The Ultimate Nomad™ Checklist

Before Checklists


These tasks are part of the checklists related to Before you buy a house.

There are also sections for During the purchase and After the purchase.

  1. Complete "Before" checklist
    Complete the "Before" checklist for tasks that you should do before you start buying a property:

    https://RealEstateFinancialPlanner.com/before/

    ASAPBefore ChecklistsUltimate Nomad ChecklistWeek 1

  2. Complete "Buying Process Overview" checklist
  3. Sponsor Read "Before for Real Estate Agents"

Buying Process Overview




These are the tasks that are over-arching chunks of the Buying Process Overview.

Drill down into each one for a lot more detail.

  1. Complete "Buying Process Overview" checklist
  2. Class Watch "Get Your First Deal Done" Recording of Live Class
  3. Class Watch "Buying Process Overview for Nomads" Recording of Live Class
  4. Read "Benefits of Becoming a Client"
  5. Determine your Real Estate Broker
    Meet with James for lunch to discuss working with him. You can request a meeting by scheduling an appointment on his calendar:

    https://JamesOrr.com/meet/

    Mark this task as done once you've selected a Real Estate Broker to work with.

    ASAPBuying Process OverviewDream TeamDream Team - Pre-ClosingUltimate Nomad ChecklistWeek 1

  6. Complete "First Meeting" checklist
  7. Complete "Pre-Showings" checklist
  8. Complete "Showings" checklist
  9. Complete "Writing Offer" checklist
  10. Complete "Contract To Close" checklist
  11. Complete "Closing" checklist
  12. Complete "Post-Closing" checklist

First Meeting




These tasks are the things we would typically cover ideally at the first meeting you have with your Real Estate Broker.

Often we do not have enough time to go over everything in detail, so these tasks do cover all the info you should get at that point.

  1. Complete "First Meeting" checklist
  2. Receive a copy of the original "Nomad" book
    For clients buying and/or selling a home with me in Northern Colorado, I usually give them a copy of the original "Nomad" book at the first meeting.

    Others can see a copy of it at:

    https://www.amazon.com/Nomad-Mr-James-Orr/dp/1518868959/

    Local clients... mark complete when you've received a copy of the book. Others can mark this complete.

    First MeetingUltimate Nomad ChecklistWeek 1

  3. Receive a copy of "Northern Colorado Real Estate Advisor" book
    For my clients buying and/or selling a home with me in Northern Colorado, I usually give them a copy of the "Northern Colorado Real Estate Advisor" book at the first meeting.

    Others can see a copy of it at:

    https://www.amazon.com/Northern-Colorado-Real-Estate-Advisor/dp/1512173142/

    Local clients... mark complete when you've received a copy of the book. Others can mark this complete.

    First MeetingUltimate Nomad ChecklistWeek 1

  4. Get Premium Nomad access on RealEstateFinancialPlanner.com
    Clients buying and/or selling a home with me in Northern Colorado also get free Premium Nomad access.

    Register for a free account:

    https://RealEstateFinancialPlanner.com/free/

    Then, email me at [email protected] to let me know what email address you used to register on RealEstateFinancialPlanner.com. In that same email, ask me to upgrade you to Premium Nomad.

    Once I manually upgrade you, I will reply back and you will be able to access the Premium Nomad content including dynamic checklists (like this one you're reading right now), Nomad Calculator and recordings of over 40 Nomad classes.

    First MeetingUltimate Nomad ChecklistWeek 1

  5. Complete "First Meeting: Paperwork" checklist
  6. Complete "First Meeting: Professional Services Provided" checklist
  7. Complete "First Meeting: Your Real Estate Goals" checklist
  8. Complete "First Meeting: Financing" checklist
  9. Complete "First Meeting: Receive Property Lists" checklist
  10. Complete "First Meeting: Analyze Deals" checklist
  11. Complete "First Meeting: Write Offer" checklist

First Meeting: Paperwork




These are tasks that are part of the paperwork that we typically go over at the first meeting with your Real Estate Broker when buying a Nomad property.

  1. Complete "First Meeting: Paperwork" checklist
  2. 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

  3. 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

  4. 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

  5. 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

  6. 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

  7. 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

  8. 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

  9. 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

  10. 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

  11. 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

  12. 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

  13. 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

  14. 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

  15. 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

  16. 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

  17. Read "Brokerage Disclosure Regarding New Construction"
  18. 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

  19. 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

  20. 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

First Meeting: Professional Services Provided




These are the tasks related to the first meeting you have with your Real Estate Broker where he goes over what services a Real Estate Broker provides and what services other professionals provide.

https://RealEstateFinancialPlanner.com/professional-services-provided/

  1. Complete "First Meeting: Professional Services Provided" checklist
  2. Receive a copy of "Professional Services Provided"
    Receive a copy of "Professional Services Provided".

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

    • "Definitions of Working Relationships"
    • "Exclusive Right-To-Buy Listing Contract"
    • "Brokerage Disclosure Regarding New Construction"

    Mark this task complete once you've received it.

    ASAPFirst Meeting: Professional Services ProvidedPaperworkProfessional Services ProvidedUltimate Nomad ChecklistWeek 1

  3. Read "Professional Services Provided"
  4. Discuss the "Professional Services Provided" with your Real Estate Broker
  5. Sign "Professional Services Provided" via DocuSign
    Your Real Estate Broker will typically send over the "Professional Services Provided" 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: Professional Services ProvidedPaperworkUltimate Nomad ChecklistWeek 1

  6. Save copy of "Professional Services Provided" to your Dropbox folder
    Save copy of "Professional Services Provided" to your Dropbox folder using the filename format of:

    "YYYY-MM-DD - YOUR NAME - Professional Services Provided.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 - Professional Services Provided.pdf"

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

    ASAPFirst Meeting: Professional Services ProvidedNew ConstructionPaperworkUltimate Nomad ChecklistWeek 1

First Meeting: Your Real Estate Goals




The following tasks are all about discussing your goals with your Real Estate Broker at the First Meeting.

  1. Complete "First Meeting: Your Real Estate Goals" checklist
  2. Define my goal: Purchase a Nomad property that will ultimately be a rental in the next 3 months.
    Define your goal for your next Nomad property to move into that will ultimately become a rental after at least a year.

    A suggestion might be: Purchase a Nomad property that will ultimately be a rental in the next 3 months.

    ASAPFirst Meeting: Your Real Estate GoalsGoalsUltimate Nomad ChecklistWeek 1

  3. Define my goal: Purchase a owner-occupant property in the next 3 months.
    Define your goal for your next owner-occupant property to move into.

    A suggestion might be: Purchase an owner-occupant property that I will move into within the next 3 months.

    ASAPFirst Meeting: Your Real Estate GoalsGoalsUltimate Nomad ChecklistWeek 1

  4. Define my goal: Purchase an investment rental property (without a partner) in the next 3 months.
    Define your goal to buy an additional non-owner-occupant rental property without a partner.

    A suggestion might be: Purchase an investment rental property (without a partner) in the next 3 months.

    ASAPFirst Meeting: Your Real Estate GoalsGoalsUltimate Nomad ChecklistWeek 1

  5. Partnership Define my goal: Purchase an investment rental property with a partner in the next 3 months.
    If this is for a partnership, define your partnership goal.

    A suggestion might be: Purchase an investment rental property with a partner in the next 3 months.

    ASAPFirst Meeting: Your Real Estate GoalsGoalsPartnershipsUltimate Nomad ChecklistWeek 1

  6. Discuss your goals with your Real Estate Broker
    During your meeting with your Real Estate Broker discuss your goals and your plan to achieve them.

    Some common discussion points include:

    • What you're committed to achieving (not just wishing you could achieve)
    • Finding an owner occupant property
    • Finding a Nomad property
    • Nomad investing plan to acquire rentals and/or catch up for retirement
    • Finding a buy and hold property
    • Finding a properties where you can put a Lease-Option Tenant-Buyer in it
    • Finding a fix and flip property
    • Finding creative off-market transactions
    • Model Nomad with calculator and on-going discussions
    • Clients can schedule a time with me to discuss their personal goals regularly

    Mark this task as complete when you've discussed your goals with your Real Estate Broker.

    ASAPFirst Meeting: Your Real Estate GoalsGoalsUltimate Nomad ChecklistWeek 1

  7. Create "Future Narrative"
    Take an afternoon and create your own "Future Narrative" of what you'd like your life to look like.

    Reference the following resources for more information: https://RealEstateFinancialPlanner.com/goal-setting-classes/

    You'll be reviewing your "Future Narrative" weekly.

    Mark this task as complete once you've created your own "Future Narrative".

    ASAPFirst Meeting: Your Real Estate GoalsFuture NarrativeGoalsUltimate Nomad ChecklistWeek 1

  8. Schedule on your calendar when you'll do this week's tasks from your Future Narrative
    You're much more likely to follow through on your goals if you plan out when you'll do the steps to achieve them.

    So, take a moment to schedule out on your calendar when you'll actually do the tasks for this week on your calendar. Make an appointment with yourself to do them. If you need to reschedule one, reschedule it (don't delete it).

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First Meeting: Financing




These tasks are all about discussing financing your purchase with your Real Estate Broker at the First Meeting.

  1. Complete "First Meeting: Financing" checklist
  2. Class Watch "Financing Nomad 101" Recording of Live Class
    Watch the recording of the live presentation of "Financing Nomad 101" available on:

    https://RealEstateFinancialPlanner.com/financing-nomad-101/

    This class covers the different types of financing available and which ones we consider for Nomad. It goes into detail on Down Payments and much more.

    ASAPClassesFinancingFirst Meeting: FinancingGet Your First Deal DoneNomad BasicsUltimate Nomad ChecklistWeek 1

  3. Discuss loan types
    As a pre-curser to discussing the specific loan programs with your Lender, you may want to get a feel for some of the big picture loan types we use. Discuss these with your Real Estate Broker.

    • Nothing down loans like USDA and VA. VA loans require VA benefits but can also be used to purchase single family homes, duplexes, triplexes and fourplexes if you owner occupy at least one of the units.
    • Conventional financing like 1% down payment for your first owner occupant purchase, 3% down payment for purchases #2 and #3, then 5% down payment for purchases through #10
    • FHA 3.5% down payment programs which can be used to purchase single family homes, duplexes, triplexes or fourplexes if you owner occupy at least one of the units. FHA is also one of the easiest loans to qualify for should you have some credit challenges.
    • Non-owner-occupant loans with as little as 15% down payment with Private Mortgage Insurance (PMI) or 20% down payment without PMI.

    FinancingFirst Meeting: FinancingUltimate Nomad ChecklistWeek 1

  4. Start thinking about your Earnest Money
    When you write an offer you'll need to come up with Earnest Money when you write the offer. It is typically applied as part of your Down Payment so it is NOT in addition to a Down Payment. It is typically about 1% of the purchase price but it is negotiated between Buyer and Seller.

    Offering less Earnest Money than the Seller is asking for will typically weaken your offer.

    That means for the following home prices, Earnest Money will typically be approximately:

    • $100,000 home - $1,000 Earnest Money
    • $200,000 home - $2,000 Earnest Money
    • $300,000 home - $3,000 Earnest Money
    • $400,000 home - $4,000 Earnest Money
    • $500,000 home - $5,000 Earnest Money

    If you're trying to buy a home with little or nothing down, it would help if you had Earnest Money to put up with your offer and if you did not use it at closing for Closing Costs, you could get a refund of your Earnest Money at Closing.

    If you don't have Earnest Money, it will be harder to negotiate getting a Seller to accept your offer so we might need to be much more flexible in house selection to find a Seller willing to accept an offer with little or no Earnest Money.

    Earnest MoneyFinancingFirst Meeting: FinancingUltimate Nomad ChecklistWeek 1

  5. Start thinking about your Down Payment
    You'll typically need your Down Payment at the time of Closing, but the Lender will likely need to know the source of your Down Payment.

    Your Earnest Money will apply toward your Down Payment (plus any closing costs you might have for your loan). For example, if you needed $15,000 for Down Payment and you put up $3,000 for Earnest Money, the $3,000 would apply toward the $15,000 so you would need $12,000 more for Closing plus any additional closings costs.

    This is the time to start thinking about where you might get your Down Payment from and how much you have to work with.

    Down PaymentFinancingFirst Meeting: FinancingUltimate Nomad ChecklistWeek 1

  6. Start thinking about your under contract costs and closing costs
    Once you have your contract accepted there are some common expenses you might need to pay while you're under contract and at Closing to buy the property.

    Here are some examples and some really rough estimates of what they might cost:

    • Home inspection (paid to Home Inspector you hire if you decide to hire one) - about $250 for interior only condo to $375-$500 for single family home, more for multi-family properties
    • Radon test (paid to the person who does your radon test which may be your Home Inspector) - $100 to $200
    • Sewer scope (paid to the Sewer Scope company) - $200 if there is a sewer cleanout or more if they need to go in through a toilet
    • Meth test (paid to Industrial Hygienist) - $1,000 and up if you decide you want to test for meth.
    • Mold test (paid to Industrial Hygienist) - $300 and up if you decide you want to test for mold.
    • Appraisal (paid to the appraiser usually via your Lender) - usually about $500 to $800, can be much more if there is a rush fee, multiple trips or multi-family property
    • Closing Services Fee (paid to Title Insurance Company for preparing and presenting all the paperwork for Closing) - usually about $300 and is negotiated in the contract as to who pays (Buyer or Seller or split 50/50)
    • Loan Closing Fee (paid to Title Insurance Company for presenting your specific loan paperwork to you at Closing to get the loan) - typically about $350 (and not negotiated in Contract; it is a Buyer cost if they're getting a loan)
    • Owner's Title Policy (paid to Title Insurance Company and typically required by lender to get the loan) - varies based on purchase price and time since last refinance but you can estimate about $1,200 for $300K property without a new loan in past 5 years. It is negotiated in Contract but it is common to negotiate to get the Seller to pay for this.
    • Lender's Title Policy (paid to Title Insurance Company to insure the Lender for your loan) - typically about $400 to $500 depending on purchase price and this one is not negotiated in Contract and is always a Buyer expense.
    • HOA Transfer Fee (paid to the HOA) - Who pays it is negotiated in the Contract. It ranges from $0 to $500 or more depending on the HOA. It is common to see about $250ish.
    • HOA Status Letter Fee (paid to the HOA) - Who pays it is negotiated in the Contract. It ranges from $0 to $250 or more. It is common to see it about $150ish.
    • HOA Capital (paid to the HOA) - The amount varies depending on the HOA, but it is a Buyer expense all the time. Buyer may get it back when they sell. It is common that it can be about one or two months of HOA dues but can vary widely from that.
    • Condo Questionnaire (paid to HOA) - Usually if you're buying a condo and the lender requires it for the loan. It can vary a lot, so we'd need to call the HOA to find out the amount.

    Some of these expenses are optional but strongly recommended like Inspection. Some of these expenses are optional and rarely done like meth tests. Some are negotiated in the Contract between Buyer and Seller like who pays the $300 or so Closing Services Fee or Owner's Title Policy. Some are required if you're getting a loan. Some you can ask the Lender to increase your interest rate (which will raise your monthly payment slightly) but give you a credit you can use to pay some of these up-front expenses; this allows you finance some of them over time. Sometimes, you can negotiate to get the Seller to pay some of them as Seller Concessions when you submit your offer.

    Discuss these with James to talk about it especially before writing your offer if you're trying to minimize your out of pocket and buy a home with little or nothing down.

    Down PaymentFinancingFirst Meeting: FinancingUltimate Nomad ChecklistWeek 1

  7. Start thinking about cost of Appraisal
    Once you have your contract accepted you'll typically authorize your Lender to order the appraisal and pay for it.

    Appraisals can run about $500 to $800.

    Much more if there is a rush fee, multiple trips or multi-family property.

    It is extremely rare (like I've never seen a Seller agree to it), but you can try to get Seller to pay for the appraisal when submitting your Contract. It is highly unlikely.

    FinancingFirst Meeting: FinancingUltimate Nomad ChecklistWeek 1

  8. Unfreeze your credit to apply for loan
    If you've opted to freeze your credit to prevent identity theft, you'll need to unfreeze your credit to apply for your loan.

    In some cases, I am hearing it is taking mailing in a copy of your request and a photo ID to unfreeze your credit, so you may want to get a jump start on this process before you formally apply.

    Ask your lender which credit bureaus they pull credit from so you know which to unfreeze.

    FinancingFirst Meeting: FinancingUltimate Nomad ChecklistWeek 1

First Meeting: Receive Property Lists




These are the tasks related to meeting with your Real Estate Broker to setup receiving lists of properties that might interest you.

  1. Complete "First Meeting: Receive Property Lists" checklist
  2. Class Watch "Finding Properties for Nomads" Recording of Live Class
  3. Discuss how MySite works
    Talk to your Real Estate Broker how receiving property list emails and MySite works.

    Mark this task as complete once you've learned about receiving properties via email and using MySite.

    ASAPFirst Meeting: Receive Property ListsGet Your First Deal DoneProperty SearchUltimate Nomad ChecklistWeek 1

  4. Determine your acceptable property characteristics
    Define what your acceptable property characteristics are. These are characteristics it is easy to search for in the MLS.

    Examples include:

    • Cities you'd be willing to invest in
    • Minimum (and maybe maximum) number of bedrooms
    • Garage or no garage
    • Mobile homes? Condos? Townhomes? SFH? Multi-Family (2-4 units)? Commercial multi-family (5+ units)?
    • Price? Minimum? Maximum?

      • Property age? New construction?

    Discuss with your Real Estate Broker if you have questions.

    Mark this task complete once you know your acceptable property characteristics.

    ASAPFirst Meeting: Receive Property ListsUltimate Nomad ChecklistWeek 1

  5. Send investment criteria to your Real Estate Broker
    Send the investment criteria you determined in a previous task to your Real Estate Broker so they can set up a search in the MLS to send you properties.

    Mark this task complete once you have sent your criteria to your Real Estate Broker.

    Analyzing DealsASAPFirst Meeting: Receive Property ListsProperty SearchUltimate Nomad ChecklistWeek 1

  6. Discuss ColoProperty.com
    Discuss with James why you should use ColoProperty.com to check any properties you find on other websites before contacting James about them.

    Websites like Zillow, Realtor, Trulia, Redfin, etc can have inaccurate or delayed data.

    ColoProperty.com is the direct interface to our local MLS and so it is the most up-to-date website for checking property status, pricing, etc.

    If you're going to use other websites, please check ColoProperty.com before emailing James about it to make sure the info from those other websites is correct.

    ASAPFirst Meeting: Receive Property ListsProperty SearchUltimate Nomad ChecklistWeek 1

  7. REAL ESTATE BROKER: Setup automatic property search emails
    Have your Real Estate Broker set you up to receive automatic property search emails with properties that match your criteria.

    Usually this means telling your Real Estate Broker:

    • Cities you'd consider (or in some cases parts of specific cities)
    • Attached, detached or both
    • Minimum beds and bathrooms
    • Price max (and maybe a price minimum)
    • Garage requirements
    • Any other requirements that Real Estate Broker can set up a search for

    Mark this complete once your Real Estate Broker has started to send you automatic property search emails.

    ASAPFirst Meeting: Receive Property ListsProperty SearchUltimate Nomad ChecklistWeek 1

First Meeting: Analyze Deal




These are the tasks relating to meeting with your Real Estate Broker to talk about how to analyze deals.

  1. Complete "First Meeting: Analyze Deals" checklist
  2. Class Watch "Analyzing Deals 101" Recording of Live Class
    Watch the recording of the live presentation of "Analyzing Deals 101: an Intro to Cash on Cash Return on Investment" available on:

    https://RealEstateFinancialPlanner.com/cash-on-cash/

    Analyzing DealsASAPCash FlowClassesFirst Meeting: Analyze DealNet Operating IncomeReturn On InvestmentUltimate Nomad ChecklistWeek 18Week 2

  3. Class Watch "Analyzing a Deal with Brian's Spreadsheet" Recording of Live Class
  4. Determine your acceptable property characteristics (if you haven't done so already)
    Define what your acceptable property characteristics are if you haven't already done so.

    Remember, these are characteristics it is easy to search for in the MLS. Examples include:

    • Cities you'd be willing to invest in
    • Minimum (and maybe maximum) number of bedrooms
    • Garage or no garage
    • Mobile homes? Condos? Townhomes? SFH? Multi-Family (2-4 units)? Commercial multi-family (5+ units)?
    • Price? Minimum? Maximum?

      • Property age? New construction?

    Discuss with your Real Estate Broker if you have questions.

    Mark this task complete once you know your acceptable property characteristics.

    ASAPFirst Meeting: Analyze DealUltimate Nomad ChecklistWeek 1

  5. Download Deal Analysis Spreadsheet
    Download a copy of Brian William's Deal Analysis Spreadsheet and save it to the Dropbox folder for this deal/purchase.

    https://RealEstateFinancialPlanner.com/spreadsheet/

    Analyzing DealsComputer SetupFirst Meeting: Analyze DealUltimate Nomad ChecklistWeek 2

  6. Analyze Properties
    Analyze properties daily as they come in from automatic property searches. Save a copy of Brian's Deal Analysis Spreadsheet for each deal you analyze in your Dropbox folder for this deal/purchase.

    If the deal looks interesting after analyzing it, request a showing.

    Mark this task complete once you've analyzed deals for the day.

    Analyzing DealsCash FlowFirst Meeting: Analyze DealNet Operating IncomeUltimate Nomad ChecklistWeek 2Week 3Week 4Week 5Week 6Week 7Week 8

  7. Read "Net Operating Income"
  8. Class Watch "Strategies to Get the Lowest Monthly Payment When Buying Real Estate" Recording of Live Class
    Watch the recording of the live presentation of "Strategies to Get the Lowest Monthly Payment When Buying Real Estate" available on:

    https://RealEstateFinancialPlanner.com/lowest-monthly-payment/

    Analyzing DealsASAPCash FlowClassesFirst Meeting: Analyze DealMaking OffersUltimate Nomad ChecklistWeek 58Week 6

  9. Determine your Insurance Agent
    Decide which Insurance Agent you will use to insure your home purchase. You'll need this once you go under contract, but you'll want to do it earlier so you can get an estimate of insurance for analyzing deals.

    You can ask your Real Estate Broker for recommendations.

    Mark this task complete once you've decided on an Insurance Agent to use.

    Analyzing DealsDream TeamDream Team - Pre-ClosingFirst Meeting: Analyze DealUltimate Nomad ChecklistWeek 2Week 61Week 9

  10. Get Insurance Quote for analysis
    Call your Insurance Agent and get an Insurance Quote estimate to use when analyzing properties using Brian's Deal Analysis Spreadsheet.

    You'll modify this slightly based on the price of the property you're analyzing.

    You may want to discuss with your Insurance Agent additional coverage for Loss of Rent.

    Your Insurance Quote typically varies based on your credit score and the deductible amount you choose.

    Mark this task complete when you have an insurance estimate to use when analyzing deals using Brian's Spreadsheet.

    Analyzing DealsASAPFirst Meeting: Analyze DealNet Operating IncomeUltimate Nomad ChecklistWeek 2

  11. REAL ESTATE BROKER: Setup Lease-Option Search Page on JamesOrr.com
    If you're going to allow your Tenant-Buyer to select any property from the MLS where you'd buy it and then offer it to them on a Lease Option, then setup your search page on JamesOrr.com.

    Talk to James to have him show you this and get it set up for you.

    Mark this task complete when it is setup or if you decide you're not doing this.

    Analyzing DealsASAPFirst Meeting: Analyze DealLease-OptionMarketingOptionalTenant-BuyersUltimate Nomad ChecklistWeek 2

  12. Customize your Lease-Option Search Page on JamesOrr.com
    If you're going to allow your Tenant-Buyer to select any property from the MLS where you'd buy it and then offer it to them on a Lease Option, then after James sets up your search page on JamesOrr.com you will want to customize with your specific investing criteria.

    Mark this task complete when you've customized your Lease Option Search Page on JamesOrr.com.

