own strategy is advantageous real estate contracts for Lawrenceville investors. As the seller, you collect monthly rent along with additional monies. The buyer has the ability to try the house out for a specified time period. There are two types of these contracts, the option to buy or the agreement to buy. The agreement to buy tends to be much more desirable to sellers, in general, given that the home must be purchased at the end of the agreement period by the renter. This strategy allows buyers time to build savings towards a deposit on a conventional loan and find financing. Should your buyers have chosen the option contract, they are not obligated as in the agreement to buy. Should they be unable to qualify for a mortgage loan the renter can simply walk away at the end of the agreement.
We Are Legitimate Lawrenceville GA Home Buyers!
Do not let intimidating contracts stop you from success in your investment business. The professionals at Resideum, LLC are the best guide you could have to walk you through real estate contracts, we make your Lawrenceville real estate investment business easy. At Resideum, LLC, we take the time to listen to your dreams and help you make plans, and update plans as your life and goals change over time. When a great deal can be yours, you will know you’re using the contract that best suits your long term investment goals.
If you may tend to ask yourself at this point, “I want to sell my house in Lawrenceville GA, we love helping sellers sell their house faster, easier, and for no fees. We pay cash for houses in Lawrenceville, and in other surrounding areas. If you want to learn more about our service, how we work, and how we can help you sell your house in Georgia sooner, or just want to learn more about us, connect with us by clicking the link below.
Why not get started now? Just send us a message or call Resideum, LLC at (678) 710-6130 today!
Greg Kurzner, is CEO of Resideum, Atlanta’s Professional Homebuyer company. Greg has been a force in Atlanta real estate for over 30 years. He has been involved in the sale of over 1 Billion in real estate transactions in his career and consistently ranks #1 in sales by units by Atlanta Realtor Association. In addition to Greg being a licensed real estate broker, he is also a licensed general contractor and a nationally-recognized expert in investment real estate.