Paperwork

Before: Buying Process Overview: First Meeting: Paperwork

Paperwork is all about the paperwork that allows your Real Estate Agent to represent you and your best interests and what to expect when working with your Real Estate Agent. It is the first step in the First Meeting with your Real Estate Agent process. This is usually does as soon as possible when looking to buy a home and is typically done in the first week of the Ultimate Nomad Checklist™.

first-meeting-with-real-estate-agent-paperwork

The Paperwork checklist is shown below.

Complete "First Meeting: Paperwork" checklist

ASAPFirst MeetingFirst Meeting: PaperworkUltimate Nomad ChecklistWeek 1

Review "Benefits of Becoming a Client"

If you have not done so recently, review the "Benefits of Becoming a Client" blog post on:

https://RealEstateFinancialPlanner.com/benefits-of-becoming-a-client/

ASAPFirst Meeting: PaperworkOptionalUltimate Nomad ChecklistWeek 1

Sign up for Dropbox

Sign up for Dropbox with "Extended Version History" feature at:

https://Dropbox.com

"Extended Version History" keeps copies of old versions of your files longer than just 30 days in case you accidentally delete something and don't realize it right away.

AccountingASAPBookkeepingBookkeeping and Accounting for NomadsComputer SetupFirst Meeting: PaperworkOptionalUltimate Nomad ChecklistWeek 1

Setup Dropbox on your computer

Once you've signed up for Dropbox make sure it is installed and working on your computer for saving all your real estate related files.

Here is the recommend folder structure for Nomads to be setup inside Dropbox:

  • "REI Folders"
    • Folder for each property and LLC/major entity
    • Example: "Main St LLC" (one folder for each LLC/major entity)
    • Example: "1234 Main Street" (one folder for each property)
      • "1. Purchase Docs"
        • "YYYY-MM-DD - PROPERTY STREET ADDRESS - FILE DESCRIPTION.pdf"
        • Example: "2018-04-21 - 1234 Main St - Buyer Settlement Statement.pdf"
      • "1.1 Refinance" (if applicable, but make it now)
      • "2. Trust Docs"
      • "3. Property Info"
      • "4. Mortgage"
      • "5. Taxes"
      • "6. Insurance"
      • "7. HOA"
      • "8. Expenses"
      • "9. Tenant and Property Mgmt Info"
        • Example: "Smith, John and Suzy" (one for each tenant group)

Mark this task complete once you've set up Dropbox and your folder system within Dropbox on your computer.

AccountingASAPBookkeepingBookkeeping and Accounting for NomadsComputer SetupFirst Meeting: PaperworkOptionalUltimate Nomad ChecklistWeek 1

Determine your Contract and Paperwork Attorney

If you're going to have the paperwork for working with your Real Estate Broker, 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.

This Attorney will also probably prepare or review your Lease.

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-ClosingFirst Meeting: PaperworkLeasePaperworkUltimate Nomad ChecklistWeek 1

Receive copy of "Definitions of Working Relationships"

Receive a copy of "Definitions of Working Relationships" or whatever the equivalent is in your local real estate market.

James usually provides this via DocuSign for you to sign electronically along with:

  • "Exclusive Right-To-Buy Listing Contract"
  • "Professional Services Provided"
  • "Brokerage Disclosure Regarding New Construction"

Mark this task complete once you've received it.

First Meeting: PaperworkPaperworkUltimate Nomad ChecklistWeek 1

Read "Definitions of Working Relationships"

Read the "Definitions of Working Relationships" to prepare to discuss it with your Real Estate Broker.

Mark this task complete once you've read it.

First Meeting: PaperworkPaperworkUltimate Nomad ChecklistWeek 1

Discuss the "Definitions of Working Relationships" with your Real Estate Broker

Discuss the "Definitions of Working Relationships" with your Real Estate Broker including:

  • That there are several ways you can work with a Real Estate Broker: where they represent the buyer, where they represent the seller and where they act more like a referee not representing either buyer or seller but helping coordinate the purchase and sale.
  • If you want a Real Estate Broker to represent you as a Buyer, you will need an "Exclusive Right-To-Buy Listing Contract".
  • James prefers to work with you as a Buyer's Agent when buying so he can represent you and your best interest and give you advice throughout the transaction and beyond.
  • If you refuse to sign one, I will need to mark down that I gave you a copy and that you refused to sign.