    Analyzing DealsASAPFirst Meeting: Analyze DealLease-OptionMarketingOptionalTenant-BuyersUltimate Nomad ChecklistWeek 2

  13. Setup custom domain name for your Lease-Option Search Page on JamesOrr.com
    If you're going to allow your Tenant-Buyer to select any property from the MLS where you'd buy it and then offer it to them on a Lease-Option, then after James sets up your search page on JamesOrr.com you may want to purchase and setup a custom domain name for it.

    The custom domain name will allow you to use that domain name on your marketing and have it URL frame the page James set up for you.

    Ask James and he can usually get you a domain name and set it up for you for about $10 per year.

    Mark this task complete when you've purchased a custom domain and had it set up for your Lease-Option Search Page on JamesOrr.com.

    Analyzing DealsASAPFirst Meeting: Analyze DealLease-OptionMarketingOptionalTenant-BuyersUltimate Nomad ChecklistWeek 2

  14. REAL ESATE BROKER: Provide list of recommend Insurance Agents
    Your Real Estate Broker can provide you with a list of recommended Insurance Agents. You're welcome to choose any Insurance Agent you want whether they are on the list or not.

    Mark this complete when done.

    Analyzing DealsContract Deadline: Property Insurance Objection DeadlineDream TeamDream Team - Pre-ClosingFirst Meeting: Analyze DealUltimate Nomad ChecklistWeek 2Week 61Week 9

  15. If you haven't already, determine your Insurance Agent
    If you have already done so, decide which Insurance Agent you will use to insure your home purchase. You'll need this once you go under contract, but you'll want to do it earlier so you can get an estimate of insurance for analyzing deals.

    You can ask your Real Estate Broker for recommendations.

    Mark this task complete once you've decided on an Insurance Agent to use.

    Analyzing DealsContract Deadline: Property Insurance Objection DeadlineDream TeamDream Team - Pre-ClosingFirst Meeting: Analyze DealUltimate Nomad ChecklistWeek 2Week 61Week 9

First Meeting: Write Offer




These are the tasks related to the first discussion you have with your Real Estate Broker during your First Meeting related to what is involved with writing an offer on a property when you find one that is suitable for you.

https://RealEstateFinancialPlanner.com/write-offer

  1. Complete "First Meeting: Write Offer" checklist
  2. Class Watch "Making Strong Offers that Get Accepted" Recording of Live Class
  3. Class Watch "Low Ball Offer Case Studies" Recording of Live Class
    Watch the recording of the live presentation of "Low Ball Offer Case Studies" available on:

    https://RealEstateFinancialPlanner.com/low-ball-offer/

    ASAPClassesFirst Meeting: Write OfferMarket StatsUltimate Nomad ChecklistWeek 59Week 7

  4. Discuss what is required to write an offer
    Discuss with your Real Estate Broker what is required when you're ready to write an offer.

    Here is most of what is required as a guide to discuss:

    • Full name(s) as you want it to appear on title
    • Offer price
    • Seller concessions amount (if any)
    • Earnest money amount and when it is due
    • Down payment amount and when it is due
    • Loan type or types you are considering to buy the property
    • Days until you close
    • Any dates and deadlines that are a concern from you that differ from the norm
    • Loan pre-approval letter
    • Who's paying the Closing Services Fee
    • Any due diligence documents you require
    • Anything you might want to do to make your offer stronger

    Mark this task as complete once you understand what is required to write an offer when you're ready.

    ASAPFirst Meeting: Write OfferUltimate Nomad ChecklistWeek 7

  5. Receive a generic copy of the "Contract to Buy and Sell Real Estate"
    Receive a completed copy of the "Contract to Buy and Sell Real Estate" from your Real Estate Broker so you can see how it might look filled out in a generic way.

    ASAPFirst Meeting: Write OfferUltimate Nomad ChecklistWeek 7

  6. Read through "Contract to Buy and Sell Real Estate"
    Read through the generic completed version of the "Contract to Buy and Sell Real Estate" with a pen and a highlighter. Highlight sections you have questions about and write down your questions on the contract itself.

    Schedule time to meet with your Real Estate Broker, Attorney and CPA as needed to get your questions answered.

    ASAPFirst Meeting: Write OfferUltimate Nomad ChecklistWeek 7

  7. Meet with your Attorney to go over "Contract to Buy and Sell Real Estate"
    Once you've read through the "Contract to Buy and Sell Real Estate" and highlighted sections you have questions about, take your questions and meet with your Contract and Paperwork Attorney and go over your questions about the "Contract to Buy and Sell Real Estate".

    Better to do this well before you have an offer you're about to make so you don't delay making your offer and miss out on a property you really want.

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

    ASAPFirst Meeting: Write OfferUltimate Nomad ChecklistWeek 7

  8. Meet with your Real Estate Broker to go over "Contract to Buy and Sell Real Estate"
    Once you've read through the "Contract to Buy and Sell Real Estate" and highlighted sections you have questions about, take your questions and meet with your Real Estate Broker and go over your questions about the "Contract to Buy and Sell Real Estate".

    Better to do this well before you have an offer you're about to make so you don't delay making your offer and miss out on a property you really want.

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

    ASAPFirst Meeting: Write OfferUltimate Nomad ChecklistWeek 7

  9. Meet with your CPA to go over "Contract to Buy and Sell Real Estate"
    Once you've read through the "Contract to Buy and Sell Real Estate" and highlighted sections you have questions about, take your tax related questions and meet with your CPA and go over your questions about the "Contract to Buy and Sell Real Estate".

    Better to do this well before you have an offer you're about to make so you don't delay making your offer and miss out on a property you really want.

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

    ASAPFirst Meeting: Write OfferUltimate Nomad ChecklistWeek 7

During Checklists


These tasks related to the During part of the buying process.

  1. Complete "Buying Process Overview" checklist
  2. Complete "Pre-Showings" checklist
  3. Complete "Showings" checklist
  4. Complete "Writing Offer" checklist
  5. Complete "Contract To Close" checklist
  6. Complete "Closing" checklist
  7. Sponsor Read "During for Real Estate Agents"

Pre-Showings




These are the tasks that you'll want to complete after you've met with your Real Estate Broker for the first time and before you go look at homes. The tasks will prepare you for looking at properties and writing an offer.

  1. Complete "Pre-Showings" checklist
  2. Class Watch "Looking at Houses" Recording of Live Class
  3. Complete "Pre-Showings: Qualify with Lender" checklist
  4. Complete "Pre-Showings: Pre-approval Letter" checklist
  5. Complete "Pre-Showings: Earnest Money" checklist
  6. Complete "Pre-Showings: Down Payment" checklist
  7. Complete "Pre-Showings: Mock Contract" checklist
  8. Review "Looking at Houses" Recording of Live Class
  9. Discuss tips for Showings with your Real Estate Broker
    Discuss the following tips for when you go on Showings with your Real Estate Broker:

    • Wear easy to remove shoes
    • WARNING: Sellers can easily record audio (and video) of you while inside their home... don't say anything inside the home that you wouldn't say right in front of the Seller. This is especially true of offer price and strategy.
    • Arrive 5 minutes early. Some Showing windows are very strict time ranges.
    • There may be others present at the Showing.
    • If Tenants are present, we typically will ask them questions about the property.
    • Drive/walk around the neighborhood especially if you're interested in the property.
    • Consider using the +/- system to make property notes.

    Get Your First Deal DoneNomad BasicsPre-ShowingsShowings: Looking at HousesUltimate Nomad ChecklistWeek 3

  10. IF CONSIDERING MAKING AN OFFER: Consider the following and discuss with your Real Estate Broker
    Discuss the following with your Real Estate Broker when you you're out on a Showing and considering making an offer:

    • Meet the neighbors... tell them you're considering making an offer on the property and ask them how they like the neighborhood.
    • What appliances are included? Which are excluded?
    • What school district is this in?
    • Is the AC included? What type of heat is used in the property?
    • Where is the water disconnect located?
    • What is the age and likely need to replace or update the major, expensive items like:
      furnance, AC, roof, carpet, paint, hot water heater. You'll also check these during inspection.
    • Where are the property lines?
    • Is there adequate parking? Is it owned? Is there adequate garage spaces? Is it owned?
    • What does the HOA cost? What is included?
    • Is there anything from the current "Seller's Property Disclosure"?
    • Is there anything from previous "Seller's Property Disclosure" from past sales?
    • Where is the sewer cleanout?
    • Are there smoke/CO detectors within 15 feet of each bedroom doorway?
    • Does the house already have a radon mitigation system? Is it passive or active?
    • Will you be having a property inspection (it is recommended)? Will you be testing for radon? Mold? Meth? Termiates? Sewer scope?
    • If this is a condo, is it a warrantable or non-warrantable condo?
    • What are the secret broker comments on the "MLS Sheet"?
    • What due diligence documents are you going to want to see?
    • Are there any additional documents provided by the Seller's agent in the MLS?

    Get Your First Deal DoneNomad BasicsPre-ShowingsShowings: Looking at HousesUltimate Nomad ChecklistWeek 3

Pre-Showings: Qualify with Lender




Before we go out and look at homes, you have some homework. Your homework is broken out into steps in under Pre-Showings. These tasks relate to you qualifying with your Lender before we go out and look at homes.

https://RealEstateFinancialPlanner.com/qualify-with-lender/

  1. Complete "Pre-Showings: Qualify with Lender" checklist
  2. Ask Real Estate Broker for list of possible Lenders
    Ask your Real Estate Broker to suggest 3 possible Lenders to contact for financing your home purchase based on the types of loans you're considering.

    You're welcome to use whichever Lender you choose (from the Real Estate Broker's recommendations or your own), however... you should realize that making sure your Lender performs if your responsibility.

    In other words, if your Lender does not show up on the day of closing with the money for whatever reason, you are still in default on the "Contract to Buy and Sell Real Estate" (not your Lender) and you are at risk of losing your Earnest Money (and specific performance in the unlikely event that box is checked on the "Contract to Buy and Sell Real Estate"). Another way of saying this is: your Lender is not a party to the "Contract to Buy and Sell Real Estate" and so they have no consequences in the "Contract to Buy and Sell Real Estate" if they don't perform.

    So, consider "testing" a new Lender carefully.

    ASAPDream TeamDream Team - Pre-ClosingFinancingPre-Showings: Qualify with LenderUltimate Nomad ChecklistWeek 2

  3. Interview 3 Lenders
    Talk to 3 Lenders to determine which one you'd like to use.

    Ask your Real Estate Broker for recommendations.

    Mark complete once you've talked to 3 Lenders of if you've already decided which Lender you plan to use.

    ASAPDream TeamDream Team - Pre-ClosingFinancingPre-Showings: Qualify with LenderUltimate Nomad ChecklistWeek 2

  4. Determine your Lender
    Decide which Lender you will use to finance your purchase.

    You can ask your Real Estate Broker for recommendations.

    Mark this task complete once you've decided on a Lender to use.

    Analyzing DealsASAPDream TeamDream Team - Pre-ClosingFinancingPre-Showings: Qualify with LenderUltimate Nomad ChecklistWeek 2

  5. Apply for loan with Lender
    Make an application to get qualified for a loan with the Lender you've decided you're going to use.

    Some people will opt to get quotes from multiple lenders. If you're going to do this, compare everyone on the same day so the rate is the same.

    Also, have the Lender you think is most likely to be the one you'll go with pull your credit and then tell the other Lenders you're comparing what your credit score is. If you decide to go with them, you'll let them pull your credit then.

    Your ultimate goal at this point is to get a pre-approval letter for the max amount you qualify for.

    If you need a recommendation for a Lender ask your Real Estate Broker.

    Mark this task complete once you've applied for a loan and been approved with the Lender you plan to use.

    ASAPFinancingPre-Showings: Qualify with LenderUltimate Nomad ChecklistWeek 2Week 54

  6. Understand what documents your Lender will need
    Understand what documents your lender will ultimately need to do your loan and start gathering and preparing those documents.

    ASAPFinancingPre-Showings: Qualify with LenderUltimate Nomad ChecklistWeek 2Week 54

  7. Find out what interest rate and down payment amount you'll likely get
    Find out what interest rate and what down payment amount you'll likely get when you get your loan.

    You'll want to use this when you start to analyze properties using Brian's Spreadsheet.

    ASAPFinancingPre-Showings: Qualify with LenderUltimate Nomad ChecklistWeek 2Week 54

  8. IF OWNER OCCUPANT: Find out your estimated monthly payments
    If you're going to owner occupy the property especially, find what your estimated monthly payment will be for both your max loan that you can qualify for and the price you're comfortable with that you'll likely be buying at.

    ASAPFinancingPre-Showings: Qualify with LenderUltimate Nomad ChecklistWeek 2Week 54

Pre-Showings: Pre-approval Letter




Before we go out and look at homes, you have some homework. Your homework is broken out into steps in under Pre-Showings. These tasks relate to you getting a pre-approval letter before we go out and look at homes.

https://RealEstateFinancialPlanner.com/pre-approval-letter/

  1. Complete "Pre-Showings: Pre-approval Letter" checklist
  2. Get max "Lender Letter"
    Get Pre-Approval letter from Lender for the max you can afford. We will only use this if you're unable to reach your Lender and you want to submit an offer right away. Otherwise, we will ask your Lender for an updated "Lender Letter" for the exact Purchase Price.

    Having a "Lender Letter" helps you get your offer accepted.

    ASAPFinancingPre-Showings: Pre-approval LetterUltimate Nomad ChecklistWeek 2Week 54

  3. Save max "Lender Letter" to your Dropbox
    Save a copy of your max "Lender Letter" to your Dropbox using the file format:

    "YYYY-MM-DD - FULL NAME - Max Lender Pre-Approval Letter.pdf"

    ASAPFinancingPre-Showings: Pre-approval LetterUltimate Nomad ChecklistWeek 2Week 54

  4. Send max "Lender Letter" to Real Estate Broker
    Send a copy of your max "Lender Letter" to your Real Estate Broker.

    ASAPFinancingPre-Showings: Pre-approval LetterUltimate Nomad ChecklistWeek 2Week 54

Pre-Showings: Earnest Money




Before we go out and look at homes, you have some homework. Your homework is broken out into steps in under Pre-Showings. These tasks relate to your Earnest Money before we go out and look at homes.

https://RealEstateFinancialPlanner.com/earnest-money/

  1. Complete "Pre-Showings: Earnest Money" checklist
  2. Discuss typical amount of Earnest Money with Real Estate Broker
    Discuss the typical amount of Earnest Money with your Real Estate Broker.

    In Northern Colorado, Earnest Money is typically about 1% of the purchase price of the property but is negotiated between Buyer and Seller.

    However, offering less Earnest Money than the Seller is requesting on the MLS listing is typically considered a weaker offer.

    If you're buying a property with little or no money down (especially less than what Earnest Money would be), discuss with your Real Estate Broker some possible strategies for trying to get an offer accepted in this situations. It may be harder to get your offer accepted in these situations so you may need to be more flexible in the homes you're looking at until we find a more flexible Seller.

    Mark this task done when complete.

    ASAPEarnest MoneyFinancingMaking OffersPre-Showings: Earnest MoneyUltimate Nomad ChecklistWeek 2

  3. Determine the source of your Earnest Money
    You will need Earnest Money at the time you make your offer. It can vary and is negotiated but it is typically about 1% of the purchase price of the property you're going to buy. Earnest Money typically does count towards your Down Payment.

    For a $300,000 property, that means you'll likely need about $3,000 for Earnest Money at the time you make your offer. Do you know where those funds are and are they readily accessible?

    Discuss this with your Real Estate Broker if you have additional questions or concerns.

    Mark this task done when complete.

    ASAPEarnest MoneyFinancingMaking OffersPre-Showings: Earnest MoneyUltimate Nomad ChecklistWeek 2

Pre-Showings: Down Payment




Before we go out and look at homes, you have some homework. Your homework is broken out into steps in under Pre-Showings. These tasks relate to your Down Payment before we go out and look at homes.

https://RealEstateFinancialPlanner.com/down-payment/

  1. Complete "Pre-Showings: Down Payment" checklist
  2. Class Watch "How to Get Down Payment for Nomad" Recording of Live Class
  3. Determine approximate Down Payment and Closing Costs from Lender
    Ask your Lender to give you estimates on how much your Down Payment and Closing Costs will be with the loan you plan to use and the home price you're likely to look for. Make adjustments if needed to your plan.

    Down PaymentFinancingPre-Showings: Down PaymentUltimate Nomad ChecklistWeek 2

  4. Determine the source of your Down Payment and Closing Costs
    Make sure that you know the source of your Down Payment and Closing Costs.

    You will need at least the Earnest Money when you make your offer. You will need the Down Payment and Closing Costs for closing.

    Discuss the timing with your Real Estate Broker and/or Lender if you have any concerns.

    ASAPDown PaymentFinancingPre-Showings: Down PaymentUltimate Nomad ChecklistWeek 2

  5. Determine your Cash Reserves
    It is prudent to determine where you might get cash from if you need it to take care of unexpected expenses when buying a property as a Nomad or as a rental.

    Take a moment to determine where your Cash Reserves are in cash you need money to maintain a property.

    Mark this task complete once done.

    ASAPCash ReservesPre-Showings: Down PaymentUltimate Nomad ChecklistWeek 2

  6. Partnership Determine how much Cash Reserves for Partnership
    If you're doing a partnership, you will want to determine with your partners how much you will want to keep in Cash Reserves for the Partnership.

    If you're not doing a Partnership, you can skip this step, but it may also be helpful for you to think about the sources of your Cash Reserves are as well.

    Mark this task complete once you've determined how much Cash Reserves you should have with your Partnership.

    Cash ReservesPartnershipsPartnerships - SetupPre-Showings: Down PaymentUltimate Nomad ChecklistWeek 2

  7. Partnership Transfer money from your Master LLC to your Single Member LLC for Down Payment
    This step is highly unusual for Nomads, but... if you happen to be buying in the name of a new LLC and you've got a Master LLC, make sure you transfer money from your Master LLC to your Single Member LLC (SMLLC) for your Down Payment.

    Mark this task complete once done or if you're not doing this.

    ASAPCash ReservesPartnershipsPre-Showings: Down PaymentUltimate Nomad ChecklistWeek 2

Pre-Showings: Mock Contract




Before we go out and look at homes, you have some homework. Your homework is broken out into steps in under Pre-Showings. These tasks relate to you understanding what the "Contract to Buy and Sell Real Estate" looks like and how it works before we go out and look at homes.

https://RealEstateFinancialPlanner.com/mock-contract/

  1. Complete "Pre-Showings: Mock Contract" checklist
  2. Class Watch "Contract To Buy and Sell in Detail" Recording of Live Class
  3. 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

  4. 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

  5. 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

  6. 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

  7. 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

  8. 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

  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

  10. 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

  11. 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

  12. 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

  13. 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

Showings




These are the tasks related to requesting to look at properties and looking at properties. Real Estate Brokers refer to this as Showings.

  1. Complete "Showings" checklist
  2. Create property folder on your computer within Dropbox
    Create a folder for this property purchase on your computer within Dropbox to stay organized.

    Mark this task complete once you've created the folder.

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  3. Complete "Showings: Request Showing" checklist
  4. Complete "Showings: Buyer Tour" checklist
  5. Complete "Showings: MLS Sheet" checklist

Showings: Request Showing




These tasks are related to when you'd like to request to see a property. We call that requesting showings.

  1. Complete "Showings: Request Showing" checklist
  2. Look at properties as they come on the market
    Review properties as you receive them to see if it something that you would consider and should run your analysis using the deal analysis spreadsheet.

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  3. Analyze property before requesting a showing
    Analyze properties daily as they come in from automatic property searches. Save a copy of Brian's Deal Analysis Spreadsheet for each deal you analyze in your Dropbox folder for this deal/purchase.

    If the deal looks interesting after analyzing it, request a showing.

    Mark this task complete once you've analyzed deals for the day.

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  4. IF PROPERTY LOOKS INTERESTING: Create property folder in Dropbox
    If the property looks interesting and you're considering it, create a property folder in your Dropbox folder.

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  5. IF PROPERTY LOOKS INTERESTING: Save analysis spreadsheet to your property folder
    If the property looks interesting and you're considering it save a copy of the deal analysis spreadsheet for this property to the property folder in Dropbox.

    Use the file naming convention:

    "YYYY-MM-DD - 1234 Main St - Analysis Spreadsheet.xlsx"

    Where YYYY is the four digit year, MM is the two digit month, DD is the two digit day of the month and 1234 Main St is the street address of the property.

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  6. IF PROPERTY LOOKS INTERESTING: Request rent comps from your Real Estate Broker
    We are currently testing this as a service, but we've subscribed to a company where we can pull rental comparables for properties.

    If you are analyzing a property and it looks interesting, you can email James and Tammy and ask them to pull rental comparables to see what fair market rent might be on the property.

    Be sure to include the following in your email request:

    • Address of the property
    • Number of bedrooms (required to do rent comps)
    • Whether it is a SFH or apartment (the two choices for rent comps)
    • Whether you want just the report or the report and the CSV of the rent comps data if you plan to do some additional work on the data yourself in Excel

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  7. IF PROPERTY LOOKS INTERESTING: Email Real Estate Broker to request showing
    If after analyzing the property it looks interesting, request a showing by emailing your Real Estate Broker.

    TIP: If you're working with James and Tammy, be sure to email both of them since James may not be in his email and Tammy could setup up the showing before James will even be back in his email. If you just email James, he may not even see it until much later and then he'll typically forward it to Tammy to setup the showing.

    Be sure to include:

    • Property address
    • MLS number if possible
    • Your availability to be able to see the property (provided the Seller can accommodate that day and time)
    • Any additional questions you might have about it (if any)

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Showings: Buyer Tour




When you schedule a showing typically your Real Estate Broker will provide you a link to the "Buyer Tour" for the properties you will be seeing. You should read through these and print it out if you want a copy at the Showing.

These tasks are related to the "Buyer Tour" your Real Estate Broker will provide you for showings.

https://RealEstateFinancialPlanner.com/buyer-tour/

  1. Complete "Showings: Buyer Tour" checklist
  2. REAL ESTATE BROKER: Sends "Buyer Tour"
    Once you've requested a showing your Real Estate Broker should send you over a "Buyer Tour" as a PDF.

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

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  3. Read through "Buyer Tour" from Real Estate Broker
    Once you receive the "Buyer Tour" read through it to learn more about the property and surrounding area.

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  4. Save "Buyer Tour" to property folder in Dropbox
    Save a copy of your "Buyer Tour" to the property folder in Dropbox.

    Use the following file naming convention:

    "YYYY-MM-DD - 1234 Main St - Buyer Tour.pdf"

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  5. Print "Buyer Tour" and bring on Showing
    If you want to bring a copy of the "Buyer Tour" with you to the Showing by printing a copy of it.

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Showings: MLS Sheet




When you schedule a showing typically your Real Estate Broker will provide you a copy of the "MLS Sheet" for the properties you will be seeing. These tasks are related to the "MLS Sheets" for showings.

https://RealEstateFinancialPlanner.com/mls-sheet/

  1. Complete "Showings: MLS Sheet" checklist
  2. REAL ESTATE BROKER: Send "MLS Sheet"
    Once you've requested a showing your Real Estate Broker should send you over the "MLS Sheet" as a PDF.

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

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  3. Read through "MLS Sheet" from Real Estate Broker
    Once you receive the "MLS Sheet" read through it to learn more about the property.

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  4. Save "MLS Sheet" to property folder on Dropbox
    Save a copy of your "MLS Sheet" to the property folder in Dropbox.

    Use the following file naming convention:

    "YYYY-MM-DD - 1234 Main St - MLS Sheet.pdf"

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  5. Print "MLS Sheet" and bring to Showing
    If you want to print a copy of the "MLS Sheet" so you can bring a printed copy with you to the Showing.

    Most Real Estate Brokers, like James, will bring a copy of the "MLS Sheet" for you to the Showing.

