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CORE 501: Mastering the Real Estate Purchase Contract

Timed Course Outline (3.0 hours)

Length of Time Subject Matter Segment and Description
15 minutes Taking earnest money, identifying the property and considering other included items
  • Questions raised by class participation (each segment)
15 minutes Set the purchase price, and start to think about marketing and negotiation tactics.
  • What is the property worth?
  • What is the competition in the market?
  • How much does the seller owe?
  • How much does the seller want?
  • Calculating the net.
15 minutes Purchase price, marketing and negotiation (continued)
  • How does the property show?
  • Stopping the Leaks: What is the single factor most likely to prevent a sale?
  • The blue chips for negotiation: financing options, concessions and price
15 minutes The buyer’s approach to the purchase price and marketing appeal
  • How much can the buyer afford?
  • The blue chip of negotiation: certainty
    • Prequalification, employment and image presentation
15 minutes Understanding and explaining the settlement process
Understanding and explaining closing costs
15 minutes Dealing with possession risks and conflicts
Presenting agency to the client
The role of the title insurance company and making a good selection for the client
15 minutes Seller disclosures
Due diligence, appraisal and financing conditions
Resolving issues
15 minutes Inspection and home warranties
15 minutes Understanding and explaining miscellaneous legal provisions
  • Authority to sign
  • The legal doctrine of merger
  • Notice provisions
  • Assignment
  • Risk of loss
  • Time is of the essence
15 minutes Dealing with a default
  • Mediation and litigation
  • Attorney fees and costs
15 minutes Setting the deadlines
  • Keeping the contract current
15 minutes A proactive approach to acting in the best interest of the client
  • Know the client