Offline1. EARNEST MONEY to be deposited with licensed title company or attorney within 48 hours of acceptance by
seller. The buyer will take title subject to the following loans on terms agreeable to the buyer:
A. Loan to _______________________________________ Balance
$____________________________
Interest rate: _________ %, Monthly Payment $___________________ Loan Number
_____________
Date last payment made____________________________ Loan current through
_________________
B. Loan to ________________________________________ Balance
$___________________________
Interest rate: _________ %, Monthly Payment $___________________ Loan Number
_____________
Date last payment made____________________________ Loan current through
_________________
Any overstatement in the above loan and lien amounts will be added to note to seller. Any understatement will be
deducted from balance due at close.
"Open minds backed by knowledge, wisdom, persistence, and determination equals unstoppable excellence"
- wrecklessKane
If the seller has existing financing this is where you would record that information. In this instance it could be a 1st and 2nd note. The contract is informing the seller that "Any overstatement in the above loan and lien amounts will be added to note to seller. Any understatement will be
deducted from balance due at close." This lets the seller know that you are counting their liabilites and any mis statement will cost them not you at closing. I hope that this information helps!
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125