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Showings: Looking at Houses




These are the tasks related to showings and specifically the tasks associated with looking at houses.

https://RealEstateFinancialPlanner.com/looking-at-houses/

  1. Complete "Showings: Looking at Houses" checklist
  2. Review "Looking at Houses" Recording of Live Class
  3. Discuss tips for Showings with your Real Estate Broker
    Discuss the following tips for when you go on Showings with your Real Estate Broker:

    • Wear easy to remove shoes
    • WARNING: Sellers can easily record audio (and video) of you while inside their home... don't say anything inside the home that you wouldn't say right in front of the Seller. This is especially true of offer price and strategy.
    • Arrive 5 minutes early. Some Showing windows are very strict time ranges.
    • There may be others present at the Showing.
    • If Tenants are present, we typically will ask them questions about the property.
    • Drive/walk around the neighborhood especially if you're interested in the property.
    • Consider using the +/- system to make property notes.

    Get Your First Deal DoneNomad BasicsPre-ShowingsShowings: Looking at HousesUltimate Nomad ChecklistWeek 3

  4. IF CONSIDERING MAKING AN OFFER: Consider the following and discuss with your Real Estate Broker
    Discuss the following with your Real Estate Broker when you you're out on a Showing and considering making an offer:

    • Meet the neighbors... tell them you're considering making an offer on the property and ask them how they like the neighborhood.
    • What appliances are included? Which are excluded?
    • What school district is this in?
    • Is the AC included? What type of heat is used in the property?
    • Where is the water disconnect located?
    • What is the age and likely need to replace or update the major, expensive items like:
      furnance, AC, roof, carpet, paint, hot water heater. You'll also check these during inspection.
    • Where are the property lines?
    • Is there adequate parking? Is it owned? Is there adequate garage spaces? Is it owned?
    • What does the HOA cost? What is included?
    • Is there anything from the current "Seller's Property Disclosure"?
    • Is there anything from previous "Seller's Property Disclosure" from past sales?
    • Where is the sewer cleanout?
    • Are there smoke/CO detectors within 15 feet of each bedroom doorway?
    • Does the house already have a radon mitigation system? Is it passive or active?
    • Will you be having a property inspection (it is recommended)? Will you be testing for radon? Mold? Meth? Termiates? Sewer scope?
    • If this is a condo, is it a warrantable or non-warrantable condo?
    • What are the secret broker comments on the "MLS Sheet"?
    • What due diligence documents are you going to want to see?
    • Are there any additional documents provided by the Seller's agent in the MLS?

    Get Your First Deal DoneNomad BasicsPre-ShowingsShowings: Looking at HousesUltimate Nomad ChecklistWeek 3

Writing Offer




These are tasks that are part of the discussion of what you'll want to know to make an offer when you're ready. We typically go over the basics at the first meeting with your Real Estate Broker when buying a Nomad property.

  1. Complete "Writing Offer" checklist
  2. Complete "Writing Offer: Pre-Offer Due Diligence" checklist
  3. Complete "Writing Offer: Strategize" checklist
  4. Complete "Writing Offer: Info Required" checklist
  5. Complete "Writing Offer: Draft Offer" checklist
  6. Complete "Writing Offer: Review Offer" checklist
  7. Complete "Writing Offer: Sign Offer" checklist
  8. Complete "Writing Offer: Present Offer" checklist
  9. Complete "Writing Offer: Negotiate Offer" checklist

Writing Offer: Pre-Offer Due Diligence




These are the tasks that are part of the offer writing process. This particular checklist is tasks related to the due diligence you should complete prior to writing an offer. It reminds of the things that you should dig into a little bit before writing an offer.

https://RealEstateFinancialPlanner.com/pre-offer-due-diligence/

  1. Complete "Writing Offer: Pre-Offer Due Diligence" checklist
  2. Verify loan terms with Lender
    Before writing your offer, you may want to check-in with your Lender (especially if it has been awhile since you have) to verify the terms of the loan you plan to get.

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  3. Verify Earnest Money amount and source
    Before writing your offer, you may want to double check with your Real Estate Broker how much you will need for Earnest Money.

    Also, do you know what bank account or source of your Earnest Money will be?

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  4. Verify Down Payment amount and source
    Before writing your offer, you may want to double check with your Lender how much you will need for your Down Payment with the loan program you're planning to use.

    Plus, do you know where you'll be getting the Down Payment from? Double check with your Lender that the proposed source of your Down Payment will be fine with the loan program you plan to do. This is especially important if you are getting the Down Payment as a gift or from an account that does not have your name on it.

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  5. Do you have your Lender Letter for the offer price?
    Before writing your offer, do you have Lender Letter with the exact amount of your offer price on it? If not, an offer without a Lender Letter or Proof of Funds is a very weak offer and not likely to be accepted so it is highly recommended that you get one prior to submitting your offer.

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  6. Have you read the "Seller's Property Disclosure" and any previous "Seller's Property Disclosures"?
    Before writing your offer, have you read the current "Seller's Property Disclosure"?

    If the Seller has not provided one yet, are you going to request one in the "Contract to Buy and Sell Real Estate"?

    Also, if there are copies of previous "Seller's Property Disclosures" from previous times the property was listed for sale, have you read those as well to see what previous Sellers disclosed about the property that maybe this one has not? You're Real Estate Broker can pull up old ones by looking in the MLS.

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  7. Have you read the "MLS Sheet" and any previous "MLS Sheets"?
    Before writing your offer, have you read the current "MLS Sheet" for this property?

    Also, if is this property was listed for sale previously, have you read the prior "MLS Sheets" from previous Sellers?

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  8. IF NOMAD OR RENTAL: Have you looked at rental comps?
    If this property is going to be a rental property, have you looked at rental comps?

    If you're a client of James and Tammy, you can ask them to send you rental comps from the new service they subscribed to provide this to clients.

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  9. IF NOMAD OR RENTAL: Have you analyzed the property?
    If this property is going to be a rental property, have you analyzed the property with Brian's spreadsheet?

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  10. Have you read the "Public Records" history?
    Before writing an offer, it might be a good idea to read through the public records history on the property to see if the property has an unusual past.

    Examples of things you might be able to see by reading the public records history include that the property was a foreclosure, a fix and flip, or was seized by the IRS or DEA.

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  11. Have you looked at the flood zone map?
    Before writing an offer, it might be a good idea to look at the flood zone map to see if the property is obviously in a flood zone.

    If you get a loan, your Lender will do a complete Flood Zone Certification and if it is in a flood zone will likely require extra (often expensive) flood insurance.

    Our preliminary check is to get an early warning that the property might be a flood zone.

    Some areas have easily accessible flood zone maps like Larimer County. Weld County not quite as easy to find a flood map for.

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  12. Have you looked at the listing history?
    Before writing an offer, you may also want to look at the listing history for the property.

    How many times before was it listed for sale? For what price? Did it take a long time to sell? Have there been price drops? How many? Significant ones?

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  13. Have you reviewed HOA documents?
    In most cases you will not have access to the HOA documents until after you're under contract. However, in some cases you may have access before going under contract, so you may also want to read through the HOA docs.

    Can you do what you plan to do with the property based on the HOA documents? Is the HOA well funded and has adequate cash reserves?

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  14. REAL ESTATE BROKER: Call Seller's Real Estate Broker
    Before making an offer, we strongly encourage your Real Estate Broker to call the Seller's Real Estate Broker to find out what is an ideal offer for the Seller.

    If there are things you don't care about but that are important to the Seller, let's try to hit as many of those as possible in your offer.

    If there are things that the Seller says are important you might be able to adjust your offer to make your offer even more attractive.

    Your Real Estate Broker should also clarify the situation for the Seller and the property if possible.

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  15. Discuss home warranty with Real Estate Broker
    Before making an offer discuss home warranties with your Real Estate Broker including:

    • What they are?
    • What they cost?
    • What they cover?
    • If you want to try to get the Seller to pay for one for you with your offer?

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  16. Discuss lot selection criteria with Real Estate Broker
    Before making an offer on a new construction property it might be a good idea to discuss your lot selection with your Real Estate Broker.

    Does the lot face north making it more likely to have ice on your driveway and walkways?
    Is it a corner lot? Some people prefer corner lots; some people don't. You also need to shovel more sidewalk in the winter with a corner lot.
    Is the lot near something positive like open space or a park?
    Is the lot near something negative like the dump or oil drilling?

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  17. Discuss upgrades with Real Estate Broker
    Before making an offer on a new construction property it might be a good idea to discuss which upgrades you plan to get with your Real Estate Broker. What is included varies from builder to builder so it is important to ask and discuss this.

    Often, builders charge a change order fee if you decide you want to add or remove upgrades once you're under contract. And, at some point, the builder will tell you that it is too late to change things since the upgrades have already been ordered, purchased and/or installed.

    Things to consider with new construction for upgrades include:

    • AC
    • Garage door opener
    • Backyard landscaping
    • Refrigerator and microwave
    • Blinds

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  18. Discuss change order fee with Real Estate Broker
    Often, builders charge a change order fee if you decide you want to add or remove upgrades once you're under contract. And, at some point, the builder will tell you that it is too late to change things since the upgrades have already been ordered, purchased and/or installed.

    Before making your offer it helps to know what the change order fee is (the amount) and when you can make changes and when you can no longer make changes.

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  19. Discuss radon policy with Real Estate Broker
    Most builders are installing passive radon systems in homes when they build them in Northern Colorado.

    However, the policy on testing for radon and making the systems active varies.

    Some builders will allow you to test for radon and if it comes in above 4.0 picoCuries per Liter, they will pay to have the passive system upgraded to an active system to get it below the threshold.

    Other builders, will allow you to test but they do not do anything if it comes in above the threshold. It would be up to you, after Closing to install an active system.

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  20. Discuss builder warranty with Real Estate Broker
    If you're buying new construction, discuss the builder's warranty with your Real Estate Broker and the builder so that you understand what is covered, how it is covered and for what period of time.

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Writing Offer: Strategize




These are the tasks that are part of the offer writing process but this particular checklist is tasks related to the strategy when writing an offer. We will discuss what you can do to make your offer stronger, especially in multiple offer situations and things to avoid that can make your offer weak and/or unacceptable to the Seller.

https://RealEstateFinancialPlanner.com/strategize/

  1. Complete "Writing Offer: Strategize" checklist
  2. Discuss offer price to make your offer stronger
    When making an offer a major factor is often the price you offer. Typically the higher your offer the better, but a high offer that must appraise is not really a strong offer.

    So, discuss with your Real Estate Broker that if you're in multiple offer situation, you may want to offer your highest and best offer but be willing to back it it up with a complementary appraisal condition in your "Contract to Buy and Sell Real Estate".

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  3. Discuss appraisal to make your offer stronger
    Removing your appraisal contingency or limiting your appraisal contingency by saying that you have enough money and are willing to make up the difference should the property not appraise will strengthen your offer.

    In normal market conditions where there are not multiple offers and with new construction, removing or limiting your appraisal contingency is probably is not necessary.

    However, in multiple offer scenarios and especially when you're making an offer above asking price, discuss with your Real Estate Broker some ways to strengthen your offer by adjusting the appraisal conditions part of the "Contract to Buy and Sell Real Estate".

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  4. Discuss inspection to make your offer stronger
    Removing your inspection contingency completely or limiting your inspection contingency by saying that you will not present a list of cosmetic repairs will strengthen your offer.

    In normal market conditions where there are not multiple offers and with new construction, removing or limiting your inspection contingency is probably is not necessary.

    However, in multiple offer scenarios discuss with your Real Estate Broker some ways to strengthen your offer by adjusting the inspection conditions part of the "Contract to Buy and Sell Real Estate".

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  5. Discuss due diligence documents to make your offer stronger
    The fewer due diligence documents you ask for the less hassle there is for a Seller and the stronger your offer may be.

    In normal market conditions where there are not multiple offers and with new construction, limiting the due diligence documents you request is probably is not necessary.

    However, in multiple offer scenarios discuss with your Real Estate Broker some ways to strengthen your offer by reducing which due diligence documents you insist on as part of the "Contract to Buy and Sell Real Estate".

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  6. Discuss Earnest Money to make your offer stronger
    The more Earnest Money you put at risk should you not perform according to the terms of the "Contract to Buy and Sell Real Estate" the stronger your offer is.

    However, most sophisticated Real Estate Brokers representing Sellers understands that our "Contract to Buy and Sell Real Estate" is written very pro-Buyer such that it is not likely that a Seller will get to keep Earnest Money if a Buyer acts in good faith and terminates under a legitimate section of the "Contract to Buy and Sell Real Estate".

    In normal market conditions where there are not multiple offers and with new construction, raising the Earnest Money you offer is probably is not necessary. However, offering the Earnest Money that is requested in the MLS is expected and offering less is a sign that the offer is weaker in most cases.

    If you're trying to make an offer with little or nothing down and don't have or don't want to put up the requested Earnest Money, we may need to explain this and find a sympathetic Seller.

    However, in multiple offer scenarios discuss with your Real Estate Broker strengthening your offer by increasing how much Earnest Money is included as part of the "Contract to Buy and Sell Real Estate". This is not in my top 3 ways to strengthen an offer and is not a significant strengthening in most cases.

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  7. Discuss "Post-Closing Occupancy Agreement" to make your offer stronger
    If a Seller needs or wants to stay in the property after Closing, then offering a "Post-Closing Occupancy Agreement" will strengthen your offer.

    If this is a benefit to the Seller (which we'd often find out either on the "MLS Sheet" or by calling the Seller's Real Estate Broker prior to writing the offer), discuss with your Real Estate Broker including a "Post-Closing Occupancy Agreement" with your "Contract to Buy and Sell Real Estate".

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  8. Discuss survey to make your offer stronger
    If you do not require a survey or if you require a survey but agree to pay for the survey in the "Contract to Buy and Sell Real Estate" that will strengthen your offer.

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  9. Discuss paying for "Owner's Title Insurance Policy" to make your offer stronger
    It is a negotiated item in the "Contract to Buy and Sell Real Estate", but it is often customary for the Seller to pay for the "Owner's Title Insurance Policy".

    If you want to make your offer strong by having the Seller net a larger amount without having to worry about raising the offer price and worrying that the property will not appraise, you may want to discuss with your Real Estate Broker offering to pay for the "Owner's Title Insurance Policy".

    You will always pays for the "Lender's Title Insurance Policy" unless we negotiate Seller Concessions (which is relatively common) or we add it as an additional provision (which I've never seen done).

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Writing Offer: Info Required




These are the tasks that are part of the offer writing process but this particular checklist is tasks related what your Real Estate Broker needs from you to write your offer.

https://RealEstateFinancialPlanner.com/info-required/

  1. Complete "Writing Offer: Info Required" checklist
  2. Get exact Lender Letter as needed when making offers
    Get a Pre-Approval Letter from your Lender for the exact amount of the offer you're about to write.

    Having a Lender Letter helps you get your offer accepted.

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  3. Determine how you'll take Title to Property
    With the help of your Attorney and Accountant, determine how you will take title to the Property you're buying.

    Common choices include: severalty (for one person or entity), joint tenants or tenants in common.

    You'll need this to make an offer.

    Mark this task complete once you know how you'll take Title to the Property.

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  4. Provide Real Estate Broker with the info to write your offer
    Your Real Estate Broker will need certain information from you to be able to write your offer. Here's a list of some of the information they may need:

    • Offer price
    • Earnest Money amount (default to what Seller is asking in the MLS)
    • Who will pay the Closing Services Fee (usually around $300 to $400 depending on the Title Insurance Company)
    • If you're negotiating/insisting on choosing Title Insurance Company, then which Title Insurance Company you want to use.
    • Who pays for Appraisal (it is customary for Buyer to pay)
    • Who pays for Owner's Title Insurance Policy (it is customary for Seller to pay)
    • What Loan type or types are you considering using to finance the purchase?
    • How much Down Payment are you going to put down?
    • Any Additional Provisions you want added? Common ones might include: additional disclosures for Fort Collins (which we typically add for you by default), limited appraisal language, light or limited inspection language and asking for personal property (which may complicate your ability to get a Loan to cover those).
    • How much are you asking for in Seller Concessions?
    • Is there a property you must sell before you can buy this?
    • Are you offering the Seller a "Post-Closing Occupancy Agreement" to allow them to stay in the property beyond Closing?
    • What due diligence documents are you requesting?
    • What is your travel/work schedule like? Will it impact inspection? Will it impact Closing?

    Mark this task complete once you've emailed your Real Estate Broker the information they need above to write your offer.

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  5. IF NEW CONSTRUCTION: Consider the following extras
    If you're buying new construction consider that not all properties come with the same upgrades. Ask the following questions and if it is not included, considering adding it when you write your contract. Changes later to the contract often will cost you a change order fee from the builder so it is important to do it at the time of writing your offer.

    • Does it include Air Conditioning?
    • Does it include window blinds for the entire property? Some builder don't include any. Some include just a few windows.
    • Does it include backyard landscaping?
    • Does it include a fence?
    • Does it include all appliances? Refrigerator? Dishwasher? Stove? Microwave? Clothes washer? Clothes dryer?
    • Does it include garage door opener?

    ASAPNew ConstructionUltimate Nomad ChecklistWeek 12Week 4Writing Offer: Info Required

  6. IF NEW CONSTRUCTION: Consider the following for lot selection
    If you're buying new construction consider the following factors when selecting a lot to build on:

    • Does it face north? North facing lots often have icy front steps.
    • Does it get sunlight in the rooms you desire at the times of day you desire? This varies by person, so consider it for yourself.
    • Do you want a corner lot? Some people prefer not having another neighbor. Some people prefer not having to shovel two long sidewalks and having people walking on the side of their homes.
    • Is there a lot by open space or other desirable feature?
    • Is the lot by a busy street?
    • Is the lot on a street that most people will need to drive by to access the neighborhood?

    ASAPNew ConstructionUltimate Nomad ChecklistWeek 12Week 4Writing Offer: Info Required

Writing Offer: Draft Offer




These are the tasks related to getting a draft of your offer written by your Real Estate Broker.

https://RealEstateFinancialPlanner.com/draft-offer/

  1. Complete "Writing Offer: Draft Offer" checklist
  2. REAL ESTATE BROKER: Drafts offer and sends you copy
    Once your Real Estate Broker has all the information they need to write the offer for you, your Real Estate Broker will write a draft of your offer and send you a copy via PDF.

    Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Draft Offer

  3. Save copy of draft offer to Dropbox
    Once you receive the draft of the offer from your Real Estate Broker as a PDF save a copy of it to your Dropbox folder for this property.

    Use the file naming convention:

    "YYYY-MM-DD - 1234 Main St - Contract to Buy and Sell Real Estate.pdf"

    You will overwrite it when you get the final, fully executed signed copy.

    Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Draft Offer

  4. Review draft of offer
    Once you receive the draft of the offer from your Real Estate Broker as a PDF review it, highlighting any sections you have a question about and writing your questions in the margins.

    Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Draft Offer

  5. Ask your Real Estate Broker your questions about draft offer
    After you've reviewed the offer, highlighted sections you have questions about and wrote down your questions in the margins ask your Real Estate Broker the questions you have and have them explain it to you.

    Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Draft Offer

  6. Ask your Contract and Paperwork Attorney your questions about draft offer
    Some clients will opt to call their Contract and Paperwork Attorney to ask questions they have about the draft of the "Contract to Buy and Sell Real Estate".

    Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Draft Offer

  7. Ask your CPA your questions about draft offer
    Some clients will opt to call their CPA to ask questions they have about the draft of the "Contract to Buy and Sell Real Estate".

    Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Draft Offer

  8. Ask your Property Manager your questions about draft offer
    Some clients will opt to call their Property Manager to ask questions they have about the draft of the "Contract to Buy and Sell Real Estate".

    Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Draft Offer

  9. Ask your Insurance Agent your questions about draft offer
    Some clients will opt to call their Insurance Agent to ask questions they have about the draft of the "Contract to Buy and Sell Real Estate".

    Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Draft Offer

  10. Approve draft with Real Estate Broker
    Once you have all your questions answered and you feel comfortable with the draft offer, approve the draft with your Real Estate Broker.

    Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Draft Offer

Writing Offer: Review Offer




These are the tasks related to writing an offer to buy a property and specifically the part about reviewing the offer before signing it.

https://RealEstateFinancialPlanner.com/review-offer/

  1. Complete "Writing Offer: Review Offer" checklist
  2. REAL ESTATE BROKER: Entire offer with disclosures sent over via DocuSign
    Once you've approved the draft offer with your Real Estate Broker, your Real Estate Broker will typically send over the entire offer including all the related disclosures to you via DocuSign.

    Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Review Offer

  3. Review entire offer and disclosures in DocuSign
    Review the entire offer (that was already approved from your draft) especially if you asked your Real Estate Broker to make changes to your draft.

    Also, take time to review all the additional disclosure documents included with the DocuSign envelope.

    If there are any problems, DO NOT SIGN... tell your Real Estate Broker so they can make corrections.

    Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Review Offer

Writing Offer: Sign Offer




These are the tasks that are part of the writing offer checklist and specifically the sub-checklist on signing your offer via DocuSign.

https://RealEstateFinancialPlanner.com/sign-offer/

  1. Complete "Writing Offer: Sign Offer" checklist
  2. IF LEASE OPTION BUYING SPECIFIC HOUSE FOR TENANT-BUYER: Get Option Fee before signing contract
    If you're buying a house that the Tenant-Buyer selects from the MLS and offering it to them as a Lease-Option, you should collect the Option Fee from the Tenant-Buyer before signing an offer.

    Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Sign Offer

  3. Sign your offer in DocuSign
    As you read through and approve each part of the offer, you can sign and initial where DocuSign prompts you to sign and initial.

    If more than one person needs to sign, be sure to have each person sign and initial.

    Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Sign Offer

  4. Receive copy of your offer envelope from DocuSign
    Once everyone has signed and initialed each part of the offer, DocuSign will automatically send each person copies of the fully signed documents as PDFs.

    Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Sign Offer

  5. Save copy of each document in your offer to Dropbox
    Once you receive your copies of the documents, save each document to your property folder in Dropbox.

    Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Sign Offer

Writing Offer: Present Offer




These are the tasks related to writing an offer and specifically to your Real Estate Broker presenting the offer to the Seller's Real Estate Broker on your behalf.

https://RealEstateFinancialPlanner.com/present-offer/

  1. Complete "Writing Offer: Present Offer" checklist
  2. REAL ESTATE BROKER: Your Real Estate Broker will call and present offer to Seller's Real Estate Broker
    Once your Real Estate Broker sees that your offer has been signed by all the Buyers, they will prepare to send the offer to the Seller's Real Estate Broker.

    Your Real Estate Broker will prepare an email (or two emails to is how we usually do it in our office) and then your Real Estate Broker will call the Seller's Real Estate Broker to talk about your strengths as a buyer and the strengths and benefits of selecting your offer.

    A great Real Estate Broker will talk about the benefits to the Seller for selecting your offer and the intent that you're trying to do a win-win transaction.

    Your Real Estate Broker will usually BCC you on the email they send to the Seller's Real Estate Broker so you know it has been sent.

    Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Present Offer

  3. REAL ESTATE BROKER: Your Real Estate Broker will verify Seller's Real Estate Broker received your offer
    Most Seller's Real Estate Brokers will acknowledge the receipt of the offer with a reply email.

    Your Real Estate Broker will usually BCC you in to thank them for acknowledging receipt so you know that your offer has been received.

    Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Present Offer

Writing Offer: Negotiate Offer




These tasks are related to writing an offer and specifically the tasks associated with negotiating a countered or rejected offer. There are times when this set of tasks is not used at all (when the offer you submit is accepted).

https://RealEstateFinancialPlanner.com/negotiate-offer/

  1. Complete "Writing Offer: Negotiate Offer" checklist
  2. IF COUNTERED: Discuss terms of "Counter-Proposal" with Real Estate Broker
    If your offer was countered by the Seller, then discuss with your Real Estate Broker what changes from your original offer were made by the Seller.

    Discuss whether you will accept the "Counter-Proposal", reject the "Counter-Proposal" or counter back with an alternative offer yourself.

    Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Negotiate Offer

  3. IF COUNTERED: Save "Counter-Proposal" to Dropbox
    If your offer was countered by the Seller, then save a copy of the "Counter-Proposal" to your property folder in Dropbox.

    Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Negotiate Offer

  4. IF COUNTERED OR REJECTED: Work with Real Estate Broker to negotiate new terms
    If your offer was countered by the Seller or rejected but another offer was not accepted, then work with your Real Estate Broker to negotiate new terms.

