I see that this Receipt Agreement contains the wording, “The undersigned expressly agree that if Application is approved they herewith agree to purchase the property located at:”
Does this mean that this Receipt Agreement can not be used for Lease-to-Own tenant-buyers? Which form should be used for them when they pay a partial Purchase Option Consideration prior to actually closing with an attorney?
This Agreement is for Cash sale after you rehab it. It gives you an ability to shop for other buyers who might be faster qualified than your first one. Because if you just commit to one and he wont get approval for the loan, you are loosing time!
You don’t have to use this for Lease Option Buyer, because they will get your house a few days after the meeting. You can get a hand written receipt that you received theirs $2500 and they will bring the rest to your attorney in a few days.
Not really Michael.
This one is for Cash sale, when you are looking for a first time home buyer and with this Agreement you have the right to sell to another buyer if they bring you cash or will get qualified sooner.
You dont need this for LO Buyer, because as you have a meeting with them, you are 95% sure they are your LO Buyers, because they confirm that they can pay X$ per month and have 10K+ for a non refundable down payment.
Can you clarify the top portion of this agreement?
A non-refundable application fee of $$.$$ and reservation/earnest money fee of $$.$$ are required for processing the application, and is being paid herewith. This Application Receipt Agreement must be signed by all adults who will occupy the property before the Application can be considered by Management. The undersigned expressly agree that if Application is approved they herewith agree to purchase the property located at:
the first fee is application fee and second is deposit? or visa versa,, which is it..
I don’t see that this was answered in the last year. I would also like to know an answer please. Also, you used to have a Binder Deposit Form but I see it is no longer here.
In regards to the
A non-refundable application fee of $$.$$ and reservation/earnest money fee of $$.$$ are required for processing the application, and is being paid herewith.
I take it to mean application fee is just that the application fee…generally $50 for each adult. And the reservation/earnest money is what ever amount you want it to be. We were selling a 300k home with 10% down so I asked for a 3K reservation fee to hold the property. I then apply this off of the down.
This is helpful because we need to start documenting everything as a business, partly to take advantage of the various benefits available from having it properly documented, and partly to keep the corporate veil intact. It’s the simple things that really make or break you, and this is a perfect example.
I own a Rental House, The tenet wont to buy. I wont to lease with option to buy.the rent is $550.00 he will pay $600.00 for (6) months. This will give him time to get a VA loan,it might not take that long he has allready put in for it. which form should i use? Jimmy Allman Email jimmy.allman2017@gmail.com
Until now, I had never heard of an application receipt agreement. I like the way it is set up and structured. I sure can use this form later on when closing my first deal.
I see that this Receipt Agreement contains the wording, “The undersigned expressly agree that if Application is approved they herewith agree to purchase the property located at:”
Does this mean that this Receipt Agreement can not be used for Lease-to-Own tenant-buyers? Which form should be used for them when they pay a partial Purchase Option Consideration prior to actually closing with an attorney?
Hey David,
This Agreement is for Cash sale after you rehab it. It gives you an ability to shop for other buyers who might be faster qualified than your first one. Because if you just commit to one and he wont get approval for the loan, you are loosing time!
You don’t have to use this for Lease Option Buyer, because they will get your house a few days after the meeting. You can get a hand written receipt that you received theirs $2500 and they will bring the rest to your attorney in a few days.
You use this agreement to get your tenant buyers to commit to buying the property by having them put up money as part of the application process.
Using this agreement you can get multiple buyers and multiple deposits for the same property.
In other words, you have back up buyers in case your chosen tenant buyers decide not to move forward.
Not really Michael.
This one is for Cash sale, when you are looking for a first time home buyer and with this Agreement you have the right to sell to another buyer if they bring you cash or will get qualified sooner.
You dont need this for LO Buyer, because as you have a meeting with them, you are 95% sure they are your LO Buyers, because they confirm that they can pay X$ per month and have 10K+ for a non refundable down payment.
Does it make sense?
Can you clarify the top portion of this agreement?
A non-refundable application fee of $$.$$ and reservation/earnest money fee of $$.$$ are required for processing the application, and is being paid herewith. This Application Receipt Agreement must be signed by all adults who will occupy the property before the Application can be considered by Management. The undersigned expressly agree that if Application is approved they herewith agree to purchase the property located at:
the first fee is application fee and second is deposit? or visa versa,, which is it..
I don’t see that this was answered in the last year. I would also like to know an answer please. Also, you used to have a Binder Deposit Form but I see it is no longer here.
I would like to know this information too>;)
Thank you,
Holly😉
Thank you,
Holly”–>
Please give abit more detail. Thanks
THANKS
Another great form from Ron LeGrand
In regards to the
A non-refundable application fee of $$.$$ and reservation/earnest money fee of $$.$$ are required for processing the application, and is being paid herewith.
I take it to mean application fee is just that the application fee…generally $50 for each adult. And the reservation/earnest money is what ever amount you want it to be. We were selling a 300k home with 10% down so I asked for a 3K reservation fee to hold the property. I then apply this off of the down.
Thank you Lisa for clarifying. Very helpful.
This is helpful because we need to start documenting everything as a business, partly to take advantage of the various benefits available from having it properly documented, and partly to keep the corporate veil intact. It’s the simple things that really make or break you, and this is a perfect example.
Good information to know. Thank you for the form.
I own a Rental House, The tenet wont to buy. I wont to lease with option to buy.the rent is $550.00 he will pay $600.00 for (6) months. This will give him time to get a VA loan,it might not take that long he has allready put in for it. which form should i use? Jimmy Allman Email jimmy.allman2017@gmail.com
You should post your question in Ask Ron.
very helpful
Thanks for this form,I’m saving them. Can’t wait to start using them.
Fun stuff Dorthy!
It doesn’t look like any of the questions were ever answered…
Can this form be used with a lease-option to sell?
Good morning! Your question has been answered in the following episode of ‘Ask Ron’.
https://www.ronsgoldclub.com/resources/articles-and-reports/gold-club-weekly-report/2023-01-20-ask-ron
Hello,
Until now, I had never heard of an application receipt agreement. I like the way it is set up and structured. I sure can use this form later on when closing my first deal.
Bye for now,
Robert