Mark this task as complete when you understand the "Definitions of Working Relationships".

First Meeting: PaperworkPaperworkUltimate Nomad ChecklistWeek 1

Sign "Definitions of Working Relationships" via DocuSign

Your Real Estate Broker will typically send over the "Definitions of Working Relationships" with the other documents for you to sign via DocuSign.

Sign these by click on the link in your email and you will receive a copy of the signed documents via DocuSign.

Mark this task as complete when you've signed your documents from your Real Estate Broker via DocuSign.

First Meeting: PaperworkPaperworkUltimate Nomad ChecklistWeek 1

Save copy of "Definitions of Working Relationships" to your Dropbox folder

Save copy of "Definitions of Working Relationships" to your Dropbox folder using the filename format of:

"YYYY-MM-DD - YOUR NAME - Definitions of Working Relationships.pdf"

Where YYYY = the year, MM = the two digit month, DD = the two digit day of the month and YOUR NAME is your actual name.

For example, mine might look like this:

"2019-04-03 - James Orr - Definitions of Working Relationships.pdf"

Mark as complete when you've saved it to your Dropbox.

ASAPFirst Meeting: PaperworkNew ConstructionPaperworkUltimate Nomad ChecklistWeek 1

Receive a copy of "Exclusive Right-To-Buy Listing Contract"

Receive a copy of Exclusive Right-To-Buy Listing Contract or whatever the equivalent is in your local real estate market.

James usually provides this via DocuSign for you to sign electronically along with:

  • "Definitions of Working Relationships"
  • "Professional Services Provided"
  • "Brokerage Disclosure Regarding New Construction"

Mark this task complete once you've received it.

First Meeting: PaperworkPaperworkUltimate Nomad ChecklistWeek 1

Read "Exclusive Right-To-Buy Listing Contract"

Read the "Exclusive Right-To-Buy Listing Contract" to prepare to discuss it with your Real Estate Broker.

Mark this task complete once you've read it.

First Meeting: PaperworkPaperworkUltimate Nomad ChecklistWeek 1

Discuss the "Exclusive Right-To-Buy Listing Contract" with your Real Estate Broker

Discuss the "Exclusive Right-To-Buy Listing Contract" with your Real Estate Broker including the following:

  • Your obligations in the "Exclusive Right-To-Buy Listing Contract".
  • Your Real Estate Broker's obligations in the "Exclusive Right-To-Buy Listing Contract".
  • The term of the agreement. I prefer to use 1 year or when you a buy a home, whichever comes first. Of course, see the note about terminating early below.
  • The types of houses and service area your Real Estate Broker is to show you.
  • How your Real Estate Broker is paid and why we often say the Buyer is obligated to pay (it is so we can negotiate getting the payment from the Seller or Seller's Broker).
  • How to terminate if your not happy with your Real Estate Broker. 99% of my agreements are written such that a Buyer can terminate with just an email to me at any time.

Mark this task as complete when you understand the "Exclusive Right-To-Buy Listing Contract".

First Meeting: PaperworkPaperworkUltimate Nomad ChecklistWeek 1

Sign "Exclusive Right-To-Buy Listing Contract" via DocuSign

Your Real Estate Broker will typically send over the "Exclusive Right-To-Buy Listing Contract" with the other documents for you to sign via DocuSign.

Sign these by click on the link in your email and you will receive a copy of the signed documents via DocuSign.

Mark this task as complete when you've signed your documents from your Real Estate Broker via DocuSign.

First Meeting: PaperworkPaperworkUltimate Nomad ChecklistWeek 1

Save copy of "Exclusive Right-To-Buy Listing Contract" to your Dropbox folder

Save copy of "Exclusive Right-To-Buy Listing Contract" to your Dropbox folder using the filename format of:

"YYYY-MM-DD - YOUR NAME - Exclusive Right-To-Buy Listing Contract.pdf"

Where YYYY = the year, MM = the two digit month, DD = the two digit day of the month and YOUR NAME is your actual name.