    These may be in the form of a new "Contract to Buy and Sell Real Estate" or a "Counter-Proposal" of your own.

    Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Negotiate Offer

  5. IF REJECTED: Consider submitting a different
    If your offer was rejected by the Seller and another offer was not accepted, then work with your Real Estate Broker to consider submitting a new, slightly different offer that might work for you and the Seller.

    Ultimate Nomad ChecklistWeek 3Week 4Week 5Week 6Week 7Week 8Writing Offer: Negotiate Offer

Contract To Close




Contract to Close are all the tasks related to once you have an accepted "Contract to Buy and Sell Real Estate" and you're working through all the dates and deadlines in the "Contract to Buy and Sell Real Estate".

It consists of many sub-checklists grouped by common dates and deadlines in the "Contract to Buy and Sell Real Estate".

  1. Complete "Contract To Close" checklist
  2. Class Watch "Contract to Close" Recording of Live Class
    Watch the recording of the live presentation of "Contract to Close" available on:

    https://RealEstateFinancialPlanner.com/contract-to-close/

    ClassesContract To CloseUltimate Nomad ChecklistWeek 60Week 8

  3. Complete "Contract To Close: General" checklist
  4. Complete "Contract To Close: Title" checklist
  5. Complete "Contract To Close: Owner’s Association" checklist
  6. Complete "Contract To Close: Seller's Property Disclosure" checklist
    Complete the "Contract To Close: Seller's Property Disclosure" checklist:

    https://RealEstateFinancialPlanner.com/sellers-property-disclosure/

    Since the "Seller's Property Disclosure" is often provided even before we write the offer, it is not uncommon that we use "Completed" for the date of this deadline. However, if we have not received the "Seller's Property Disclosure" prior to writing the offer, we often use "MEC + 3 Days" so that you can ideally get a copy of the "Seller's Property Disclosure" prior to your inspection.

    This is especially important since there is not an objection for the "Seller's Property Disclosure"; you'd need to object based on your inspection if you found something at the property that you learned about via the "Seller's Property Disclosure".

    Contract Deadline: Seller's Property Disclosure DeadlineContract To CloseContract To Close: Seller's Property DisclosureSellers Property DisclosureUltimate Nomad ChecklistWeek 13

  7. Complete "Contract To Close: Loan and Credit" checklist
  8. Complete "Contract To Close: Appraisal" checklist
  9. Complete "Contract To Close: Survey" checklist
  10. Complete "Contract To Close: Inspection and Due Diligence" checklist
  11. Complete "Contract To Close: Closing and Possession" checklist

Contract To Close: General




These are the tasks in the Contract To Close checklists that are related to the general group of deadlines like the Acceptance Deadlines and the Alternative Earnest Money Deadline.

This is mostly an organization list of tasks to group related sub-checklists together.

https://RealEstateFinancialPlanner.com/general/

  1. Complete "Contract To Close: General" checklist
  2. Complete "Acceptance Deadline Date" checklist
    Complete "Acceptance Deadline Date" checklist. This goes along with the "Acceptance Deadline Time".

    We typically use 1 or 2 days from the time the offer is submitted as this deadline, but will often be flexible based on the Seller's needs. We sometimes will be a little more aggressive with this date if it is advantageous for us to do so.

    https://RealEstateFinancialPlanner.com/acceptance-deadline-date/

    Contract Deadline: Acceptance Deadline DateContract To Close: GeneralUltimate Nomad ChecklistWeek 13

  3. Complete "Acceptance Deadline Time" checklist
    Complete "Acceptance Deadline Time" checklist. This goes along with the "Acceptance Deadline Date".

    We typically use 6 PM MST for this deadline although it does vary quite a bit depending on the situation.

    https://RealEstateFinancialPlanner.com/acceptance-deadline-time/

    Contract Deadline: Acceptance Deadline TimeContract To Close: GeneralUltimate Nomad ChecklistWeek 13

  4. Complete "Alternative Earnest Money Deadline" checklist
    Complete "Alternative Earnest Money Deadline" checklist.

    We typically use "MEC + 2 Days" for the "Alternative Earnest Money Deadline" so that you can have two days after the contract is accepted to get your Earnest Money to the Earnest Money Holder.

    IMPORTANT NOTE: If you're traveling or unable to perform on 2 days after acceptance the time to tell your Real Estate Broker is before you write your offer (not after). It is not a good start to the relationship with the Seller to have to change a deadline right after going under contract.

    https://RealEstateFinancialPlanner.com/alternative-earnest-money-deadline/

    Contract Deadline: Alternative Earnest Money DeadlineContract To Close: GeneralUltimate Nomad ChecklistWeek 13

Contract Deadline: Acceptance Deadline Date




These tasks are when you're under contract to buy the property and related to the Acceptance Deadline in the "Contract to Buy and Sell Real Estate".

This deadline is typically a deadline for the Seller, but can be a deadline for the Buyer if the Seller submits an offer or "Counter-proposal" to the Buyer.

https://RealEstateFinancialPlanner.com/acceptance-deadline-date/

  1. Complete "Acceptance Deadline Date" checklist
    Complete "Acceptance Deadline Date" checklist. This goes along with the "Acceptance Deadline Time".

    We typically use 1 or 2 days from the time the offer is submitted as this deadline, but will often be flexible based on the Seller's needs. We sometimes will be a little more aggressive with this date if it is advantageous for us to do so.

    https://RealEstateFinancialPlanner.com/acceptance-deadline-date/

    Contract Deadline: Acceptance Deadline DateContract To Close: GeneralUltimate Nomad ChecklistWeek 13

  2. REAL ESTATE BROKER: Staying in touch with Seller's Real Estate Broker
    While we are waiting for the Acceptance Deadline Date, your Real Estate Broker will be staying in touch with the Seller's Real Estate Broker and waiting for a reply to your offer.

    Contract Deadline: Acceptance Deadline DateUltimate Nomad ChecklistWeek 13

  3. Prepare for Earnest Money, Down Payment and Loan
    While we are waiting for the Seller to accept your offer, you should prepare yourself for providing Earnest Money which will be due immediately after acceptance.

    Also, you should be preparing for getting your loan and arranging for the Down Payment you'll need for Closing.

    Contract Deadline: Acceptance Deadline DateUltimate Nomad ChecklistWeek 13

Contract Deadline: Acceptance Deadline Time




These tasks are when you're under contract to buy the property and related to the Acceptance Deadline in the "Contract to Buy and Sell Real Estate".

https://RealEstateFinancialPlanner.com/acceptance-deadline-time/

  1. Complete "Acceptance Deadline Time" checklist
    Complete "Acceptance Deadline Time" checklist. This goes along with the "Acceptance Deadline Date".

    We typically use 6 PM MST for this deadline although it does vary quite a bit depending on the situation.

    https://RealEstateFinancialPlanner.com/acceptance-deadline-time/

    Contract Deadline: Acceptance Deadline TimeContract To Close: GeneralUltimate Nomad ChecklistWeek 13

  2. See "Acceptance Deadline Date"
    This is the time portion of the "Acceptance Deadline Date". See that checklist for more information.

    Contract Deadline: Acceptance Deadline TimeUltimate Nomad ChecklistWeek 13

Contract Deadline: Alternative Earnest Money Deadline




These tasks are when you're under contract to buy the property and related to the Earnest Money Deadline in the "Contract to Buy and Sell Real Estate".

This deadline is typically a deadline for the Buyer to get the Earnest Money to the official Earnest Money Holder specified in "Contract to Buy and Sell Real Estate".

https://RealEstateFinancialPlanner.com/alternative-earnest-money-deadline/

  1. Complete "Alternative Earnest Money Deadline" checklist
    Complete "Alternative Earnest Money Deadline" checklist.

    We typically use "MEC + 2 Days" for the "Alternative Earnest Money Deadline" so that you can have two days after the contract is accepted to get your Earnest Money to the Earnest Money Holder.

    IMPORTANT NOTE: If you're traveling or unable to perform on 2 days after acceptance the time to tell your Real Estate Broker is before you write your offer (not after). It is not a good start to the relationship with the Seller to have to change a deadline right after going under contract.

    https://RealEstateFinancialPlanner.com/alternative-earnest-money-deadline/

    Contract Deadline: Alternative Earnest Money DeadlineContract To Close: GeneralUltimate Nomad ChecklistWeek 13

  2. REAL ESTATE BROKER: Prepare "Earnest Money Receipt"
    Once your contract is accepted your Real Estate Broker should be preparing an "Earnest Money Receipt" and coordinating with you to get the Earnest Money to the Earnest Money Holder before the Alternative Earnest Money Deadline.

    Contract Deadline: Alternative Earnest Money DeadlineUltimate Nomad ChecklistWeek 13

  3. Deliver Earnest Money to Real Estate Broker or Earnest Money Holder
    Give your Real Estate Broker the Earnest Money with enough time for them to deliver it to the official Earnest Money Holder (as specified in the "Contract to Buy and Sell Real Estate").

    This must be done prior to the Alternative Earnest Money Deadline specified in the "Contract to Buy and Sell Real Estate". The amount of Earnest Money is also specified in the contract.

    Contract Deadline: Alternative Earnest Money DeadlineUltimate Nomad ChecklistWeek 13

  4. Receive copy of "Earnest Money Receipt"
    Once your Real Estate Broker (or in some rare cases you) delivers your Earnest Money to the official Earnest Money Holder, an "Earnest Money Receipt" is usually issued. You should get a copy.

    Contract Deadline: Alternative Earnest Money DeadlineUltimate Nomad ChecklistWeek 13

  5. Save "Earnest Money Receipt" to Dropbox
    Once you have a copy of your "Earnest Money Receipt", save a copy of it to your property's folder in Dropbox with the filename formatted as:

    "YYYY-MM-DD - 1234 Main St - Earnest Money Receipt.pdf"

    Contract Deadline: Alternative Earnest Money DeadlineUltimate Nomad ChecklistWeek 13

  6. Provide copy of "Earnest Money Receipt" to Lender
    Once you receive your copy of the "Earnest Money Receipt" after your Earnest Money is delivered to the Earnest Money Holder, provide a copy of the "Earnest Money Receipt" to your Lender.

    Contract Deadline: Alternative Earnest Money DeadlineUltimate Nomad ChecklistWeek 13

Contract To Close: Title




These are the tasks in the Contract To Close checklists that are related to the title related group of deadlines like the record and off-record title deadlines as well as the right of first refusal deadline.

This is mostly an organization list of tasks to group related sub-checklists together.

https://RealEstateFinancialPlanner.com/title/

  1. Complete "Contract To Close: Title" checklist
  2. Complete "Record Title Deadline" checklist
    Complete the "Record Title Deadline" checklist:

    https://RealEstateFinancialPlanner.com/record-title-deadline/

    We typically use "MEC + 7 Days" for the Record Title Deadline to give the Title Insurance Company time to deliver the title work to you to review.

    Contract Deadline: Record Title DeadlineContract To Close: TitleUltimate Nomad ChecklistWeek 13

  3. Complete "Record Title Objection Deadline" checklist
    Complete the "Record Title Objection Deadline" checklist:

    https://RealEstateFinancialPlanner.com/record-title-objection-deadline/

    We typically use about "MEC + 14 Days" to give you time to review your title work, get the advice of your Title Attorney if needed and have time to object.

    Contract Deadline: Record Title Objection DeadlineContract To Close: TitleUltimate Nomad ChecklistWeek 13

  4. Complete "Off-Record Title Deadline" checklist
    Complete the "Off-Record Title Deadline" checklist:

    https://RealEstateFinancialPlanner.com/off-record-title-deadline/

    We often use "MEC + 9 Days" for this deadline in the "Contract to Buy and Sell Real Estate".

    Contract Deadline: Off-Record Title DeadlineContract To Close: TitleUltimate Nomad ChecklistWeek 13

  5. Complete "Off-Record Title Objection Deadline" checklist
    Complete the "Off-Record Title Objection Deadline" checklist:

    https://RealEstateFinancialPlanner.com/off-record-title-objection-deadline/

    We often use "MEC + 16 Days" for this deadline in the "Contract to Buy and Sell Real Estate".

    Contract Deadline: Off-Record Title Objection DeadlineContract To Close: TitleUltimate Nomad ChecklistWeek 13

  6. Complete "Title Resolution Deadline" checklist
    Complete the "Title Resolution Deadline" checklist:

    https://RealEstateFinancialPlanner.com/title-resolution-deadline/

    We often use "MEC + 20 Days" for this deadline in the "Contract to Buy and Sell Real Estate".

    Contract Deadline: Title Resolution DeadlineContract To Close: TitleUltimate Nomad ChecklistWeek 13

  7. Complete "Right of First Refusal Deadline" checklist

Contract Deadline: Record Title Deadline




These tasks are when you're under contract to buy the property and related to the Record Title Deadline in the "Contract to Buy and Sell Real Estate".

This deadline is typically a deadline for the Buyer to receive the title commitment and all recorded title matters.

https://RealEstateFinancialPlanner.com/record-title-deadline/

  1. Complete "Record Title Deadline" checklist
    Complete the "Record Title Deadline" checklist:

    https://RealEstateFinancialPlanner.com/record-title-deadline/

    We typically use "MEC + 7 Days" for the Record Title Deadline to give the Title Insurance Company time to deliver the title work to you to review.

    Contract Deadline: Record Title DeadlineContract To Close: TitleUltimate Nomad ChecklistWeek 13

  2. REAL ESTATE BROKER: Sending "Contract to Buy and Sell Real Estate" to Title Insurance Company
    As soon as you go under contract, your Real Estate Broker should send a copy of your "Contract to Buy and Sell Real Estate" to the Title Insurance Company so they can order the Title Insurance Commitment and send you a copy of the Title Work for you to review.

    Your Real Estate Broker should follow up with the Title Insurance Company to make sure you get your Title Work back prior to the Record Title Deadline.

    Contract Deadline: Record Title DeadlineUltimate Nomad ChecklistWeek 9

  3. Receive a copy of the Title Work
    You and your Real Estate Broker should receive a copy of the Title Work for your purchase prior to the Record Title Deadline.

    Contract Deadline: Record Title DeadlineUltimate Nomad ChecklistWeek 9

  4. Save Title Work to Dropbox
    Once you receive a copy, save a copy of the Title Work to your property Dropbox folder.

    Contract Deadline: Record Title DeadlineUltimate Nomad ChecklistWeek 9

Contract Deadline: Record Title Objection Deadline




These tasks are when you're under contract to buy the property and related to the Record Title Objection Deadline in the "Contract to Buy and Sell Real Estate".

This deadline is typically a deadline for the Buyer to object to anything on record related to title if they intend to object. Objecting to title issues is uncommon, but when it does happen it is usually for really good reason.

https://RealEstateFinancialPlanner.com/record-title-objection-deadline/

  1. Complete "Record Title Objection Deadline" checklist
    Complete the "Record Title Objection Deadline" checklist:

    https://RealEstateFinancialPlanner.com/record-title-objection-deadline/

    We typically use about "MEC + 14 Days" to give you time to review your title work, get the advice of your Title Attorney if needed and have time to object.

    Contract Deadline: Record Title Objection DeadlineContract To Close: TitleUltimate Nomad ChecklistWeek 13

  2. Confirm how you want to take title to the property
    In some cases we will write the "Contract to Buy and Sell Real Estate" saying that Buyer will determine how they will take title to the property prior to Closing.

    If we wrote that in your "Contract to Buy and Sell Real Estate" this would be the time to notify your Real Estate Broker and Title Insurance Company how you plan to take title to the property.

    Your Real Estate Broker may need to create an "Amend/Extend" to modify the "Contract to Buy and Sell Real Estate" to make this change.

    If you selected how you plan to take title before writing the offer and it is correctly reflected in the "Contract to Buy and Sell Real Estate", you do not need to do anything with this task.

    Contract Deadline: Record Title Objection DeadlineUltimate Nomad ChecklistWeek 9

  3. REAL ESTATE BROKER: Checking Title Work against standard checklist
    Once you and your Real Estate Broker receive a copy of the Title Work, your Real Estate Broker should check the Title Commitment against a standard checklist to check for obvious errors and mistakes.

    IMPORTANT NOTE: Your Real Estate Broker is not a Title Attorney nor are they trained to interpret Title Work. You should not rely on them to review your Title Work for you. If you have questions about the Title Work, the first questions should be directed to the people providing it to you: the Title Insurance Company. They will be
    selling/providing you with a Title Insurance Policy and if you have questions about what that covers and does not cover, asking them first is a great idea.

    If you still have questions after talking to your Title Insurance Company, the next person to speak with is your own Title Attorney who has received training and specializes in the unique legal aspects of Title Work.

    Contract Deadline: Record Title Objection DeadlineUltimate Nomad ChecklistWeek 9

  4. REAL ESTATE BROKER: Advising you to talk to your Title Attorney if you have questions about the Title Work
    IMPORTANT NOTE: Your Real Estate Broker is not a Title Attorney nor are they trained to interpret Title Work. You should not rely on them to review your Title Work for you. If you have questions about the Title Work, the first questions should be directed to the people providing it to you: the Title Insurance Company. They will be selling/providing you with a Title Insurance Policy and if you have questions about what that covers and does not cover, asking them first is a great idea.

    If you still have questions after talking to your Title Insurance Company, the next person to speak with is your own Title Attorney who has received training and specializes in the unique legal aspects of Title Work.

    Contract Deadline: Record Title Objection DeadlineUltimate Nomad ChecklistWeek 9

  5. Review Title Work
    You should receive a copy of the Title Work from the Title Company shortly after going under contract with the help of the Real Estate Brokers involved in the transaction.

    Review Title Work and highlight any sections you have questions about. Write down your questions.

    IMPORTANT NOTE: Real Estate Brokers do not receive training on how to interpret Title Work so while they may be able to answer very basic questions, they are not competent to answer questions about the Title Work itself. For that, you will rely on getting info from the Title Company that is providing the Title Insurance and/or by hiring your own Title Attorney who is educated on Title Work.

    You may want to meet with your Title Attorney and/or Title Company to ask questions about it.

    If there is something in the Title Work that is unacceptable to you, let your Real Estate Broker know as soon as possible and definitely before the Record Title Objection Deadline.

    Mark this task done once you've reviewed your Title Work.

    Contract Deadline: Record Title Objection DeadlinePaperworkUltimate Nomad ChecklistWeek 61Week 9

  6. Ask Title Insurance Company questions about Title Work
    If you have questions about your Title Work, you should first contact the Title Insurance Company that will be providing you (selling you) a Title Insurance Policy.

    If after talking to your Title Insurance Company, you still have questions, please talk to your Title Attorney.

    Mark this task done once you've reviewed your Title Work.

    Contract Deadline: Record Title Objection DeadlinePaperworkUltimate Nomad ChecklistWeek 61Week 9

  7. Determine your Title Attorney
    If you have questions about your Title Work, you may want to meet with a Title Attorney to have your questions answered in addition to asking the Title Company.

    You can ask your Real Estate Broker for a recommendation.

    Mark this task complete once you've decided on a Title Attorney to use.

    Contract Deadline: Record Title Objection DeadlineDream TeamDream Team - Pre-ClosingOptionalUltimate Nomad ChecklistWeek 9

  8. Ask Title Attorney questions about Title Work
    If you have questions about your Title Work, you should first contact the Title Insurance Company that will be providing you (selling you) a Title Insurance Policy.

    If after talking to your Title Insurance Company, you still have questions, please talk to your Title Attorney.

    Mark this task done once you've reviewed your Title Work.

    Contract Deadline: Record Title Objection DeadlinePaperworkUltimate Nomad ChecklistWeek 61Week 9

  9. IF TITLE IS UNACCEPTABLE: Object to Title
    If there is something in the Title Work that is unacceptable to you, let your Real Estate Broker know as soon as possible and definitely before the Record Title Objection Deadline so we can file a formal objection to title and protect your Earnest Money.

    Mark this task done once you've objected or if you don't plan to object to Title Work.

    Contract Deadline: Record Title Objection DeadlinePaperworkUltimate Nomad ChecklistWeek 9

  10. IF YOU OBJECT TO TITLE: REAL ESTATE BROKER: Preparing "Title-Related Objection Notice"
    If there is something in the Title Work that is unacceptable to you, let your Real Estate Broker know as soon as possible and definitely before the Record Title Objection Deadline so we can file a formal objection to title and protect your Earnest Money.

    Your choices are either to object and see what they offer as a possible resolution or if you are 100% certain that nothing would resolve it, you can terminate.

    If you'd like to object, your Real Estate Broker would prepare a "Title-Related Objection Notice".

    If you'd like to terminate, your Real Estate Broker would prepare a "Notice to Terminate" and "Earnest Money Release".

    Mark this task done once you've objected or if you don't plan to object to Title Work.

    Contract Deadline: Record Title Objection DeadlinePaperworkUltimate Nomad ChecklistWeek 9

  11. IF YOU OBJECT TO TITLE: Sign "Title-Related Objection Notice" via DocuSign
    If there is something in the Title Work that is unacceptable to you and you are objecting your Real Estate Broker will prepare a "Title-Related Objection Notice" and send it over for you to sign via DocuSign.

    Sign it via DocuSign prior to your Record Title Objection Deadline to protect your Earnest Money.

    Mark this task done when complete.

    Contract Deadline: Record Title Objection DeadlinePaperworkUltimate Nomad ChecklistWeek 9

  12. IF YOU ARE TERMINATING BASED ON TITLE: REAL ESTATE BROKER: Preparing "Notice to Terminate" and "Earnest Money Release"
    If there is something in the Title Work that is unacceptable to you, let your Real Estate Broker know as soon as possible and definitely before the Record Title Objection Deadline so we can file a formal objection to title and protect your Earnest Money.

    Your choices are either to object and see what they offer as a possible resolution or if you are 100% certain that nothing would resolve it, you can terminate.

    If you'd like to object, your Real Estate Broker would prepare a "Title-Related Objection Notice".

    If you'd like to terminate, your Real Estate Broker would prepare a "Notice to Terminate" and "Earnest Money Release".

    Mark this task done once you've objected or if you don't plan to object to Title Work.

    Contract Deadline: Record Title Objection DeadlinePaperworkUltimate Nomad ChecklistWeek 9

  13. IF YOU ARE TERMINATING BASED ON TITLE: Sign "Notice to Terminate" and "Earnest Money Release" via DocuSign
    If there is something in the Title Work that is unacceptable to you and you are terminating your Real Estate Broker will prepare a "Notice to Terminate" and "Earnest Money Release" and send it over for you to sign via DocuSign.

    Sign it via DocuSign prior to your Record Title Objection Deadline to protect your Earnest Money.

    Mark this task done when complete.

    Contract Deadline: Record Title Objection DeadlinePaperworkUltimate Nomad ChecklistWeek 9

Contract Deadline: Off-Record Title Deadline




These tasks are when you're under contract to buy the property and related to the Off-Record Title Deadline in the "Contract to Buy and Sell Real Estate".

This deadline is typically a deadline for the Buyer to deal with any off-record title matters like unrecorded easements, leases (although many people would consider those part of due diligence), lease-option agreements, unrecorded options, etc.

https://RealEstateFinancialPlanner.com/off-record-title-deadline/

  1. Complete "Off-Record Title Deadline" checklist
    Complete the "Off-Record Title Deadline" checklist:

    https://RealEstateFinancialPlanner.com/off-record-title-deadline/

    We often use "MEC + 9 Days" for this deadline in the "Contract to Buy and Sell Real Estate".

    Contract Deadline: Off-Record Title DeadlineContract To Close: TitleUltimate Nomad ChecklistWeek 13

  2. IF SELLER HAS OFF-RECORD TITLE INFO: Receive a copy of off-record title materials
    If the Seller has any off-record title information like leases (although many people would consider this part of due diligence), lease-options agreements, option agreements, unrecorded easements, etc then they should give them to you by this deadline.

    It is unusual to have documents relating to this deadline.

    Contract Deadline: Off-Record Title DeadlineUltimate Nomad ChecklistWeek 13

  3. IF SELLER HAS OFF-RECORD TITLE INFO: Save off-record title materials to Dropbox
    If the Seller has sent you any off-record title materials, save them to your property Dropbox folder.

