I use this Seller's Acknowledgement to CYA (Cover my Assets).
Anyone can sue anyone anytime.
A disclosure is really important in case there is a lawsuit.
I use this disclosure on all deals:
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I ,_________________________________________________________ (Seller), on this ____ day of ______________________, 20_____, have agreed in writing to sell the property commonly known as ______________________________________________, (The Property) to ________________________________________ (Buyer) and or assigns, according to the terms and conditions contained in the Purchase and Sale Agreement (The Agreement) of even date, a copy of which is attached hereto. I further state as follows:
________ 1. OWNERSHIP OF THE PROPERTY: I am the owner of The Property (or I have an equitable interest in The Property) and am able to contract for its sale.
________ 2. ACCEPTANCE: I have reviewed the terms and conditions contained in The Agreement and have accepted Buyer's offer to purchase The Property.
________ 3. GOOD AND VALUABLE CONSIDERATION: I have received good and valuable consideration in signing The Agreement, and I acknowledge both the receipt and the sufficiency of the consideration.
________ 4. IN MY BEST INTEREST: I am satisfied with The Agreement and have agreed to sell The Property because it is in my best interest to do so.
________ 5. FULLY INFORMED AND NOT CONFUSED: I have signed The Agreement being fully informed and with sufficient understanding of all terms and conditions contained therein. I am not confused about any aspect of The Agreement.
________ 6. SATISFIED WITH THE SALES PRICE: I understand I may be selling The Property for less than market value but have chosen to do so because circumstances dictate that an immediate sale, even at a discounted price, is in my best interest. I am satisfied with the sales price I have negotiated.
________ 7. SALE IS FINAL: I understand by signing The Agreement, I have agreed to sell The Property to Buyer and am now bound by the terms and conditions described in The Agreement. I further understand that I cannot “change my mind” or cancel the contract at some later date, nor can I continue to market The Property to any other buyer.
________ 8. CONTINGENCIES MAY EXIST: I understand the sale may be contingent upon Buyer's inspection and approval of certain items described in The Agreement. I further understand that if Buyer does not approve of these items, Buyer may cancel The Agreement and if cancelled, I must return Buyer's earnest money in full.
________ 9. NOT A LOAN: I understand The Agreement I have signed is for the outright sale of The Property and is not intended to be a loan of any kind.
________ 10. AGREEMENT MAY BE ASSIGNED: I understand Buyer may assign The Agreement to another party and I may be closing the sale with someone other than Buyer.
________ 11. NO ESCROW: I understand Buyer may choose to “close” this transaction without the use of an escrow company and may record the conveyance documents himself.
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________ 12. CLOSING DOCUMENTS: I understand there will be additional closing documents to sign and upon receipt, agree to sign and deliver the closing documents either into Escrow or directly to Buyer, as Buyer may direct, in a timely manner.
________ 13. COPIES OF THE PAPERWORK: I understand that copies of the paperwork I've signed will be provided to me in a timely manner and I acknowledge that circumstances dictate that copies may not be immediately made available to me.
________ 14. BUYER ENTITLED TO MAKE A PROFIT: I understand Buyer may resell The Property and may realize a profit in doing so. I agree Buyer is entitled to any profit that may ultimately result from the subsequent resale of The Property.
________ 15. LEGAL COUNSEL ADVISED: I acknowledge Buyer has advised me to seek independent legal counsel to review The Agreement.
________ 16. FINANCIAL REVIEW ADVISED: I acknowledge Buyer has advised me to seek an independent financial advisor to review The Agreement.
________ 17. FAIRLY NEGOTIATED: I understand Buyer has negotiated on his own behalf and likewise, I have negotiated on mine. I acknowledge The Agreement has been negotiated fairly and Buyer has not taken advantage of me or my current situation.
________ 18. NO PRECLUDING AILMENTS: I have no physical, mental or emotional ailments that preclude me from signing The Agreement.
________ 19. NOT UNDER THE INFLUENCE: I am not now under the influence of alcohol or any other mind-altering substance, nor am I taking medication that would cloud my judgment or make me unable to think clearly.
________ 20. NO OTHER PROMISES: I have not been promised anything other than what is described in The Agreement. There are no unresolved issues, no “side agreements,” nor are there other terms not disclosed in The Agreement.
________ 21. NOT UNDER DURESS: I am not under duress and have signed The Agreement of my own free will, without any undue financial pressure. Buyer has in no way pressured me into signing The Agreement.
________ 22. FULLY SATISFIED WITH AGREEMENT: I am fully satisfied with all terms and conditions contained in The Agreement.
________ 23. BUYER IS NOT MY AGENT: I understand that Buyer is a licensed real estate agent in _____your state__________________, but that he is NOT acting as MY agent in any way in this transaction. I am acting in my own best interests and he is acting in his.
Dated this _____ day of ___________________, 20____.
___________________________ Seller (Signature)
___________________________ Seller (Signature)
Thanks for sharing.
Do you see any negatives associated with being a licensed agent and also a wholesaler?
Would you think most brokers would have a problem with that?
it depends on the broker.
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