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™.
The Paperwork checklist is shown below.
ASAPFirst MeetingFirst Meeting: PaperworkUltimate Nomad ChecklistWeek 1
https://RealEstateFinancialPlanner.com/benefits-of-becoming-a-client/
ASAPFirst Meeting: PaperworkOptionalUltimate Nomad ChecklistWeek 1
"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
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
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
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
Mark this task complete once you've read it.
First Meeting: PaperworkPaperworkUltimate Nomad ChecklistWeek 1
- 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 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
"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
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
Mark this task complete once you've read it.
First Meeting: PaperworkPaperworkUltimate Nomad ChecklistWeek 1
- 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 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
"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
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
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
- 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 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
"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.
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.
- Sponsor Read "Facebook Ads for Real Estate Agent and Lender Sponsors"
Read the "Facebook Ads for Real Estate Agent and Lender Sponsors" blog post on
https://RealEstateFinancialPlanner.com/facebook-ads-for-real-estate-agent-and-lender-sponsors/
- Sponsor Read "100 Ways to Get a Nomad Client in the Next 12 Months"
Read the "100 Ways to Get a Nomad Client in the Next 12 Months" blog post on
https://RealEstateFinancialPlanner.com/100-ways-to-get-a-nomad-client-in-the-next-12-months/
FacebookFor Real Estate AgentsMarketingMeetupMeetup SetupSponsors
- Sponsor Read "Prepare for Investor Meeting Checklist"
Read the "Prepare for Investor Meeting Checklist" blog post on
https://RealEstateFinancialPlanner.com/prepare-for-investor-meeting-checklist/
- Sponsor Read "At Investor Meeting Checklist"
Read the "At Investor Meeting Checklist" blog post on
https://RealEstateFinancialPlanner.com/at-investor-meeting-checklist/
- Sponsor Read "Before for Real Estate Agents"
Read the "Before for Real Estate Agents" blog post on
- Sponsor Read "During for Real Estate Agents"
Read the "During for Real Estate Agents" blog post on
- Sponsor Read "After for Real Estate Agents"
Read the "After for Real Estate Agents" blog post on
- Sponsor Read "Lease Option Ad for Property Listed in MLS for Clients"
Read the "Lease Option Ad for Property Listed in MLS for Clients" blog post on
https://RealEstateFinancialPlanner.com/lease-option-ad-for-property-listed-in-mls-for-clients/
CraigsListFor LendersFor Real Estate AgentsLease-OptionMarketingSponsors
- Sponsor Read "Standard Process Improvement Questions"
Read the "Standard Process Improvement Questions" blog post on
https://RealEstateFinancialPlanner.com/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.