    Contract Deadline: Off-Record Title DeadlineUltimate Nomad ChecklistWeek 13

Contract Deadline: Off-Record Title Objection Deadline




These tasks are when you're under contract to buy the property and related to the Off-Record Title Objection Deadline in the "Contract to Buy and Sell Real Estate".

This deadline is typically a deadline for the Buyer to object to anything related to any off-record title matters if they intend to object. Having any off-record title matters is slightly unusual by itself and objecting to them is even more uncommon, but when it does happen it is usually for really good reason.

https://RealEstateFinancialPlanner.com/off-record-title-objection-deadline/

  1. Complete "Off-Record Title Objection Deadline" checklist
    Complete the "Off-Record Title Objection Deadline" checklist:

    https://RealEstateFinancialPlanner.com/off-record-title-objection-deadline/

    We often use "MEC + 16 Days" for this deadline in the "Contract to Buy and Sell Real Estate".

    Contract Deadline: Off-Record Title Objection DeadlineContract To Close: TitleUltimate Nomad ChecklistWeek 13

  2. REAL ESTATE BROKER: Forward off-record title documentation provided by Seller to you
    If the Seller provides us with any off-record title information, your Real Estate Broker will forward that information on to you for review.

    It is somewhat unusual to have off-record title information provided by the Seller.

    Mark this task done when complete.

    Contract Deadline: Off-Record Title Objection DeadlineUltimate Nomad ChecklistWeek 9

  3. REAL ESTATE BROKER: Advising you to talk to your Attorney if you have questions about off-record title
    While off-record title matters are relatively uncommon, if you have questions about them you should get legal advice.

    IMPORTANT NOTE: Your Real Estate Broker is not an Attorney nor are they trained to deal with options, lease-options, unrecorded easements and other off-record title matters. You should not rely on them to review this information for you. If you have questions about any off-record title matters you should consult an Attorney.

    Contract Deadline: Off-Record Title Objection DeadlineUltimate Nomad ChecklistWeek 9

  4. Review off-record title related documents
    You should receive a copy of any off-record title materials shortly after going under contract with the help of the Real Estate Brokers involved in the transaction from the Seller. That's if any exist.

    Off-record title materials like lease-option agreements, option agreements and unrecorded easements are relatively uncommon.

    Review off-record title documents and highlight any sections you have questions about. Write down your questions.

    IMPORTANT NOTE: Real Estate Brokers do not receive training on off-record title documents so while they may be able to answer very basic questions, they are not competent to answer questions about the off-record title matters. For that, you will rely on hiring your own Attorney who is educated on these matters.

    If there is something in the off-record title documents that is unacceptable to you, let your Real Estate Broker know as soon as possible and definitely before the Off-Record Title Objection Deadline.

    Mark this task done once you've reviewed your off-record title documents.

    Contract Deadline: Off-Record Title Objection DeadlinePaperworkUltimate Nomad ChecklistWeek 61Week 9

  5. Ask Attorney questions about off-record title matters
    If you have questions about off-record title matters, you should talk to your Attorney to get your questions answered.

    Mark this task done when complete.

    Contract Deadline: Off-Record Title Objection DeadlinePaperworkUltimate Nomad ChecklistWeek 61Week 9

  6. IF OFF-RECORD TITLE IS UNACCEPTABLE: Object to Off-Record Title
    If there is something in the off-record title information the Seller provided that is unacceptable to you, let your Real Estate Broker know as soon as possible and definitely before the Off-Record Title Objection Deadline so we can file a formal objection to title and protect your Earnest Money.

    Mark this task done once you've objected or if you don't plan to object to any off-record title matters.

    Contract Deadline: Off-Record Title Objection DeadlinePaperworkUltimate Nomad ChecklistWeek 9

  7. IF YOU OBJECT TO OFF-RECORD TITLE: REAL ESTATE BROKER: Preparing "Title-Related Objection Notice"
    If there is something related to off-record title matters that is unacceptable to you, let your Real Estate Broker know as soon as possible and definitely before the Off-Record Title Objection Deadline so we can file a formal objection to title and protect your Earnest Money.

    Your choices are either to object and see what they offer as a possible resolution or if you are 100% certain that nothing would resolve it, you can terminate.

    If you'd like to object, your Real Estate Broker would prepare a "Title-Related Objection Notice".

    If you'd like to terminate, your Real Estate Broker would prepare a "Notice to Terminate" and "Earnest Money Release".

    Mark this task done once you've objected or if you don't plan to object to off-record title matters.

    Contract Deadline: Off-Record Title Objection DeadlinePaperworkUltimate Nomad ChecklistWeek 9

  8. IF YOU OBJECT TO OFF-RECORD TITLE: Sign "Title-Related Objection Notice" via DocuSign
    If there is something related to off-record title matters that is unacceptable to you and you are objecting your Real Estate Broker will prepare a "Title-Related Objection Notice" and send it over for you to sign via DocuSign.

    Sign it via DocuSign prior to your Off-Record Title Objection Deadline to protect your Earnest Money.

    Mark this task done when complete.

    Contract Deadline: Off-Record Title Objection DeadlinePaperworkUltimate Nomad ChecklistWeek 9

  9. IF YOU ARE TERMINATING BASED ON OFF-RECORD TITLE: REAL ESTATE BROKER: Preparing "Notice to Terminate" and "Earnest Money Release"
    If there is something relating to off-record title matters that is unacceptable to you, let your Real Estate Broker know as soon as possible and definitely before the Off-Record Title Objection Deadline so we can file a formal objection to title and protect your Earnest Money.

    Your choices are either to object and see what they offer as a possible resolution or if you are 100% certain that nothing would resolve it, you can terminate.

    If you'd like to object, your Real Estate Broker would prepare a "Title-Related Objection Notice".

    If you'd like to terminate, your Real Estate Broker would prepare a "Notice to Terminate" and "Earnest Money Release".

    Mark this task done once you've objected or if you don't plan to object to any off-record title matters.

    Contract Deadline: Off-Record Title Objection DeadlinePaperworkUltimate Nomad ChecklistWeek 9

  10. IF YOU ARE TERMINATING BASED ON OFF_RECORD TITLE: Sign "Notice to Terminate" and "Earnest Money Release" via DocuSign
    If there is something related to off-record title matters that is unacceptable to you and you are terminating your Real Estate Broker will prepare a "Notice to Terminate" and "Earnest Money Release" and send it over for you to sign via DocuSign.

    Sign it via DocuSign prior to your Off-Record Title Objection Deadline to protect your Earnest Money.

    Mark this task done when complete.

    Contract Deadline: Off-Record Title Objection DeadlinePaperworkUltimate Nomad ChecklistWeek 9

Contract Deadline: Title Resolution Deadline




These tasks are when you're under contract to buy the property and related to the Title Resolution Deadline in the "Contract to Buy and Sell Real Estate".

This deadline is typically a deadline when the Buyer has objected to something related to record title or off-record title matters. It is the deadline for the Buyer and the Seller to come to a resolution. If Buyer and Seller have not come to a resolution prior to this deadline, the "Contract To Buy And Sell Real Estate" terminates unless the Buyer withdraws their objection before the deadline.

If the Buyer and Seller has come to a resolution, it is usually done by either withdrawing the objection (if there is nothing changing in the contract) or signing an "Amend/Extend" amending the terms of the "Contract to Buy and Sell Real Estate" and simultaneously withdrawing the objection.

https://RealEstateFinancialPlanner.com/title-resolution-deadline/

  1. Complete "Title Resolution Deadline" checklist
    Complete the "Title Resolution Deadline" checklist:

    https://RealEstateFinancialPlanner.com/title-resolution-deadline/

    We often use "MEC + 20 Days" for this deadline in the "Contract to Buy and Sell Real Estate".

    Contract Deadline: Title Resolution DeadlineContract To Close: TitleUltimate Nomad ChecklistWeek 13

  2. IF YOU OBJECTED TO TITLE: REAL ESTATE BROKER: Negotiate terms of your resolution
    If you've objected to a title related issue (either record title or off-record title), then your Real Estate Broker (with your assistance) should be negotiating on your behalf to come to a resolution that is acceptable to you and the Seller.

    Contract Deadline: Title Resolution DeadlineUltimate Nomad ChecklistWeek 13

  3. IF YOU REACHED A RESOLUTION: REAL ESTATE BROKER: Prepare "Amend/Extend"
    If you've come to a resolution over the title objection you had, your Real Estate Broker should prepare an "Amend/Extend" to document the resolution and resolve your objection.

    Contract Deadline: Title Resolution DeadlineUltimate Nomad ChecklistWeek 13

  4. IF YOU REACHED A RESOLUTION: Sign "Amend/Extend" via DocuSign
    If you've come to a resolution over the title objection and your Real Estate Broker has prepared an "Amend/Extend" to document the resolution and resolve your objection, sign the "Amend/Extend" to continue with the purchase.

    Some Real Estate Brokers may also have you simultaneously withdraw your "Title-Related Objection Notice" by signing the bottom via DocuSign.

    Contract Deadline: Title Resolution DeadlineUltimate Nomad ChecklistWeek 13

  5. IF YOU REACHED A RESOLUTION: Save "Amend/Extend" to Dropbox
    Once you receive back a fully executed "Amend/Extend" save a copy to your property folder in Dropbox.

    You may also get a withdrawn version of your "Title-Related Objection Notice" to save to your Dropbox as well.

    Contract Deadline: Title Resolution DeadlineUltimate Nomad ChecklistWeek 13

  6. IF YOU WANT TO WITHDRAW YOUR OBJECTION: REAL ESTATE BROKER: Send "Title-Related Objection Notice" via DocuSign
    If you've decided to continue with the purchase and withdraw your record title or off-record title objection, your Real Estate Broker can send over the "Title-Related Objection Notice" you signed and have you sign the bottom that withdraws your objection before the Title Resolution Deadline to allow you to continue with the purchase.

    IMPORTANT NOTE: If you have not resolved the objection or withdrawn your objection prior to the Title Resolution Deadline, the "Contract to Buy and Sell Real Estate" will terminate. So, if you want to continue with the sale you need to do either one of these.

    Contract Deadline: Title Resolution DeadlineUltimate Nomad ChecklistWeek 13

  7. IF YOU WANT TO WITHDRAW YOUR OBJECTION: Sign withdrawal section of "Title-Related Objection Notice" via DocuSign
    If you've decided to continue with the purchase and withdraw your record title or off-record title objection, sign the withdrawal section at the bottom of the "Title-Related Objection Notice" when your Real Estate Broker sends it over via DocuSign.

    IMPORTANT NOTE: If you have not resolved the objection or withdrawn your objection prior to the Title Resolution Deadline, the "Contract to Buy and Sell Real Estate" will terminate. So, if you want to continue with the sale you need to do either one of these.

    Contract Deadline: Title Resolution DeadlineUltimate Nomad ChecklistWeek 13

  8. IF YOU WANT TO WITHDRAW YOUR OBJECTION: Save withdrawn version of "Title-Related Objection Notice" to Dropbox
    If you've withdrawn your objection by signing the bottom portion of your "Title-Related Objection Notice", save a copy of it to your property folder in Dropbox.

    Contract Deadline: Title Resolution DeadlineUltimate Nomad ChecklistWeek 13

  9. IF YOU HAVE NOT COME TO A RESOLUTION: REAL ESTATE BROKER: Prepare "Earnest Money Release" (and probably "Notice To Terminate")
    If you have not come to an acceptable resolution or withdrawn your "Title-Related Objection Notice" by the Title Resolution Deadline then your "Contract to Buy and Sell Real Estate" has terminated. However, most Real Estate Brokers will want to also prepare a formal "Notice To Terminate" as well out of an abundance of clarity.

    Your Real Estate Broker should prepare an "Earnest Money Release" (and probably a "Notice To Terminate") to get the Seller to agree to release your Earnest Money.

    Contract Deadline: Title Resolution DeadlineUltimate Nomad ChecklistWeek 13

  10. IF YOU HAVE NOT COME TO A RESOLUTION: Sign "Earnest Money Release" (and probably "Notice To Terminate") via DocuSign
    If you have not come to an acceptable resolution or withdrawn your "Title-Related Objection Notice" by the Title Resolution Deadline then your "Contract to Buy and Sell Real Estate" has terminated.

    Your Real Estate Broker should prepare and send over an "Earnest Money Release" (and probably "Notice To Terminate") to get the Seller to agree to release your Earnest Money to you via DocuSign.

    Sign the "Earnest Money Release" (and probably "Notice To Terminate") via DocuSign.

    Contract Deadline: Title Resolution DeadlineUltimate Nomad ChecklistWeek 13

  11. IF YOU HAVE NOT COME TO A RESOLUTION: Save "Earnest Money Release" (and probably "Notice To Terminate") to Dropbox
    Once you receive the signed copy of the "Earnest Money Release" (and probably "Notice To Terminate") back via DocuSign save a copy to your property folder in Dropbox.

    Once the Seller signs it, you can replace this copy with the fully executed version and provide a copy to the Earnest Money Holder to get your Earnest Money back.

    Contract Deadline: Title Resolution DeadlineUltimate Nomad ChecklistWeek 13

Contract Deadline: Right of First Refusal Deadline




These tasks are when you're under contract to buy the property and related to the Right of First Refusal Deadline in the "Contract to Buy and Sell Real Estate".

This is typically used when someone else has a right to buy the property and that right must be satisfied before you are allowed to buy the property.

One example would be a Seller accepts a contract from a Buyer (John) who needs to sell their home prior to be able to continue with the purchase. They agree that if another Buyer comes (Mary) along then John must either commit to buying and remove his contingency to sell his first or release his contract and allow Mary to buy the home.

https://RealEstateFinancialPlanner.com/right-of-first-refusal-deadline/

  1. Complete "Right of First Refusal Deadline" checklist
  2. IF SELLER NEEDS A RIGHT OF FIRST REFUSAL DEADLINE: Discuss with your Real Estate Broker
    If the Seller needs a Right of First Refusal Deadline to be included with your offer, discuss the details of this with your Real Estate Broker.

    Contract Deadline: Right of First Refusal DeadlineUltimate Nomad ChecklistWeek 13

Contract To Close: Owner's Association




These are the tasks in the Contract To Close checklists that are related to the owner's association related group of deadlines like the association documents deadline and the association documents objection deadline.

This is mostly an organization list of tasks to group related sub-checklists together.

https://RealEstateFinancialPlanner.com/owners-association/

  1. Complete "Contract To Close: Owner’s Association" checklist
  2. Complete "Association Documents Deadline" checklist
    Complete the "Association Documents Deadline" checklist:

    https://RealEstateFinancialPlanner.com/association-documents-deadline/

    We often use "MEC + 7 Days" for this deadline in the "Contract to Buy and Sell Real Estate" to give the Seller time to get you copies of the HOA documents.

    Contract Deadline: Association Documents DeadlineContract To Close: Owner's AssociationUltimate Nomad ChecklistWeek 13

  3. Complete "Association Documents Objection Deadline" checklist
    Complete the "Association Documents Objection Deadline" checklist:

    https://RealEstateFinancialPlanner.com/association-documents-objection-deadline/

    We often use "MEC + 14 Days" for this deadline in the "Contract to Buy and Sell Real Estate".

    Contract Deadline: Association Documents Objection DeadlineContract To Close: Owner's AssociationUltimate Nomad ChecklistWeek 13

Contract Deadline: Association Documents Deadline




These tasks are when you're under contract to buy the property and related to the Association Documents Deadline in the "Contract to Buy and Sell Real Estate".

This deadline relates to you receiving copies of the all the HOA documents.

https://RealEstateFinancialPlanner.com/association-documents-deadline/

  1. Complete "Association Documents Deadline" checklist
    Complete the "Association Documents Deadline" checklist:

    https://RealEstateFinancialPlanner.com/association-documents-deadline/

    We often use "MEC + 7 Days" for this deadline in the "Contract to Buy and Sell Real Estate" to give the Seller time to get you copies of the HOA documents.

    Contract Deadline: Association Documents DeadlineContract To Close: Owner's AssociationUltimate Nomad ChecklistWeek 13

  2. Receive a copy of the HOA documents
    The Seller (and their Real Estate Broker) should provide you a copy of the HOA documents by the Association Documents Deadline.

    As soon as your Real Estate Broker receives them from the Seller's Real Estate Broker, they will typically forward them to you to review.

    Contract Deadline: Association Documents DeadlineUltimate Nomad ChecklistWeek 13

  3. Save HOA documents to Dropbox
    Once you receive the HOA documents, save a copy of them to your property folder in Dropbox.

    Contract Deadline: Association Documents DeadlineUltimate Nomad ChecklistWeek 13

Contract Deadline: Association Documents Objection Deadline




These tasks are when you're under contract to buy the property and related to the Association Documents Objection Deadline in the "Contract to Buy and Sell Real Estate".

This deadline relates to you objecting to anything you might find in the HOA documents.

https://RealEstateFinancialPlanner.com/association-documents-objection-deadline/

  1. Complete "Association Documents Objection Deadline" checklist
    Complete the "Association Documents Objection Deadline" checklist:

    https://RealEstateFinancialPlanner.com/association-documents-objection-deadline/

    We often use "MEC + 14 Days" for this deadline in the "Contract to Buy and Sell Real Estate".

    Contract Deadline: Association Documents Objection DeadlineContract To Close: Owner's AssociationUltimate Nomad ChecklistWeek 13

  2. Review HOA documents
    Review the HOA documents sent over by the Seller.

    Highlight any sections you have questions about and write your questions in the margin. You can talk to the HOA directly with questions and/or your Attorney for advice.

    If you're OK with the HOA documents, there is nothing to do. If you're not OK with the HOA documents, you can terminate the contract prior to the Association Documents Objection Deadline.

    Contract Deadline: Association Documents Objection DeadlineUltimate Nomad ChecklistWeek 13

  3. Ask Attorney any questions about HOA documents
    If you have questions about any of your HOA documents and how it might impact your ability to use the property in the way you desire, you should talk to your Attorney to get legal advice and clarification.

    IMPORTANT NOTE: Your Real Estate Broker is not trained on how to read and interpret HOA documents and is not competent to be able to give you advice on them.

    Contract Deadline: Association Documents Objection DeadlineUltimate Nomad ChecklistWeek 13

  4. IF ASSOCIATION DOCS UNSATISFACTORY: Tell your Real Estate Broker you'd like to terminate
    If the something in the association documents is unsatisfactory to you, you have up until the Association Documents Objection Deadline to terminate the "Contract to Buy and Sell Real Estate" and get your Earnest Money back.

    If something is unsatisfactory, tell your Real Estate Broker right away to give them time to prepare your "Notice to Terminate" and "Earnest Money Release" and send them over for you to sign via DocuSign.

    Contract Deadline: Association Documents Objection DeadlineUltimate Nomad ChecklistWeek 13

  5. IF ASSOCIATION DOCS UNSATISFACTORY: REAL ESTATE BROKER: Prepare "Notice To Terminate" and "Earnest Money Release"
    If the something in the association documents is unsatisfactory to you, you have up until the Association Documents Objection Deadline to terminate the "Contract to Buy and Sell Real Estate" and get your Earnest Money back.

    If something is unsatisfactory, your Real Estate Broker will prepare your "Notice to Terminate" and "Earnest Money Release" and send them over for you to sign via DocuSign.

    Contract Deadline: Association Documents Objection DeadlineUltimate Nomad ChecklistWeek 13

  6. IF ASSOCIATION DOCS UNSATISFACTORY: Sign "Notice To Terminate" and "Earnest Money Release" via DocuSign
    Once your Real Estate Broker has sent you the "Notice To Terminate" and "Earnest Money Release" via DocuSign, sign it before the Association Documents Objection Deadline to protect your Earnest Money.

    Contract Deadline: Association Documents Objection DeadlineUltimate Nomad ChecklistWeek 13

  7. IF ASSOCIATION DOCS UNSATISFACTORY: Save "Notice To Terminate" and "Earnest Money Release" to Dropbox
    Once you've signed the "Notice To Terminate" and "Earnest Money Release" via DocuSign and received a copy back, save a copy to your property folder in Dropbox.

    Once you get them back signed from the Seller you'll replace your copies in Dropbox with the fully executed versions.

    Contract Deadline: Association Documents Objection DeadlineUltimate Nomad ChecklistWeek 13

Contract To Close: Seller's Property Disclosure




These are the tasks in the Contract To Close checklists that are related to the Sellers Property Disclosure Deadline.

https://RealEstateFinancialPlanner.com/sellers-property-disclosure/

  1. Complete "Contract To Close: Seller's Property Disclosure" checklist
    Complete the "Contract To Close: Seller's Property Disclosure" checklist:

    https://RealEstateFinancialPlanner.com/sellers-property-disclosure/

    Since the "Seller's Property Disclosure" is often provided even before we write the offer, it is not uncommon that we use "Completed" for the date of this deadline. However, if we have not received the "Seller's Property Disclosure" prior to writing the offer, we often use "MEC + 3 Days" so that you can ideally get a copy of the "Seller's Property Disclosure" prior to your inspection.

    This is especially important since there is not an objection for the "Seller's Property Disclosure"; you'd need to object based on your inspection if you found something at the property that you learned about via the "Seller's Property Disclosure".

    Contract Deadline: Seller's Property Disclosure DeadlineContract To CloseContract To Close: Seller's Property DisclosureSellers Property DisclosureUltimate Nomad ChecklistWeek 13

  2. Class Watch "Seller's Property Disclosure Case Studies" Recording of Live Class

Contract Deadline: Seller's Property Disclosure Deadline




These tasks are when you're under contract to buy the property and related to the Sellers Property Disclosure Deadline in the "Contract to Buy and Sell Real Estate".

This deadline relates to you receiving a copy of the Seller's Property Disclosure from the Seller.

https://RealEstateFinancialPlanner.com/sellers-property-disclosure/

  1. Complete "Contract To Close: Seller's Property Disclosure" checklist
    Complete the "Contract To Close: Seller's Property Disclosure" checklist:

    https://RealEstateFinancialPlanner.com/sellers-property-disclosure/

    Since the "Seller's Property Disclosure" is often provided even before we write the offer, it is not uncommon that we use "Completed" for the date of this deadline. However, if we have not received the "Seller's Property Disclosure" prior to writing the offer, we often use "MEC + 3 Days" so that you can ideally get a copy of the "Seller's Property Disclosure" prior to your inspection.

    This is especially important since there is not an objection for the "Seller's Property Disclosure"; you'd need to object based on your inspection if you found something at the property that you learned about via the "Seller's Property Disclosure".

    Contract Deadline: Seller's Property Disclosure DeadlineContract To CloseContract To Close: Seller's Property DisclosureSellers Property DisclosureUltimate Nomad ChecklistWeek 13

  2. Receive "Seller's Property Disclosure"
    Receive a copy of the "Seller's Property Disclosure" from the Seller.

    Typically we will send it over either with the offer or as soon as we receive it via DocuSign so you can sign it.

    Contract Deadline: Seller's Property Disclosure DeadlinePaperworkSellers Property DisclosureUltimate Nomad ChecklistWeek 13

  3. Sign "Seller's Property Disclosure" via DocuSign
    Initial each page and sign the "Seller's Property Disclosure" acknowledging that you received it when your Real Estate Broker sends it over via DocuSign.

    Contract Deadline: Seller's Property Disclosure DeadlinePaperworkSellers Property DisclosureUltimate Nomad ChecklistWeek 13

  4. Save "Seller's Property Disclosure" to Dropbox
    Save a copy of the "Seller's Property Disclosure" to your property folder in Dropbox.

    Contract Deadline: Seller's Property Disclosure DeadlinePaperworkSellers Property DisclosureUltimate Nomad ChecklistWeek 13

  5. Review "Seller's Property Disclosure"
    Read through the "Seller's Property Disclosure" for the property you're under contract on.

    You can't object specifically to the "Seller's Property Disclosure". If you want to object, it would probably be an objection under the property inspection provided you kept that objection in your "Contract to Buy and Sell Real Estate" when you negotiated your offer.