For example, mine might look like this:

"2019-04-03 - James Orr - Exclusive Right-To-Buy Listing Contract.pdf"

Mark as complete when you've saved it to your Dropbox.

ASAPFirst Meeting: PaperworkNew ConstructionPaperworkUltimate Nomad ChecklistWeek 1

Receive a copy of "Brokerage Disclosure Regarding New Construction"

Receive a copy of "Brokerage Disclosure Regarding New Construction" (also known as "Risks of New Construction").

James usually provides this via DocuSign for you to sign electronically along with:

  • "Definitions of Working Relationships"
  • "Exclusive Right-To-Buy Listing Contract"
  • "Professional Services Provided"

Mark this task complete once you've received it.

ASAPFirst Meeting: PaperworkNew ConstructionPaperworkUltimate Nomad ChecklistWeek 1

Read "Brokerage Disclosure Regarding New Construction"

Read "Brokerage Disclosure Regarding New Construction":

https://RealEstateFinancialPlanner.com/brokerage-disclosure-regarding-new-construction/

Mark this task as complete when you've read it.

ASAPFirst Meeting: PaperworkNew ConstructionPaperworkUltimate Nomad ChecklistWeek 1

Discuss the "Brokerage Disclosure Regarding New Construction" with your Real Estate Broker

Discuss the "Brokerage Disclosure Regarding New Construction" with your Real Estate Broker.

  • The contracts that builders use are typically different than the contract the we use when buying a resale home from a Seller in the MLS or a FSBO.
  • The builder contracts tend to be very pro-builder whereas the contract we use elsewhere tends to be pro-Buyer.
  • Each builder contract is unique to each builder and is written usually by their attorney. Real Estate Brokers do not get training on the builder's contract and so we rely on the builder to explain it. If you have questions you may want to hire your own attorney to review it.

Mark this task as complete when you feel you understand the "Brokerage Disclosure Regarding New Construction".

ASAPFirst Meeting: PaperworkNew ConstructionPaperworkUltimate Nomad ChecklistWeek 1

Sign "Brokerage Disclosure Regarding New Construction" via DocuSign

Your Real Estate Broker will typically send over the "Brokerage Disclosure Regarding New Construction" with the other documents for you to sign via DocuSign.

Sign these by click on the link in your email and you will receive a copy of the signed documents via DocuSign.

Mark this task as complete when you've signed your documents from your Real Estate Broker via DocuSign.

First Meeting: PaperworkPaperworkUltimate Nomad ChecklistWeek 1

Save copy of "Brokerage Disclosure Regarding New Construction" to your Dropbox folder

Save copy of "Brokerage Disclosure Regarding New Construction" to your Dropbox folder using the filename format of:

"YYYY-MM-DD - YOUR NAME - Brokerage Disclosure Regarding New Construction.pdf"

Where YYYY = the year, MM = the two digit month, DD = the two digit day of the month and YOUR NAME is your actual name.

For example, mine might look like this:

"2019-04-03 - James Orr - Brokerage Disclosure Regarding New Construction.pdf"

Mark as complete when you've saved it to your Dropbox.

ASAPFirst Meeting: PaperworkNew ConstructionPaperworkUltimate Nomad ChecklistWeek 1

Once you’ve gone over these, you can discuss Professional Services Provided.

First MeetingFirst Meeting Professional Services Provided

Improvements

The following are improvements I plan to make to this page based on some of my Standard Process Improvement Questions.

  • Consider making dynamic process charts.

  1. Sponsor Read "Facebook Ads for Real Estate Agent and Lender Sponsors"
  2. Sponsor Read "100 Ways to Get a Nomad Client in the Next 12 Months"
  3. Sponsor Read "Prepare for Investor Meeting Checklist"
  4. Sponsor Read "At Investor Meeting Checklist"
  5. Sponsor Read "Before for Real Estate Agents"
  6. Sponsor Read "During for Real Estate Agents"
  7. Sponsor Read "After for Real Estate Agents"
  8. Sponsor Read "Lease Option Ad for Property Listed in MLS for Clients"
  9. Sponsor Read "Standard Process Improvement Questions"

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.

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