Mock Contract

During: Buying Process Overview: Pre-Showings: Mock Contract

Mock Contract is all about being ready when you make an offer to buy. It is the fifth and final step in the Pre-Showings process.

pre-showings-mock-contract

The Mock Contract process is shown below.

Class Watch "Contract To Buy and Sell in Detail" Recording of Live Class

Watch the recording of the live presentation of "Contract To Buy and Sell in Detail" available on:

https://RealEstateFinancialPlanner.com/contract-to-buy-and-sell-real-estate-in-detail/

ASAPClassesPaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2

Determine your Contract and Paperwork Attorney (if you haven't done it already)

If you're going to have the "Contract to Buy and Sell Real Estate" (or any other paperwork you might sign) reviewed by an Attorney before you sign it, you may want to determine who that attorney will be.

Ask your Real Estate Broker for a recommendation.

Mark this task as complete once you've decided which Contract and Paperwork Attorney you will use to help review your legal documents or if you're qualified to review them yourself.

Asset ProtectionDream TeamDream Team - Pre-ClosingPaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 1

Review "Contract to Buy and Sell Real Estate"

Read through the "Contract to Buy and Sell Real Estate". Highlight any sections you have questions about. Write down your questions.

Mark this task complete once you've read through the "Contract to Buy and Sell Real Estate". You'll be scheduling time to meet with your Contract and Paperwork Attorney, Accountant, Insurance Agent and/or your Real Estate Broker to have your questions answered in additional tasks.

ASAPPaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2

Review "Lead-Based Paint Disclosure"

Read through the "Lead-Based Paint Disclosure". Highlight any sections you have questions about. Write down your questions.

You'll only need this if the property was built prior to January 1, 1978 but it is good to have reviewed it ahead of time so you understand it in case you look at properties built prior to this date.

Mark this task complete once you've read through the "Lead-Based Paint Disclosure". You can schedule time to meet with your Contract and Paperwork Attorney, Accountant, Insurance Agent and/or your Real Estate Broker to have your questions answered in additional tasks.

ASAPPaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2

Review "Source of Water Addendum"

Read through the "Source of Water Addendum". Highlight any sections you have questions about. Write down your questions.

Mark this task complete once you've read through the "Source of Water Addendum".

You can schedule time to meet with your Contract and Paperwork Attorney, Accountant, Insurance Agent and/or your Real Estate Broker to have your questions answered in additional tasks.

ASAPPaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2

Review "Seller's Property Disclosure"

Read through the "Seller's Property Disclosure" for the property you're considering making an offer on or after you've made the offer if the Seller failed to provide ahead of time.

Mark this task complete once you've read the "Seller's Property Disclosure".

ASAPMaking OffersPaperworkPre-Showings: Mock ContractSellers Property DisclosureUltimate Nomad ChecklistWeek 2Week 3Week 4Week 5Week 6Week 7Week 8Week 9

Review "Square Footage Disclosure"

Read through the "Square Footage Disclosure" to see if you have any questions about information in that disclosure.

Mark this task complete once you've read the "Square Footage Disclosure".

ASAPMaking OffersPaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2Week 3Week 4Week 5Week 6Week 7Week 8Week 9

IF FORT COLLINS: Review "Occupancy Limits Disclosure For Property Sale"

Read through the "Occupancy Limits Disclosure For Property Sale" to see if you have any questions about information in that disclosure.

Mark this task complete once you've read the "Occupancy Limits Disclosure For Property Sale".

ASAPMaking OffersPaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2Week 3Week 4Week 5Week 6Week 7Week 8Week 9

Meet with Real Estate Broker to review the "Contract to Buy and Sell Real Estate" and additional disclosures

Meet with your Real Estate Broker to go over the highlighted sections of the "Contract to Buy and Sell Real Estate" and the additional disclosures. Ask your Real Estate Broker your questions about the "Contract to Buy and Sell Real Estate".

Mark this task complete once you understand the "Contract to Buy and Sell Real Estate" and feel comfortable with it.

ASAPPaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2

Meet with Contract and Paperwork Attorney to review the "Contract to Buy and Sell Real Estate" and additional disclosures

Meet with your Contract and Paperwork Attorney to go over the highlighted sections of the "Contract to Buy and Sell Real Estate" and any additional disclosures. Ask your Attorney your questions about the "Contract to Buy and Sell Real Estate".

Mark this task complete once you understand the "Contract to Buy and Sell Real Estate" and feel comfortable with it.

ASAPPaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2

Determine your Accountant

Determine who you will as your accountant to help you with financial planning and completing your taxes.

Ask your Real Estate Broker for a recommendation.

Mark this task complete once you've determined who you'll use as your Accountant.

AccountingBookkeepingBookkeeping and Accounting for NomadsDream TeamDream Team - Pre-ClosingPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2Week 54

Meet with Accountant to review the "Contract to Buy and Sell Real Estate" and additional disclosures

Meet with your Accountant to go over the highlighted sections of the "Contract to Buy and Sell Real Estate" and any additional disclosures. Ask your Accountant your questions about the "Contract to Buy and Sell Real Estate".

Mark this task complete once you understand the "Contract to Buy and Sell Real Estate" and feel comfortable with it.

ASAPPaperworkPre-Showings: Mock ContractUltimate Nomad ChecklistWeek 2

  1. Contract To Buy and Sell Real Estate
  2. If there are tenants:
  3. Contract To Buy and Sell Real Estate – Income
  4. For Nomads with owner occupant financing, you’ll need to move in within 60 days in most cases so it is rarer to have tenants in a property when you buy
  5. Disclosures and Addendums
  6. Seller’s Property Disclosure
  7. Source of Water Addendum
  8. Square Footage Disclosure
  9. Lead-Based Paint Disclosure
  10. If Fort Collins:
  11. Occupancy Limits Disclosure
  12. Will cover this in future classes on writing offers

Once you’ve completed the Mock Contract process in Pre-Showings, you will want to move on to the Showings process in the Buying Process Overview.

Down PaymentPre-Showings Showings

IMPORTANT NOTE: This checklist is based on what I personally use with clients in Northern Colorado. Please rely on your local real estate agent for how it works in your local real estate market. This process will definitely vary in different States.

Leave a Comment