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

    Contract Deadline: Seller's Property Disclosure DeadlinePaperworkSellers Property DisclosureUltimate Nomad ChecklistWeek 13

  6. Bring "Seller's Property Disclosure" to inspection
    You'll want to bring a printed copy of the "Seller's Property Disclosure" to your inspection so that you and your inspector can look closer at any items that you have questions about.

    Contract Deadline: Seller's Property Disclosure DeadlinePaperworkSellers Property DisclosureUltimate Nomad ChecklistWeek 13

Contract To Close: Loan and Credit




These are the tasks in the Contract To Close checklists that are related to the loan group of deadlines like the loan application and objection deadlines. Plus, all the deadlines related to seller financing.

This is mostly an organization list of tasks to group related sub-checklists together.

https://RealEstateFinancialPlanner.com/loan-and-credit/

  1. Complete "Contract To Close: Loan and Credit" checklist
  2. Complete "Loan Application Deadline" checklist
    Complete the "Loan Application Deadline" checklist:

    https://RealEstateFinancialPlanner.com/loan-application-deadline/

    You'll usually apply for the loan prior to going out and looking at homes with your Real Estate Broker. However, your Lender will require an address to have a completed loan application. For the "Contract to Buy and Sell Real Estate" we typically use "MEC + 2 Business Days" to get your Lender a full, complete with address of the property, application.

    Contract Deadline: Loan Application DeadlineContract To Close: Loan and CreditFinancingUltimate Nomad ChecklistWeek 13

  3. Complete "Loan Objection Deadline" checklist
  4. Complete "Buyer’s Credit Information Deadline" checklist
  5. IF OWNER FINANCING: Hire Attorney to help
    If you're getting Owner Financing (also known as Seller Financing) please hire an Attorney to get help. Your Real Estate Broker is not qualified, trained or allowed to assist with Owner Financing.

    Contract Deadline: Buyer's Credit Information DeadlineContract To Close: Loan and CreditFinancingOwner FinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13

  6. Complete "Disapproval of Buyer’s Credit Information Deadline" checklist
  7. IF OWNER FINANCING: Hire Attorney to help
    If you're getting Owner Financing (also known as Seller Financing) please hire an Attorney to get help. Your Real Estate Broker is not qualified, trained or allowed to assist with Owner Financing.

    Contract Deadline: Disapproval of Buyer's Credit Information DeadlineContract To Close: Loan and CreditFinancingOwner FinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13

  8. Complete "Existing Loan Documents Deadline" checklist
  9. IF EXISTING LOAN REMAINING IN PLACE AFTER SALE: Hire Attorney to help
    If you're buying a property and the Seller's loan is remaining in place after the sale (also known as buying a property Subject To the existing financing) please hire an Attorney to get help. Your Real Estate Broker is not qualified, trained or allowed to assist with these types of transactions.

    Contract Deadline: Existing Loan Documents DeadlineContract To Close: Loan and CreditFinancingOwner FinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13

  10. Complete "Existing Loan Documents Objection Deadline" checklist
  11. IF EXISTING LOAN REMAINING IN PLACE AFTER SALE: Hire Attorney to help
    If you're buying a property and the Seller's loan is remaining in place after the sale (also known as buying a property Subject To the existing financing or assuming the loan) please hire an Attorney to get help. Your Real Estate Broker is not qualified, trained or allowed to assist with these types of transactions.

    Contract Deadline: Existing Loan Documents Objection DeadlineContract To Close: Loan and CreditFinancingOwner FinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13

  12. Complete "Loan Transfer Approval Deadline" checklist
  13. IF EXISTING LOAN REMAINING IN PLACE AFTER SALE: Hire Attorney to help
    If you're buying a property and the Seller's loan is remaining in place after the sale (also known as buying a property Subject To the existing financing or assuming the loan) please hire an Attorney to get help. Your Real Estate Broker is not qualified, trained or allowed to assist with these types of transactions.

    Contract Deadline: Loan Transfer Approval DeadlineContract To Close: Loan and CreditFinancingOwner FinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13

  14. Complete "Seller or Private Financing Deadline" checklist
  15. IF OWNER FINANCING: Hire Attorney to help
    If you're buying a property and you are getting Owner Financing or Private Financing please hire an Attorney to get help. Your Real Estate Broker is not qualified, trained or allowed to assist with these types of transactions.

    Contract Deadline: Seller or Private Financing DeadlineContract To Close: Loan and CreditFinancingOwner FinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13

Contract Deadline: Loan Application Deadline




These tasks are when you're under contract to buy the property and related to the Loan Application Deadline in the "Contract to Buy and Sell Real Estate".

This deadline relates to you formally applying to get your loan. Of course, you've probably done all of the steps for applying EXCEPT provide your Lender the address of the property prior to this point.

IMPORTANT NOTE: Your Lender is not a party to the "Contract to Buy and Sell Real Estate" (in other words they are not signing the contract at all. That means that if they don't show up with the money to fund the purchase at Closing, they are not in default... instead you, as the Buyer, are in default. So, make sure you have a Lender that you know will perform. It helps to use a Lender that your Real Estate Broker has worked with before and has showed up to Closing with funds for the Buyer to purchase.

https://RealEstateFinancialPlanner.com/loan-application-deadline/

  1. Complete "Loan Application Deadline" checklist
    Complete the "Loan Application Deadline" checklist:

    https://RealEstateFinancialPlanner.com/loan-application-deadline/

    You'll usually apply for the loan prior to going out and looking at homes with your Real Estate Broker. However, your Lender will require an address to have a completed loan application. For the "Contract to Buy and Sell Real Estate" we typically use "MEC + 2 Business Days" to get your Lender a full, complete with address of the property, application.

    Contract Deadline: Loan Application DeadlineContract To Close: Loan and CreditFinancingUltimate Nomad ChecklistWeek 13

  2. If you haven't already selected a Lender, ask Real Estate Broker for list of possible Lenders
    If you haven't already selected a Lender (which in most cases you will have at this point), then ask your Real Estate Broker to suggest 3 possible Lenders to contact for financing your home purchase based on the types of loans you're considering.

    You're welcome to use whichever Lender you choose (from the Real Estate Broker's recommendations or your own), however... you should realize that making sure your Lender performs if your responsibility.

    In other words, if your Lender does not show up on the day of closing with the money for whatever reason, you are still in default on the "Contract to Buy and Sell Real Estate" (not your Lender) and you are at risk of losing your Earnest Money (and specific performance in the unlikely event that box is checked on the "Contract to Buy and Sell Real Estate"). Another way of saying this is: your Lender is not a party to the "Contract to Buy and Sell Real Estate" and so they have no consequences in the "Contract to Buy and Sell Real Estate" if they don't perform.

    So, consider "testing" a new Lender carefully.

    ASAPContract Deadline: Loan Application DeadlineDream TeamDream Team - Pre-ClosingFinancingUltimate Nomad ChecklistWeek 2

  3. If you have not already done so, interview 3 Lenders
    If you have not already done so, talk to 3 Lenders to determine which one you'd like to use.

    Ask your Real Estate Broker for recommendations.

    Mark complete once you've talked to 3 Lenders of if you've already decided which Lender you plan to use.

    ASAPContract Deadline: Loan Application DeadlineDream TeamDream Team - Pre-ClosingFinancingUltimate Nomad ChecklistWeek 2

  4. If you have not done so already, determine your Lender
    Decide which Lender you will use to finance your purchase.

    You can ask your Real Estate Broker for recommendations.

    Mark this task complete once you've decided on a Lender to use.

    Analyzing DealsASAPContract Deadline: Loan Application DeadlineDream TeamDream Team - Pre-ClosingFinancingUltimate Nomad ChecklistWeek 2

  5. If you have not done so already, apply for loan with Lender
    Make an application to get qualified for a loan with the Lender you've decided you're going to use.

    Some people will opt to get quotes from multiple lenders. If you're going to do this, compare everyone on the same day so the rate is the same.

    Also, have the Lender you think is most likely to be the one you'll go with pull your credit and then tell the other Lenders you're comparing what your credit score is. If you decide to go with them, you'll let them pull your credit then.

    If you need a recommendation for a Lender ask your Real Estate Broker.

    Mark this task complete once you've applied for a loan and been approved with the Lender you plan to use.

    ASAPContract Deadline: Loan Application DeadlineFinancingUltimate Nomad ChecklistWeek 2Week 54

  6. If you haven't done so alreayd, send copy of "Contract to Buy and Sell Real Estate" to your Lender
    As soon as your "Contract to Buy and Sell Real Estate" is accepted, make sure your Lender has a copy so they can complete your application and start working on getting your financing approved and through under-writing.

    ASAPContract Deadline: Loan Application DeadlineFinancingUltimate Nomad ChecklistWeek 2Week 54

  7. Complete loan application with Lender
    Once you have an accepted offer, you'll need to complete the loan application with your Lender.

    Contract Deadline: Loan Application DeadlineFinancingUltimate Nomad ChecklistWeek 9

  8. Pay Lender for Appraisal
  9. If you haven't done so already, pay Lender for Appraisal
    If you have not already done so, pay your Lender for Appraisal so they can order it.

    Contract Deadline: Appraisal DeadlineContract Deadline: Loan Application DeadlineFinancingUltimate Nomad ChecklistWeek 9

Contract Deadline: Loan Objection Deadline




These tasks are when you're under contract to buy the property and related to the Loan Objection Deadline in the "Contract to Buy and Sell Real Estate".

This deadline relates to your right to be able to terminate if you're not able to get an acceptable loan.

https://RealEstateFinancialPlanner.com/loan-objection-deadline/

  1. Complete "Loan Objection Deadline" checklist
  2. Provide Lender all financial documents
    Your Lender will undoubtedly want a plethora of financial documents.

    Mark this task complete once you've provided them all to your Lender.

    Contract Deadline: Loan Objection DeadlineFinancingUltimate Nomad ChecklistWeek 9

  3. Consider ARM versus fixed-rate mortgages
    In all but a small number of cases, we recommend fixed-rate 30 year mortgages for Nomads.

    However, there are two situations we'd consider ARMs.

    First, if you're buying the property and are 100% positive you're going to be putting a Tenant-Buyer in the property and you will be out of the property before the mortgage will adjust, then you can consider using an ARM.

    Second, if you're buying the property with partners and the only loan you can get with the partnership is an ARM then you can also consider an ARM. However, in this case you probably should be putting a Tenant-Buyer in the property so it probably still falls under the first reason above.

    Interest rates for ARMs (Adjustable Rate Mortgages) tend to be a little lower than the interest rates on fixed-rate 30 year mortgages. But the ARM interest rates can adjust over time causing much higher monthly payments and significant negative cash flow after the interest rate adjusts. This adds additional risk that you could have opted not to take on.

    Mark this task as complete if you have decided to get fixed-rate mortgage or an ARM.

    Analyzing DealsCash FlowContract Deadline: Loan Objection DeadlineFinancingNet Operating IncomeOptionalTenant-BuyersUltimate Nomad ChecklistWeek 10

  4. Discuss monthly PMI versus up-front PMI with Lender
    Often for Nomads it is better to pay a one-time up front PMI (Private Mortgage Insurance) payment instead of monthly PMI on their loans.

    This may mean coming to Closing with a little more cash.

    Sometimes it means voluntarily raising your interest rate with your Lender to get a credit to pay for some or all of the up-front PMI.

    Discuss these two scenarios with your Lender to see which one makes more sense to you.

    Mark this task complete once you've discussed this with your Lender and decided which you'll pick.

    Analyzing DealsCash FlowContract Deadline: Loan Objection DeadlineFinancingInterest RateNet Operating IncomeOptionalPrivate Mortgage InsuranceUltimate Nomad ChecklistWeek 10

  5. Consider buying down interest rate
    Talk to your Lender to see if buying down your interest rate makes sense in your specific situation.

    Sometimes, especially if you have extra cash and you plan to hold the property for a long time, it makes sense to pay additional points to get a lower interest rate.

    Mark this task complete once you've talked to your Lender about these options, analyzed them yourself and decided to buy down your interest rate or not.

    Analyzing DealsCash FlowContract Deadline: Loan Objection DeadlineFinancingInterest RateNet Operating IncomeOptionalUltimate Nomad ChecklistWeek 10

  6. Consider increasing down payment
    Sometimes if you have extra cash for down payment it might make sense to increase down payment.

    We often consider this as an alternative to to paying up-front PMI or buying down the interest rate. If we're putting less than 20% down, one way to lower our monthly payment is to put more down to get rid of PMI instead of paying the PMI up-front.

    Mark this task as complete when you've talked to your Lender about using a larger down payment and decided whether you will or not.

    Analyzing DealsCash FlowContract Deadline: Loan Objection DeadlineDown PaymentFinancingInterest RateNet Operating IncomeOptionalUltimate Nomad ChecklistWeek 10

Contract Deadline: Buyer's Credit Information Deadline




These tasks are when you're under contract to buy the property and related to the Buyer's Credit Information Deadline in the "Contract to Buy and Sell Real Estate".

This deadline relates to proving the Seller with your credit information in the case where you're getting Owner Financing. It is rarely used and if you intend to get Owner Financing you'll want to hire an Attorney for assistance since Real Estate Brokers are not qualified or trained to do this and not allowed to assist with this.

https://RealEstateFinancialPlanner.com/buyers-credit-information-deadline/

  1. Complete "Buyer’s Credit Information Deadline" checklist
  2. IF OWNER FINANCING: Hire Attorney to help
    If you're getting Owner Financing (also known as Seller Financing) please hire an Attorney to get help. Your Real Estate Broker is not qualified, trained or allowed to assist with Owner Financing.

    Contract Deadline: Buyer's Credit Information DeadlineContract To Close: Loan and CreditFinancingOwner FinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13

Contract Deadline: Disapproval of Buyer's Credit Information Deadline




These tasks are when you're under contract to buy the property and related to the Disapproval of Buyer's Credit Information Deadline in the "Contract to Buy and Sell Real Estate".

This deadline relates to the Seller's right to approve or disapprove of your credit information in the case where you're getting Owner Financing. It is rarely used and if you intend to get Owner Financing you'll want to hire an Attorney for assistance since Real Estate Brokers are not qualified or trained to do this and not allowed to assist with this.

https://RealEstateFinancialPlanner.com/disapproval-of-buyers-credit-information-deadline/

  1. Complete "Disapproval of Buyer’s Credit Information Deadline" checklist
  2. IF OWNER FINANCING: Hire Attorney to help
    If you're getting Owner Financing (also known as Seller Financing) please hire an Attorney to get help. Your Real Estate Broker is not qualified, trained or allowed to assist with Owner Financing.

    Contract Deadline: Disapproval of Buyer's Credit Information DeadlineContract To Close: Loan and CreditFinancingOwner FinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13

Contract Deadline: Existing Loan Documents Deadline




These tasks are when you're under contract to buy the property and related to the Existing Loan Documents Deadline in the "Contract to Buy and Sell Real Estate".

This deadline relates to the Seller's obligation to provide you copies of the existing loan documents if the Seller's loan will remain in place after Closing. It is rarely used and if you intend to buy a property where the loan remains in place after Closing you'll want to hire an Attorney for assistance since Real Estate Brokers are not qualified or trained to do this and not allowed to assist with this.

https://RealEstateFinancialPlanner.com/existing-loan-documents-deadline/

  1. Complete "Existing Loan Documents Deadline" checklist
  2. IF EXISTING LOAN REMAINING IN PLACE AFTER SALE: Hire Attorney to help
    If you're buying a property and the Seller's loan is remaining in place after the sale (also known as buying a property Subject To the existing financing) please hire an Attorney to get help. Your Real Estate Broker is not qualified, trained or allowed to assist with these types of transactions.

    Contract Deadline: Existing Loan Documents DeadlineContract To Close: Loan and CreditFinancingOwner FinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13

Contract Deadline: Existing Loan Documents Objection Deadline




These tasks are when you're under contract to buy the property and related to the Existing Loan Documents Objection Deadline in the "Contract to Buy and Sell Real Estate".

This deadline relates to the Buyer's right to approve or disapprove of the Seller's existing loan documents in the case where you're leaving the Seller's loan in place after Closing. It is rarely used and if you intend to buy where the Seller's loan will remain in place after Closing you'll want to hire an Attorney for assistance since Real Estate Brokers are not qualified or trained to do this and not allowed to assist with this.

https://RealEstateFinancialPlanner.com/existing-loan-documents-objection-deadline/

  1. Complete "Existing Loan Documents Objection Deadline" checklist
  2. IF EXISTING LOAN REMAINING IN PLACE AFTER SALE: Hire Attorney to help
    If you're buying a property and the Seller's loan is remaining in place after the sale (also known as buying a property Subject To the existing financing or assuming the loan) please hire an Attorney to get help. Your Real Estate Broker is not qualified, trained or allowed to assist with these types of transactions.

    Contract Deadline: Existing Loan Documents Objection DeadlineContract To Close: Loan and CreditFinancingOwner FinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13

Contract Deadline: Loan Transfer Approval Deadline




These tasks are when you're under contract to buy the property and related to the Loan Transfer Approval Deadline in the "Contract to Buy and Sell Real Estate".

This deadline relates to getting approval from the Seller's lender in the case where you're leaving the Seller's loan in place after Closing. It is rarely used and if you intend to buy where the Seller's loan will remain in place after Closing you'll want to hire an Attorney for assistance since Real Estate Brokers are not qualified or trained to do this and not allowed to assist with this.

https://RealEstateFinancialPlanner.com/loan-transfer-approval-deadline/

  1. Complete "Loan Transfer Approval Deadline" checklist
  2. IF EXISTING LOAN REMAINING IN PLACE AFTER SALE: Hire Attorney to help
    If you're buying a property and the Seller's loan is remaining in place after the sale (also known as buying a property Subject To the existing financing or assuming the loan) please hire an Attorney to get help. Your Real Estate Broker is not qualified, trained or allowed to assist with these types of transactions.

    Contract Deadline: Loan Transfer Approval DeadlineContract To Close: Loan and CreditFinancingOwner FinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13

Contract Deadline: Seller or Private Financing Deadline




These tasks are when you're under contract to buy the property and related to the Seller or Private Financing Deadline in the "Contract to Buy and Sell Real Estate".

This deadline relates to working out the terms of the Seller or Private Financing. It is rarely used and if you intend to get Owner Financing you'll want to hire an Attorney for assistance since Real Estate Brokers are not qualified or trained to do this and not allowed to assist with this.

https://RealEstateFinancialPlanner.com/seller-or-private-financing-deadline/

  1. Complete "Seller or Private Financing Deadline" checklist
  2. IF OWNER FINANCING: Hire Attorney to help
    If you're buying a property and you are getting Owner Financing or Private Financing please hire an Attorney to get help. Your Real Estate Broker is not qualified, trained or allowed to assist with these types of transactions.

    Contract Deadline: Seller or Private Financing DeadlineContract To Close: Loan and CreditFinancingOwner FinancingUltimate Nomad ChecklistWeek 10Week 11Week 12Week 13

Contract To Close: Appraisal




These are the tasks in the Contract To Close checklists that are related to the appraisal group of deadlines like the Appraisal Deadline, Appraisal Objection Deadline and the Appraisal Resolution Deadline.

This is mostly an organization list of tasks to group related sub-checklists together.

https://RealEstateFinancialPlanner.com/appraisal/

  1. Complete "Contract To Close: Appraisal" checklist
  2. Complete "Appraisal Deadline" checklist
  3. Complete "Appraisal Objection Deadline" checklist
  4. Complete "Appraisal Resolution Deadline" checklist

Contract Deadline: Appraisal Deadline




These tasks are when you're under contract to buy the property and related to the Appraisal Deadline in the "Contract to Buy and Sell Real Estate".

This deadline relates to your deadline to have your appraisal done and back. Since the appraiser is not a party to the contract you are responsible for making sure you order the appraisal in time from an appraiser that will have the appraisal done in time to meet this deadline. Talk with your Lender and Real Estate Broker to make sure you're on track to do this.

We typically use "MEC + 25 Days" as the date for the Appraisal Deadline.

https://RealEstateFinancialPlanner.com/appraisal-deadline/

  1. Complete "Appraisal Deadline" checklist
  2. If you haven't done so already, pay Lender for Appraisal
    If you have not already done so, pay your Lender for Appraisal so they can order it.

    Contract Deadline: Appraisal DeadlineContract Deadline: Loan Application DeadlineFinancingUltimate Nomad ChecklistWeek 9

  3. Authorize Lender to order Appraisal
    Since you're almost always paying for the Appraisal you will need to authorize your Lender to order the Appraisal.

    IMPORTANT NOTE: If you're concerned about what you might find at the inspection and may be terminating your contract on inspection, you should discuss with your Lender and Real Estate Broker delaying your Appraisal so you do not have to pay for an Appraisal on a property you are not going to buy.

    Mark this task complete once you've authorized your Lender to order the appraisal and provided them all the forms and payment information they need to do so.

    Contract Deadline: Appraisal DeadlineFinancingUltimate Nomad ChecklistWeek 9

  4. REAL ESTATE BROKER: Check with Lender to make sure Appraisal has been ordered
    Your Real Estate Broker should be checking in with the Lender to make sure your Lender has ordered the Appraisal.

    Contract Deadline: Appraisal DeadlineFinancingUltimate Nomad ChecklistWeek 9

  5. REAL ESTATE BROKER: Check with Lender and/or Seller's Real Estate Broker to make sure Appraiser has visited property
    Your Real Estate Broker should check with the Lender and/or the Seller's Real Estate Broker to make sure the Appraisal has visited the property to complete their Appraisal.

    This is a proactive step in case it looks like you might not make the Appraisal Deadline and we'd need to negotiate with the Seller to see if we can extend that deadline.

    Contract Deadline: Appraisal DeadlineFinancingUltimate Nomad ChecklistWeek 9

  6. Receive Appraisal from Lender
    Once the Appraisal is complete and has gone through your Lender's underwriting review, they should give you a copy and let you know if the property has appraised for Purchase Price or not.

    Contract Deadline: Appraisal DeadlineFinancingUltimate Nomad ChecklistWeek 9

  7. REAL ESTATE BROKER: Receive Appraisal info from Lender
    Once the Appraisal is complete and has gone through your Lender's underwriting review, your Lender should communicate with your Real Estate Broker to let us know if the property appraised or not.

    While some Buyers send us copies of the Appraisal, Lender typically do not automatically send a copy of your Appraisal to your Real Estate Broker.

    Contract Deadline: Appraisal DeadlineFinancingUltimate Nomad ChecklistWeek 9

Contract Deadline: Appraisal Objection Deadline




These tasks are when you're under contract to buy the property and related to the Appraisal Objection Deadline in the "Contract to Buy and Sell Real Estate".

This deadline relates to your deadline to object if the Appraisal you had done does not support your Purchase Price.

If this happens, it is important to discuss your options with your Real Estate Broker. Options may include: terminating your contract, negotiating with Seller to make up all or part of the difference (which may or not happen) or, you making up the difference and continuing with the purchase.

We typically use "MEC + 27 Days" as the date for the Appraisal Objection Deadline.

https://RealEstateFinancialPlanner.com/appraisal-objection-deadline/

  1. Complete "Appraisal Objection Deadline" checklist
  2. Review Appraisal
    When you get the Appraisal from the Lender, review it. If you have questions, discuss it with the Lender and/or your Real Estate Broker.

    Contract Deadline: Appraisal Objection DeadlineUltimate Nomad ChecklistWeek 13

  3. IF NOT OBJECTING TO APPRAISAL: Continue with purchase
    If the property appraised for at least the Purchase Price or you will make up the difference between what it appraised for and the Purchase Price, you can ignore this deadline and continue with the purchase.

    Contract Deadline: Appraisal Objection DeadlineUltimate Nomad ChecklistWeek 13

  4. IF OBJECTING TO APPRAISAL: REAL ESTATE BROKER: Prepare "Appraised Value Objection Notice"
    If the property appraised for less than Purchase Price and you want to object to the Appraisal, ask your Real Estate Broker to prepare an "Appraised Value Objection Notice" to protect your Earnest Money.

    Contract Deadline: Appraisal Objection DeadlineUltimate Nomad ChecklistWeek 13

  5. IF OBJECTING TO APPRAISAL: Sign "Appraised Value Objection Notice" via DocuSign
    If the property appraised for less than Purchase Price and you want to object to the Appraisal sign the "Appraised Value Objection Notice" via DocuSign before the Appraisal Objection Deadline to protect your Earnest Money.

    Contract Deadline: Appraisal Objection DeadlineUltimate Nomad ChecklistWeek 13

  6. IF OBJECTING TO APPRAISAL: Save "Appraised Value Objection Notice" to Dropbox
    Once you sign the "Appraised Value Objection Notice" via DocuSign save a copy to your property folder in Dropbox.

    Contract Deadline: Appraisal Objection DeadlineUltimate Nomad ChecklistWeek 13

  7. IF TERMINATING BASED ON APPRAISAL: REAL ESTATE BROKER: Prepare "Notice To Terminate" and "Earnest Money Release"
    If the property appraised for less than Purchase Price and you want to terminate based on Appraisal, ask your Real Estate Broker to prepare a "Notice To Terminate" and "Earnest Money Release" before the Appraisal Objection Deadline to protect your Earnest Money.

    Contract Deadline: Appraisal Objection DeadlineUltimate Nomad ChecklistWeek 13

  8. IF TERMINATING BASED ON APPRAISAL: Sign "Notice To Terminate" and "Earnest Money Release" via DocuSign
    If the property appraised for less than Purchase Price and you want to terminate based on Appraisal sign the "Notice To Terminate" and "Earnest Money Release" via DocuSign before the Appraisal Objection Deadline to protect your Earnest Money.

    Contract Deadline: Appraisal Objection DeadlineUltimate Nomad ChecklistWeek 13

  9. IF TERMINATING BASED ON APPRAISAL: Save "Notice To Terminate" and "Earnest Money Release" to Dropbox
    Once you sign the "Notice To Terminate" and "Earnest Money Release" via DocuSign save a copy of them to your property folder in Dropbox. Once you get them back signed from the Seller, replace your copies with the fully executed copies in your property folder in Dropbox.

    Contract Deadline: Appraisal Objection DeadlineUltimate Nomad ChecklistWeek 13

Contract Deadline: Appraisal Resolution Deadline




These tasks are when you're under contract to buy the property and related to the Appraisal Resolution Deadline in the "Contract to Buy and Sell Real Estate".

This deadline relates to your deadline to come to an agreement with the Seller when you object if the Appraisal you had done does not support your Purchase Price.

We typically use "MEC + 28 Days" as the date for the Appraisal Resolution Deadline.

https://RealEstateFinancialPlanner.com/appraisal-resolution-deadline/

  1. Complete "Appraisal Resolution Deadline" checklist
  2. REAL ESTATE BROKER: Negotiate on your behalf regarding Appraisal
    If you've objected to the Appraisal, your Real Estate Broker should negotiate on your behalf to find an acceptable compromise to the property appraising lower than Purchase Price.

    Contract Deadline: Appraisal Resolution DeadlineUltimate Nomad ChecklistWeek 13

  3. IF RESOLVED: REAL ESTATE BROKER: Prepare "Amend/Extend" and withdraw "Appraised Value Objection Notice"
    If you've come to a resolution regarding your Appraisal, then your Real Estate Broker should prepare an "Amend/Extend" to the "Contract to Buy and Sell Real Estate" to document the resolution and prepare your "Appraised Value Objection Notice" to have you withdraw it so your contract does not terminate.

    Contract Deadline: Appraisal Resolution DeadlineUltimate Nomad ChecklistWeek 13

  4. IF RESOLVED: Sign "Amend/Extend" and "Appraised Value Objection Notice" withdrawal via DocuSign
    If you've come to a resolution regarding your Appraisal, then sign the "Amend/Extend" to the "Contract to Buy and Sell Real Estate" to document the resolution and sign the withdrawal section of the "Appraised Value Objection Notice" via DocuSign.

    Contract Deadline: Appraisal Resolution DeadlineUltimate Nomad ChecklistWeek 13

  5. IF RESOLVED: Save "Amend/Extend" and "Appraised Value Objection Notice" withdrawal to Dropbox
    Save the "Amend/Extend" to the "Contract to Buy and Sell Real Estate" and withdrawn "Appraised Value Objection Notice" that you signed via DocuSign to your property folder in Dropbox.

    You'll replace the "Amend/Extend" with the copy signed by both you and the Seller once the Seller signs it.

    Contract Deadline: Appraisal Resolution DeadlineUltimate Nomad ChecklistWeek 13

Contract To Close: Survey




These are the tasks in the Contract To Close checklists that are related to the survey group of deadlines like the New ILC or New Survey Deadline, New ILC or New Survey Objection Deadline and New ILC or New Survey Resolution Deadline.

This is mostly an organization list of tasks to group related sub-checklists together.

https://RealEstateFinancialPlanner.com/survey/

  1. Complete "Contract To Close: Survey" checklist
  2. Complete "New ILC or New Survey Deadline" checklist
  3. Complete "New ILC or New Survey Objection Deadline" checklist
  4. Complete "New ILC or New Survey Resolution Deadline" checklist

Contract Deadline: New ILC or New Survey Deadline




These tasks are when you're under contract to buy the property and related to the New ILC or New Survey Deadline in the "Contract to Buy and Sell Real Estate".

This deadline relates to your deadline to get a new Improvement Location Certificate (ILC) or new survey on the property you're purchasing.

We typically use "MEC + 21 Days" as the date for the New ILC or New Survey Deadline.

https://RealEstateFinancialPlanner.com/new-ilc-or-new-survey-deadline/

  1. Complete "New ILC or New Survey Deadline" checklist
  2. IF SELLER IS TO PROVIDE: REAL ESTATE BROKER: Coordinate with Seller and Seller's Real Estate Broker to get new ILC or new survey
    If in your "Contract to Buy and Sell Real Estate" we negotiated to have the Seller provide a new ILC or a new survey, we will coordinate with the Seller and/or Seller's Real Estate Broker to get you a copy of the new ILC or new survey.

    It is somewhat unusual to have a Seller agree to pay for a new ILC or new survey.

    Contract Deadline: New ILC or New Survey DeadlineUltimate Nomad ChecklistWeek 13

  3. IF YOU ARE ORDERING ILC OR SURVEY: REAL ESTATE BROKER: Provide you with a list of Surveyors
    If in your "Contract to Buy and Sell Real Estate" we agreed that you would order and pay for an ILC or survey if you wanted or needed one, then we would provide you with a list of possible Surveyors for you to consider using to get your new ILC or new survey.

    Contract Deadline: New ILC or New Survey DeadlineUltimate Nomad ChecklistWeek 13

  4. IF YOU ARE ORDERING ILC OR SURVEY: Order and pay for new ILC or new survey
    If in your "Contract to Buy and Sell Real Estate" we agreed that you would order and pay for an ILC or survey if you wanted or needed one, then you would order and pay for a new ILC or new survey.

    If you're buying a home in a subdivision, it is unusual to order an ILC or survey but you have the right to do so.

    Contract Deadline: New ILC or New Survey DeadlineUltimate Nomad ChecklistWeek 13

Contract Deadline: New ILC or New Survey Objection Deadline




These tasks are when you're under contract to buy the property and related to the New ILC or New Survey Objection Deadline in the "Contract to Buy and Sell Real Estate".

This deadline relates to your deadline to object to information in the new Improvement Location Certificate (ILC) or new survey on the property you're purchasing.

We typically use "MEC + 24 Days" as the date for the New ILC or New Survey Objection Deadline.

https://RealEstateFinancialPlanner.com/new-ilc-or-new-survey-objection-deadline/

  1. Complete "New ILC or New Survey Objection Deadline" checklist
  2. Review ILC or survey and ask Surveyor or Attorney questions
    Review the ILC or survey.

    Your Real Estate Broker does not receive training on ILCs or surveys and so they are not qualified to interpret them or answer questions. If you have questions about them please ask the surveyor and/or your Attorney.

    Contract Deadline: New ILC or New Survey Objection DeadlineUltimate Nomad ChecklistWeek 13

  3. IF OBJECTING TO ILC OR SURVEY: REAL ESTATE BROKER: Prepare "Title-Related Objection Notice"
    If you're objecting to something related to your ILC or survey, we would prepare a "Title-Related Objection Notice" for you to sign.

    This must be done prior to the New ILC or New Survey Objection Deadline to protect your Earnest Money.

    Contract Deadline: New ILC or New Survey Objection DeadlineUltimate Nomad ChecklistWeek 13

  4. IF OBJECTING TO ILC OR SURVEY: Sign "Title-Related Objection Notice" via DocuSign
    If you're objecting to something related to your ILC or survey sign the "Title-Related Objection Notice" via DocuSign to protect your Earnest Money.

    This must be signed and delivered to the Seller and/or Seller's Real Estate Broker prior to the New ILC or New Survey Objection Deadline to protect your Earnest Money.

    Contract Deadline: New ILC or New Survey Objection DeadlineUltimate Nomad ChecklistWeek 13

  5. IF OBJECTING TO ILC OR SURVEY: Save "Title-Related Objection Notice" to Dropbox
    Once you've signed the "Title-Related Objection Notice" via DocuSign to protect your Earnest Money, save a copy of it to your property folder in Dropbox.

    Contract Deadline: New ILC or New Survey Objection DeadlineUltimate Nomad ChecklistWeek 13

  6. IF TERMINATING BASED ON ILC OR SURVEY: REAL ESTATE BROKER: Prepare "Notice To Terminate" and "Earnest Money Release"
    If you're terminating based on something related to your ILC or survey, we would prepare a "Notice To Terminate" and "Earnest Money Release" for you to sign.

    This must be done prior to the New ILC or New Survey Objection Deadline to protect your Earnest Money.

    Contract Deadline: New ILC or New Survey Objection DeadlineUltimate Nomad ChecklistWeek 13

  7. IF TERMINATING BASED ON ILC OR SURVEY: Sign "Notice To Terminate" and "Earnest Money Release" via DocuSign
    If you're terminating based on something related to your ILC or survey, sign the "Notice To Terminate" and "Earnest Money Release" when your Real Estate Broker sends it over.

    This must be done prior to the New ILC or New Survey Objection Deadline to protect your Earnest Money.

    Contract Deadline: New ILC or New Survey Objection DeadlineUltimate Nomad ChecklistWeek 13

  8. IF TERMINATING BASED ON ILC OR SURVEY: Save "Notice To Terminate" and "Earnest Money Release" to Dropbox
    Once you've signed the "Notice To Terminate" and "Earnest Money Release", save copies to your property folder in Dropbox.

    You will replace them in Dropbox when the Seller signs them and you receive your final copy.

    Contract Deadline: New ILC or New Survey Objection DeadlineUltimate Nomad ChecklistWeek 13

Contract Deadline: New ILC or New Survey Resolution Deadline




These tasks are when you're under contract to buy the property and related to the New ILC or New Survey Resolution Deadline in the "Contract to Buy and Sell Real Estate".

This deadline relates to your deadline to come to an agreement with the Seller if you've objected to information in the Improvement Location Certificate (ILC) or survey on the property you're purchasing.

We typically use "MEC + 27 Days" as the date for the New ILC or New Survey Resolution Deadline.

https://RealEstateFinancialPlanner.com/new-ilc-or-new-survey-resolution-deadline/

  1. Complete "New ILC or New Survey Resolution Deadline" checklist
  2. REAL ESTATE BROKER: Negotiate on your behalf regarding ILC or survey
    If you've objected to the ILC or survey, your Real Estate Broker should negotiate on your behalf to find an acceptable compromise.

    If you've objected and do you withdraw the objection prior to the New ILC or New Survey Resolution Deadline, the contract terminates by default. So, discuss with your Real Estate Broker if you want to continue with the purchase and you have not come to a resolution prior to this deadline. Give your Real Estate Broker enough time for you to withdraw your objection prior to this deadline if you want to continue and not terminate.

    Contract Deadline: New ILC or New Survey Resolution DeadlineUltimate Nomad ChecklistWeek 13

  3. IF RESOLVED: REAL ESTATE BROKER: Prepare "Amend/Extend" and withdraw "Title-Related Objection Notice"
    If you've come to a resolution regarding your ILC or survey, then your Real Estate Broker should prepare an "Amend/Extend" to the "Contract to Buy and Sell Real Estate" to document the resolution and prepare your “Title-Related Objection Notice” to have you withdraw it so your contract does not terminate.

    Contract Deadline: New ILC or New Survey Resolution DeadlineUltimate Nomad ChecklistWeek 13

  4. IF RESOLVED: Sign "Amend/Extend" and "Title-Related Objection Notice" withdrawal via DocuSign
    If you've come to a resolution regarding your Appraisal, then sign the "Amend/Extend" to the "Contract to Buy and Sell Real Estate" to document the resolution and sign the withdrawal section of the "Title-Related Objection Notice" via DocuSign.

    Contract Deadline: New ILC or New Survey Resolution DeadlineUltimate Nomad ChecklistWeek 13

  5. IF RESOLVED: Save "Amend/Extend" and "Title-Related Objection Notice" withdrawal to Dropbox
    Save the "Amend/Extend" to the "Contract to Buy and Sell Real Estate" and withdrawn "Title-Related Objection Notice" that you signed via DocuSign to your property folder in Dropbox.

    You'll replace the "Amend/Extend" with the copy signed by both you and the Seller once the Seller signs it.

    Contract Deadline: New ILC or New Survey Resolution DeadlineUltimate Nomad ChecklistWeek 13

Contract To Close: Inspection and Due Diligence




These are the tasks in the Contract To Close checklists that are related to the inspection and due diligence group of deadlines like the deadlines for having your inspection done and objecting and coming to a resolution. Plus, deadlines for insurance, receiving due diligence documents, objecting to them and coming to a resolution regarding them. Finally, it also includes the deadline if you must sell a property before buying a new property.

This is mostly an organization list of tasks to group related sub-checklists together.

https://RealEstateFinancialPlanner.com/inspection-and-due-diligence/

  1. Complete "Contract To Close: Inspection and Due Diligence" checklist
  2. Class Watch "Negotiating Win-Win Inspections for Maximum Benefit" Recording of Live Class
    Watch the recording of the live presentation of "Negotiating Win-Win Inspections for Maximum Benefit" available on:

    https://RealEstateFinancialPlanner.com/property-inspection-classes/

    ClassesContract To Close: Inspection and Due DiligenceInspectionUltimate Nomad ChecklistWeek 8

  3. Complete "Inspection Objection Deadline" checklist
  4. Complete "Inspection Resolution Deadline" checklist
  5. Complete "Property Insurance Objection Deadline" checklist
  6. Complete "Due Diligence Documents Delivery Deadline" checklist
  7. Complete "Due Diligence Documents Objection Deadline" checklist
  8. Complete "Due Diligence Documents Resolution Deadline" checklist
  9. Complete "Conditional Sale Deadline" checklist

Contract Deadline: Inspection Objection Deadline




These tasks are when you're under contract to buy the property and related to the Inspection Objection Deadline in the "Contract to Buy and Sell Real Estate".

This deadline relates to your deadline to have the property inspected and object if you find something unacceptable.

We typically use "MEC + 10 Days" as the date for the Inspection Objection Deadline.

https://RealEstateFinancialPlanner.com/inspection-objection-deadline/

  1. Complete "Inspection Objection Deadline" checklist
  2. Review "Negotiating Win-Win Inspections for Maximum Benefit" Recording of Live Class
    If you have not done so recently, review the recording of the live presentation of "Negotiating Win-Win Inspections for Maximum Benefit" available on:

    https://RealEstateFinancialPlanner.com/property-inspection-classes/

    Contract Deadline: Inspection Objection DeadlineInspectionUltimate Nomad ChecklistWeek 8

  3. Determine Rent Comps
    Now that you're under contract, it is time to double check rents for the property so you can object using the Inspection Objection if rents will not work for you.

    Research comparable rental property rent rates.

    We are testing a subscription service that provides rental comps, so ask your Real Estate Broker to pull a report on your property to see what rent comps are from that service.

    You may also want to contact your Property Manager if you're going to use one to get an idea of what they think rents would be.

    Mark this task done when complete.

    Contract Deadline: Inspection Objection DeadlineInspectionUltimate Nomad ChecklistWeek 8

  4. REAL ESTATE BROKER: Provide you a list of Home Inspectors
    Your Real Estate Broker should provide you with a list of Home Inspectors. You can use whoever you wish including Home Inspectors not on the recommended list.

    ASAPContract Deadline: Inspection Objection DeadlineDream TeamDream Team - Pre-ClosingInspectionUltimate Nomad ChecklistWeek 61Week 9

  5. Determine your Home Inspector
    Determine who you will use to inspect your new property when you go under contract.

    Ask your Real Estate Broker for a recommendation.

    Mark this task complete when you've decided which Home Inspector you'll use when you go under contract.

    ASAPContract Deadline: Inspection Objection DeadlineDream TeamDream Team - Pre-ClosingInspectionUltimate Nomad ChecklistWeek 61Week 9

  6. Decide whether to do a Radon Test or not
    After you go under contract decide whether you will do a Radon Test as part of your inspection on the property.

    Mark this task complete when you decide.

    Contract Deadline: Inspection Objection DeadlineInspectionUltimate Nomad ChecklistWeek 61Week 9

  7. Determine your Radon Testing Company
    Determine who you will use to test for radon once you have a property under contract. Often this is the same person you selected as your Home Inspector.

    Ask your Real Estate Broker or Home Inspector for a recommendation.

    Mark this task complete once you've decided which Radon Testing Company you'll use.

    Contract Deadline: Inspection Objection DeadlineDream TeamDream Team - Pre-ClosingInspectionOptionalUltimate Nomad ChecklistWeek 61Week 9

  8. Hire Radon Test Company to perform Radon Test
    If you've decided to have a Radon Test performed, hire Radon Test Company to do Radon Test ideally during the same time your Home Inspector will be there inspecting the property. It may even be the Home Inspector doing the Radon Test.

    Mark this complete after you receive the results of your Radon Test if you decide to perform a Radon Test.

    Contract Deadline: Inspection Objection DeadlineInspectionUltimate Nomad ChecklistWeek 61Week 9

  9. Decide whether to do a Sewer Scope or not
    After you go under contract decide whether you will do a Sewer Scope as part of your inspection on the property.

    Mark this task complete when you decide.

    Contract Deadline: Inspection Objection DeadlineInspectionUltimate Nomad ChecklistWeek 61Week 9

  10. Determine your Sewer Scope Company
    Decide which Sewer Scope Company you will use to do a Sewer Scope on the property.

    You can ask your Real Estate Broker for recommendations.

    Mark this task complete once you've decided on a Sewer Scope Company to use.

    Contract Deadline: Inspection Objection DeadlineDream TeamDream Team - Pre-ClosingInspectionUltimate Nomad ChecklistWeek 61Week 9

  11. Hire Sewer Scope Company to perform Sewer Scope
    If you've decided to have a Sewer Scope performed, hire Sewer Scope Company to do Sewer Scope ideally during the same time your Home Inspector will be there inspecting the property.

    If you have any problems, I strongly recommend paying the extra fee to get the video of the problem to provide as evidence with any Inspection Objection.

    Mark this complete after your Home Inspection if you decide to perform a Sewer Scope.

    Contract Deadline: Inspection Objection DeadlineInspectionUltimate Nomad ChecklistWeek 61Week 9

  12. Decide whether to do a Meth Test or not
    After you go under contract decide whether you will do a Methamphetamine Test as part of your inspection on the property.

    Mark this task complete when you decide.

    Contract Deadline: Inspection Objection DeadlineInspectionUltimate Nomad ChecklistWeek 61Week 9

  13. Determine your Meth Test Company
    Decide which Meth Test Company you will use to do a Meth Test on the property.

    You can ask your Real Estate Broker for recommendations.

    Mark this task complete once you've decided on a Meth Test Company to use.

    Contract Deadline: Inspection Objection DeadlineDream TeamDream Team - Pre-ClosingInspectionUltimate Nomad ChecklistWeek 61Week 9

  14. Hire Meth Test Company to perform Meth Test
    If you've decided to have a Meth Test performed, hire Meth Test Company to do Meth Test ideally during the same time your Home Inspector will be there inspecting the property.

    Mark this complete after your Home Inspection if you decide to perform a Meth Test.

    Contract Deadline: Inspection Objection DeadlineInspectionUltimate Nomad ChecklistWeek 61Week 9

  15. Ask Insurance Agent for a copy of the CLUE Report for the property
    Contact your Insurance Agent once you're under contract on the property and ask them to provide you a copy of the CLUE Report for the property. This gives you a history of the insurance claims made against the property.

    Mark this task complete once you've received a copy of the CLUE Report from your Insurance Agent.

    Contract Deadline: Inspection Objection DeadlineInspectionMaking OffersUltimate Nomad ChecklistWeek 9

  16. Bring CLUE Report to Home Inspection
    Bring a copy of the CLUE Report from your Insurance Agent to the Home Inspection so you can use it to look closer at any items you have questions about with your Home Inspector during the inspection.

    Mark this task complete once you finished the Home Inspection.

    Contract Deadline: Inspection Objection DeadlineInspectionUltimate Nomad ChecklistWeek 61Week 9

  17. Bring "Seller's Property Disclosure" to Home Inspection
    Bring a copy of the "Seller's Property Disclosure" to Home Inspection so you can use it to look closer at any items you have questions about with your Home Inspector during the inspection.

    Mark this task complete once you finished the Home Inspection.

    Contract Deadline: Inspection Objection DeadlineInspectionSellers Property DisclosureUltimate Nomad ChecklistWeek 61Week 9

  18. Attend Home Inspection with Home Inspector
    Go to Home Inspection with your Home Inspector.

    Your Real Estate Broker usually does not attend.

    Contract Deadline: Inspection Objection DeadlineInspectionUltimate Nomad ChecklistWeek 9

  19. AT INSPECTION: Beware of audio/video recordings during inspection
    As the ability to record audio and video gets less expensive and more easily accessible, be aware that a Seller may record audio and video of inside their home while you're at the inspection.

    WARNING: Don't say or do anything at an inspection you wouldn't say or do right in front of the Seller. They may be recording you.

    Yes, I'm paranoid, but just because I'm paranoid doesn't mean they aren't really recording.

    Mark this task done when complete.

    Contract Deadline: Inspection Objection DeadlineInspectionUltimate Nomad ChecklistWeek 8

  20. AT INSPECTION: Write down location of water shut off
    With the help of your Home Inspector, find out the location of the main water shutoff to the property in case you ever need it.

    Write down the location somewhere where you'll remember it.

    Mark this task done when complete.

    Contract Deadline: Inspection Objection DeadlineInspectionUltimate Nomad ChecklistWeek 8

  21. AT INSPECTION: Check for CO detectors within 15 feet of each bedroom
    Check to make sure that you have CO (carbon monoxide) detectors installed within 15 feet of each bedroom.

    Some Lenders will have their Appraiser check to make sure they are there. If they're not, the Appraiser will charge you a second trip fee to go back out and check to make sure they are there before Closing. Easier to check at the inspection (with the help of your Home Inspector) so we can let the Seller's Real Estate Broker know to have them installed prior to the Appraiser going to the property for the Appraisal.

    Mark this task done when complete.

    Contract Deadline: Inspection Objection DeadlineInspectionUltimate Nomad ChecklistWeek 8

  22. AT INSPECTION: Photograph important appliances
    While at your inspection, if the appliances are important to you, photograph them and maybe photograph the model numbers of them.

    It is exceptionally rare, but some Sellers may try to switch out appliances between the inspection and Closing. If you have photos of the appliances and the model numbers it will make it easier to show what was installed at the time of the inspection.

    And, yes, I know I am paranoid.

    Contract Deadline: Inspection Objection DeadlineInspectionUltimate Nomad ChecklistWeek 8

  23. Review Home Inspection Report
    After your Home Inspector sends you a copy of the Home Inspection Report after your Home Inspection, review it.

    Contract Deadline: Inspection Objection DeadlineInspectionUltimate Nomad ChecklistWeek 9

  24. Save Home Inspection Report to Dropbox
    Save a copy of the Home Inspection report from your Home Inspector to the property folder in Dropbox.

    Contract Deadline: Inspection Objection DeadlineInspectionUltimate Nomad ChecklistWeek 9

  25. IF RADON TEST DONE: Save radon test results to Dropbox
    Save a copy of the radon test results from your Radon Test Company to the property folder in Dropbox.

    Contract Deadline: Inspection Objection DeadlineInspectionUltimate Nomad ChecklistWeek 9

  26. IF SEWER SCOPE DONE: Save sewer scope report to Dropbox
    Save a copy of the sewer scope report from your Sewer Scope Company to the property folder in Dropbox.

    Contract Deadline: Inspection Objection DeadlineInspectionUltimate Nomad ChecklistWeek 9

  27. IF METH TEST DONE: Save meth test report to Dropbox
    Save a copy of the meth test report from your Meth Test Company to the property folder in Dropbox.

    Contract Deadline: Inspection Objection DeadlineInspectionUltimate Nomad ChecklistWeek 9

  28. IF OBJECTING BASED ON INSPECTION: REAL ESTATE BROKER: Prepare "Inspection Objection"
    If you're going to object to anything during your Home Inspection discuss what you're objecting to and have Real Estate Broker prepare an "Inspection Objection".

    Make sure you wait to get all your reports back before objecting like your sewer scope, radon test results, and methamphetamine test results.

    IMPORTANT: This must be done prior to your "Inspection Objection Deadline".

    Mark this complete when you completed an "Inspection Objection" or if you're not going to object.

    Contract Deadline: Inspection Objection DeadlineInspectionPaperworkUltimate Nomad ChecklistWeek 9

  29. IF OBJECTING BASED ON INSPECTION: Sign "Inspection Objection" via DocuSign
    Once your Real Estate Broker completes the "Inspection Objection" with your help, sign the "Inspection Objection" via DocuSign.

    IMPORTANT: This must be done prior to your "Inspection Objection Deadline".

    Mark this complete when you completed an "Inspection Objection" or if you're not going to object.

    Contract Deadline: Inspection Objection DeadlineInspectionPaperworkUltimate Nomad ChecklistWeek 9

  30. IF OBJECTING BASED ON INSPECTION: Save "Inspection Objection" to Dropbox
    Save a copy of your "Inspection Objection" in your property folder on Dropbox after you've signed it via DocuSign.

    Mark this complete when done.

    Contract Deadline: Inspection Objection DeadlineInspectionPaperworkUltimate Nomad ChecklistWeek 9

  31. IF TERMINATING BASED ON INSPECTION: REAL ESTATE BROKER: Prepare "Notice To Terminate" and "Earnest Money Release"
    If you find out information during your inspection period so egregious that there is no possible resolution with the Seller, you can choose to terminate and protect your Earnest Money.

    Ask your Real Estate Broker to prepare a "Notice To Terminate" and "Earnest Money Release" prior to your Inspection Objection Deadline.

    Mark this complete when done.

    Contract Deadline: Inspection Objection DeadlineInspectionPaperworkUltimate Nomad ChecklistWeek 9

  32. IF TERMINATING BASED ON INSPECTION: Sign "Notice To Terminate" and "Earnest Money Release" via DocuSign
    If you find out information during your inspection period so egregious that there is no possible resolution with the Seller, you can choose to terminate and protect your Earnest Money.

    Sign the "Notice To Terminate" and "Earnest Money Release" that your Real Estate Broker sends over to you via DocuSign. It must be delivered to the Seller and/or the Seller's Real Estate Broker prior to your Inspection Objection Deadline.

    Mark this complete when done.

    Contract Deadline: Inspection Objection DeadlineInspectionPaperworkUltimate Nomad ChecklistWeek 9

  33. IF TERMINATING BASED ON INSPECTION: Save "Notice To Terminate" and "Earnest Money Release" to Dropbox
    Once you've signed your "Notice To Terminate" and "Earnest Money Release" save a copy of each to your property folder on Dropbox.

    Once the Seller signs, you can replace your copies with fully executed versions signed by you and the Seller.

    Mark this complete when done.

    Contract Deadline: Inspection Objection DeadlineInspectionPaperworkUltimate Nomad ChecklistWeek 9

Contract Deadline: Inspection Resolution Deadline




These tasks are when you're under contract to buy the property and related to the Inspection Resolution Deadline in the "Contract to Buy and Sell Real Estate".

This deadline relates to your deadline to come to an agreement with the Seller regarding your inspection objection.

We typically use "MEC + 13 Days" as the date for the Inspection Objection Resolution Deadline.

https://RealEstateFinancialPlanner.com/inspection-resolution-deadline/

  1. Complete "Inspection Resolution Deadline" checklist
  2. REAL ESTATE BROKER: Negotiate on your behalf regarding inspection
    If you objected using an "Inspection Objection", you will usually use an "Inspection Resolution" form with the help of your Real Estate Broker to come to a resolution to what you and the Seller agreed to regarding the inspection items.

    After the "Inspection Objection" your Real Estate Broker with your assistance will negotiate with the Seller and Seller's Real Estate Broker to find terms that are acceptable for you.

    IMPORTANT: This must be done prior to Inspection Resolution Deadline. If you have not come to terms by the Inspection Resolution Deadline and you still want to purchase the property you must withdraw your "Inspection Objection" prior to the Inspection Resolution Deadline or your contract will terminate.

    The inspection process has lots of nuance so discuss this in detail with your Real Estate Broker.

    Mark this complete once you've come to terms on your inspection resolution with a fully executed "Inspection Resolution" form, withdrawn your "Inspection Objection" or did not object at all.

    Contract Deadline: Inspection Resolution DeadlineInspectionUltimate Nomad ChecklistWeek 10

  3. IF RESOLVED: REAL ESTATE BROKER: Prepare "Amend/Extend" or "Inspection Resolution" and withdraw "Inspection Objection"
    If you've come to a resolution regarding your inspection concerns, then your Real Estate Broker should prepare either an "Amend/Extend" to the "Contract to Buy and Sell Real Estate" or an "Inspection Resolution" to document the resolution.

    In addition, they should prepare your "Inspection Objection" to have you withdraw it so your contract does not terminate.

    Contract Deadline: Inspection Resolution DeadlineInspectionUltimate Nomad ChecklistWeek 10

  4. IF RESOLVED: Sign "Amend/Extend" or "Inspection Resolution" and "Inspection Objection" withdrawal via DocuSign
    If you've come to a resolution regarding your inspection, then sign the "Amend/Extend" to the "Contract to Buy and Sell Real Estate" or "Inspection Resolution" to document the resolution.

    Additionally, sign the withdrawal section of the "Inspection Objection" via DocuSign.

    Contract Deadline: Inspection Resolution DeadlineInspectionUltimate Nomad ChecklistWeek 10

  5. IF RESOLVED: Save "Amend/Extend" or "Inspection Resolution" and "Inspection Objection" withdrawal to Dropbox
    Save the "Amend/Extend" to the "Contract to Buy and Sell Real Estate" or "Inspection Resolution" that you signed via DocuSign to your property folder in Dropbox.

    Also, save the "Inspection Objection" that you withdrew to your property folder in Dropox overwriting the previous one.

    You'll replace the "Amend/Extend" or "Inspection Resolution" with the copy signed by both you and the Seller once the Seller signs it.

    Contract Deadline: Inspection Resolution DeadlineInspectionUltimate Nomad ChecklistWeek 10

  6. IF NOT RESOLVED BUT WITHDRAWING OBJECTION: Sign "Inspection Objection" withdrawal
    If you are unable to come to a resolution with the Seller over your inspection but you still want to purchase the property, you will need to withdraw your "Inspection Objection" prior to the Inspection Resolution Deadline.

    Sign the withdrawal section of the "Inspection Objection" that your Real Estate Broker sends over via DocuSign.

    Contract Deadline: Inspection Resolution DeadlineInspectionUltimate Nomad ChecklistWeek 10

  7. IF NOT RESOLVED BUT WITHDRAWING OBJECTION: Save "Inspection Objection" to Dropbox
    After signing the withdrawal section of the "Inspection Objection" via DocuSign, save a copy of it to your property folder on Dropbox.

    Contract Deadline: Inspection Resolution DeadlineInspectionUltimate Nomad ChecklistWeek 10

Contract Deadline: Property Insurance Objection Deadline




These tasks are when you're under contract to buy the property and related to the Property Insurance Objection Deadline in the "Contract to Buy and Sell Real Estate".

This deadline relates to your making sure you're able to get acceptable insurance on your property.

We typically use "MEC + 15 Days" as the date for the Property Insurance Objection Deadline.

https://RealEstateFinancialPlanner.com/property-insurance-objection-deadline/

  1. Complete "Property Insurance Objection Deadline" checklist
  2. REAL ESATE BROKER: Provide list of recommend Insurance Agents
    Your Real Estate Broker can provide you with a list of recommended Insurance Agents. You're welcome to choose any Insurance Agent you want whether they are on the list or not.

    Mark this complete when done.

    Analyzing DealsContract Deadline: Property Insurance Objection DeadlineDream TeamDream Team - Pre-ClosingFirst Meeting: Analyze DealUltimate Nomad ChecklistWeek 2Week 61Week 9

  3. If you haven't already, determine your Insurance Agent
    If you have already done so, decide which Insurance Agent you will use to insure your home purchase. You'll need this once you go under contract, but you'll want to do it earlier so you can get an estimate of insurance for analyzing deals.

    You can ask your Real Estate Broker for recommendations.

    Mark this task complete once you've decided on an Insurance Agent to use.

    Analyzing DealsContract Deadline: Property Insurance Objection DeadlineDream TeamDream Team - Pre-ClosingFirst Meeting: Analyze DealUltimate Nomad ChecklistWeek 2Week 61Week 9

  4. Get Insurance Quote
    Now that you're under contract, it is time to get a firm Insurance Quote from your Insurance Agent.

    If you are unable to get reasonable insurance on the property, you need to tell your Real Estate Broker prior to the "Property Insurance Objection Deadline" to be able to terminate and get your Earnest Money back.

    Mark this task complete once you've gotten an acceptable Insurance Quote.

    Contract Deadline: Property Insurance Objection DeadlineUltimate Nomad ChecklistWeek 9

  5. IF RENTING IMMEDIATELY: Consider "Loss of Rent" insurance
    If you're immediately going to have a Tenant or Tenant-Buyer in the property, you should discuss with your Insurance Agent getting "Loss of Rent" coverage to cover you in case you can't collect rent on the property.

    Contract Deadline: Property Insurance Objection DeadlineUltimate Nomad ChecklistWeek 9

  6. IF CONDO: Consider Loss Assessment Coverage
    If you are buying a townhome/condo, we would also suggest asking your Insurance Agent about Loss Assessment Coverage. It protects against additional assessments by the property association that wouldn't already be covered by their insurance, but I'd check with your agent about exactly what it would cover.

    Contract Deadline: Property Insurance Objection DeadlineUltimate Nomad ChecklistWeek 9

  7. Discuss changing deductible to change Insurance Quote
    Discuss how changing your deductible with your Insurance Agent might change the monthly cost and see how much risk you're comfortable with.

    Contract Deadline: Property Insurance Objection DeadlineUltimate Nomad ChecklistWeek 9

  8. IF TERMINATING: REAL ESTATE BROKER: Prepare "Notice To Terminate" and "Earnest Money Release"
    If you cannot find acceptable insurance, let your Real Estate Broker know prior to the Property Insurance Objection Deadline so they can prepare a "Notice To Terminate" and "Earnest Money Release" with enough time for you to sign it and deliver it to the Seller and the Seller's Real Estate Broker prior to the Property Insurance Objection Deadline.

    Contract Deadline: Property Insurance Objection DeadlineUltimate Nomad ChecklistWeek 9

  9. IF TERMINATING: Sign "Notice To Terminate" and "Earnest Money Release" via DocuSign
    If you cannot find acceptable insurance, sign the "Notice To Terminate" and "Earnest Money Release" your Real Estate Broker sent over via DocuSign.

    You will need to sign it and have your Real Estate Broker deliver it to the Seller and the Seller's Real Estate Broker prior to the Property Insurance Objection Deadline to protect your Earnest Money.

    Contract Deadline: Property Insurance Objection DeadlineUltimate Nomad ChecklistWeek 9

  10. IF TERMINATING: Save "Notice To Terminate" and "Earnest Money Release" to Dropbox
    Once you sign the "Notice To Terminate" and "Earnest Money Release" via DocuSign then save a copy of each to your property folder in Dropbox.

    You'll replace the "Earnest Money Release" once the Seller signs it as well.

    Contract Deadline: Property Insurance Objection DeadlineUltimate Nomad ChecklistWeek 9

Contract Deadline: Due Diligence Documents Delivery Deadline




These tasks are when you're under contract to buy the property and related to the Due Diligence Documents Delivery Deadline in the "Contract to Buy and Sell Real Estate".

This deadline relates to you receiving all the requested Due Diligence documents negotiated in the "Contract to Buy and Sell Real Estate".

It is super common to not request any Due Diligence documents so we would often use "N/A" as the deadline. However, if we are asking for Due Diligence documents then we typically use "MEC + 7 Days" as the date for the Due Diligence Documents Delivery Deadline.

https://RealEstateFinancialPlanner.com/due-diligence-documents-delivery-deadline/

  1. Complete "Due Diligence Documents Delivery Deadline" checklist
  2. IF NEGOTIATED IN CONTRACT: Review existing leases and related paperwork
    If you're buying a property that has tenants in the property, you should review the current leases during the Due Diligence period.

    This should include:

    • Leases for all tenants
    • Lead-Based Paint Disclosure (if built prior to 1978)
    • Co-signor agreements (if applicable)
    • Mold Disclosure (if applicable)
    • Move-In Inspection
    • Occupancy Limits Disclosure (required in Fort Collins)
    • Tenant Estoppel Statements

    If you have an objection (or want to terminate based on what you find in the leases) you'd need to object by the Due Diligence Objection Deadline.

    Mark this task done once you've reviewed the existing leases and related paperwork.

    Contract Deadline: Due Diligence Documents Delivery DeadlinePaperworkUltimate Nomad ChecklistWeek 9

Contract Deadline: Due Diligence Documents Objection Deadline




These tasks are when you're under contract to buy the property and related to the Due Diligence Documents Objection Deadline in the "Contract to Buy and Sell Real Estate".

This deadline relates to you objecting to anything you find that won't work for you in the requested Due Diligence documents you negotiated to be sent to you in the "Contract to Buy and Sell Real Estate".

It is super common to not request any Due Diligence documents so we would often use "N/A" as the deadline. However, if we are asking for Due Diligence documents then we typically use "MEC + 10 Days" as the date for the Due Diligence Documents Objection Deadline.

https://RealEstateFinancialPlanner.com/due-diligence-documents-objection-deadline/

  1. Complete "Due Diligence Documents Objection Deadline" checklist
  2. IF OBJECTING TO DUE DILIGENCE DOCUMENTS: REAL ESTATE BROKER: Prepare "Title-Related Objection Notice"
    If you're objecting to anything in the Due Diligence documents you received, then your Real Estate Broker should prepare the "Title-Related Objection Notice" for you to sign to protect your Earnest Money.

    It must be delivered prior to the Due Diligence Documents Objection Deadline.

    Contract Deadline: Due Diligence Documents Objection DeadlineUltimate Nomad ChecklistWeek 13

  3. IF OBJECTING TO DUE DILIGENCE DOCUMENTS: Sign "Title-Related Objection Notice" via DocuSign
    If you're objecting to anything in the Due Diligence documents you received then sign the "Title-Related Objection Notice" that your Real Estate Broker prepared when they send it over via DocuSign.

    It must be signed and delivered to the Seller and/or the Seller's Real Estate Broker prior to the Due Diligence Documents Objection Deadline to protect your Earnest Money.

    Contract Deadline: Due Diligence Documents Objection DeadlineUltimate Nomad ChecklistWeek 13

  4. IF OBJECTING TO DUE DILIGENCE DOCUMENTS: Save "Title-Related Objection Notice" in Dropbox
    Save a copy of the "Title-Related Objection Notice" that you signed via DocuSign to your property folder in Dropbox.

    Contract Deadline: Due Diligence Documents Objection DeadlineUltimate Nomad ChecklistWeek 13

  5. IF TERMINATING BASED ON DUE DILIGENCE DOCUMENTS: REAL ESTATE BROKER: Prepare "Notice To Terminate" and "Earnest Money Release"
    If you find out information in your Due Diligence documents so egregious that there is no possible resolution with the Seller, you can choose to terminate and protect your Earnest Money.

    Ask your Real Estate Broker to prepare a "Notice To Terminate" and "Earnest Money Release" prior to your Due Diligence Documents Objection Deadline.

    Mark this complete when done.

    Contract Deadline: Due Diligence Documents Objection DeadlineUltimate Nomad ChecklistWeek 13

  6. IF TERMINATING BASED ON DUE DILIGENCE DOCUMENTS: Sign "Notice To Terminate" and "Earnest Money Release" via DocuSign
    If you find out information from your Due Diligence documents so egregious that there is no possible resolution with the Seller, you can choose to terminate and protect your Earnest Money.

    Sign the "Notice To Terminate" and "Earnest Money Release" that your Real Estate Broker sends over to you via DocuSign. It must be delivered to the Seller and/or the Seller's Real Estate Broker prior to your Due Diligence Documents Objection Deadline.

    Mark this complete when done.

    Contract Deadline: Due Diligence Documents Objection DeadlineUltimate Nomad ChecklistWeek 13

  7. IF TERMINATING BASED ON DUE DILIGENCE DOCUMENTS: Save "Notice To Terminate" and "Earnest Money Release" to Dropbox
    Once you've signed your "Notice To Terminate" and "Earnest Money Release" save a copy of each to your property folder on Dropbox.

    Once the Seller signs, you can replace your copies with fully executed versions signed by you and the Seller.

    Mark this complete when done.

    Contract Deadline: Due Diligence Documents Objection DeadlineUltimate Nomad ChecklistWeek 13

Contract Deadline: Due Diligence Documents Resolution Deadline




These tasks are when you're under contract to buy the property and related to the Due Diligence Documents Resolution Deadline in the "Contract to Buy and Sell Real Estate".

This deadline relates to you coming to an acceptable resolution with the Seller over your objection to the Due Diligence Documents.

It is super common to not request any Due Diligence documents so we would often use "N/A" as the deadline. However, if we are asking for Due Diligence documents then we typically use "MEC + 13 Days" as the date for the Due Diligence Documents Resolution Deadline.

https://RealEstateFinancialPlanner.com/due-diligence-documents-resolution-deadline/

  1. Complete "Due Diligence Documents Resolution Deadline" checklist
  2. REAL ESTATE BROKER: Negotiate on your behalf regarding due diligence documents objection
    If you objected to Due Diligence documents, your Real Estate Broker with your assistance will negotiate with the Seller and Seller's Real Estate Broker to find terms that are acceptable for you.

    IMPORTANT: This must be done prior to Due Diligence Documents Resolution Deadline. If you have not come to terms by the Due Diligence Documents Resolution Deadline and you still want to purchase the property you must withdraw your objection prior to the Due Diligence Documents Resolution Deadline or your contract will terminate.

    Contract Deadline: Due Diligence Documents Resolution DeadlineUltimate Nomad ChecklistWeek 13

  3. IF RESOLVED: REAL ESTATE BROKER: Prepare "Amend/Extend" and withdraw "Title-Related Objection Notice"
    If you've come to a resolution regarding your due diligence documents concerns, then your Real Estate Broker should prepare an "Amend/Extend" to the "Contract to Buy and Sell Real Estate".

    In addition, they should prepare your "Title-Related Objection Notice" to have you withdraw it so your contract does not terminate.

    Contract Deadline: Due Diligence Documents Resolution DeadlineUltimate Nomad ChecklistWeek 13

  4. IF RESOLVED: Sign "Amend/Extend" and "Title-Related Objection Notice" withdrawal via DocuSign
    If you've come to a resolution regarding your due diligence documents, then sign the "Amend/Extend" to the "Contract to Buy and Sell Real Estate".

    Additionally, sign the withdrawal section of the "Title-Related Objection Notice" via DocuSign.

    Contract Deadline: Due Diligence Documents Resolution DeadlineUltimate Nomad ChecklistWeek 13

  5. IF RESOLVED: Save "Amend/Extend" and "Title-Related Objection Notice" withdrawal to Dropbox
    Save the "Amend/Extend" to the "Contract to Buy and Sell Real Estate" that you signed via DocuSign to your property folder in Dropbox.

    Also, save the "Title-Related Objection Notice" that you withdrew to your property folder in Dropox overwriting the previous one.

    You'll replace the "Amend/Extend" with the copy signed by both you and the Seller once the Seller signs it.

    Contract Deadline: Due Diligence Documents Resolution DeadlineUltimate Nomad ChecklistWeek 13

  6. IF NOT RESOLVED BUT WITHDRAWING OBJECTION: Sign "Title-Related Objection Notice" withdrawal
    If you are unable to come to a resolution with the Seller over your due diligence documents but you still want to purchase the property, you will need to withdraw your "Title-Related Objection Notice" prior to the Due Diligence Documents Resolution Deadline.

    Sign the withdrawal section of the "Title-Related Objection Notice" that your Real Estate Broker sends over via DocuSign.

    Contract Deadline: Due Diligence Documents Resolution DeadlineUltimate Nomad ChecklistWeek 13

  7. IF NOT RESOLVED BUT WITHDRAWING OBJECTION: Save "Title-Related Objection Notice" to Dropbox
    After signing the withdrawal section of the "Title-Related Objection Notice" via DocuSign, save a copy of it to your property folder on Dropbox.

    Contract Deadline: Due Diligence Documents Resolution DeadlineUltimate Nomad ChecklistWeek 13

Contract Deadline: Conditional Sale Deadline




These tasks are when you're under contract to buy the property and related to the Conditional Sale Deadline in the "Contract to Buy and Sell Real Estate".

This deadline relates to you having to sell another property before buying this one.

Many times Buyers do not need to sell a property before buying the next one (remember that Nomad has you keeping the house you're moving out of) so typically we'd use "N/A" as the deadline. However, if we are asking the contract to be contigent on selling another property before buying this one we might use "MEC + 30 Days" as the date for the Conditional Sale Deadline if we can negotiate that with the Seller.

https://RealEstateFinancialPlanner.com/conditional-sale-deadline/

  1. Complete "Conditional Sale Deadline" checklist
  2. REAL ESTATE BROKER: Helping you sell the other property
    Often your Real Estate Broker is listing the property for sale that you need to sell to be able to buy this property. In those cases, your Real Estate Broker is helping you sell that property.

    Contract Deadline: Conditional Sale DeadlineUltimate Nomad ChecklistWeek 13

  3. REAL ESTATE BROKER: Keep Seller's Real Estate Broker informed of progress
    While working toward selling your other property, your Real Estate Broker should keep the Seller's Real Estate Broker informed of progress.

    Contract Deadline: Conditional Sale DeadlineUltimate Nomad ChecklistWeek 13

  4. IF UNABLE TO SELL PROPERTY BY DEADLINE AND TERMINATING: REAL ESTATE BROKER: Prepare "Notice To Terminate" and "Earnest Money Release"
    If you're unable to sell your property to meet the terms of this "Contract to Buy and Sell Real Estate", your Real Estate Broker would prepare a "Notice To Terminate" and "Earnest Money Release" to protect your Earnest Money.

    You would need to sign it and have it submitted to the Seller and/or the Seller's Real Estate Broker prior to the Conditional Sale Deadline to protect your Earnest Money.

    Contract Deadline: Conditional Sale DeadlineUltimate Nomad ChecklistWeek 13

  5. IF UNABLE TO SELL PROPERTY BY DEADLINE AND TERMINATING: Sign "Notice To Terminate" and "Earnest Money Release" via DocuSign
    If you're terminating, sign the "Notice To Terminate" and "Earnest Money Release" that your Real Estate Broker sends over via DocuSign.

    You would need to sign it and have it submitted to the Seller and/or the Seller's Real Estate Broker prior to the Conditional Sale Deadline to protect your Earnest Money.

    Contract Deadline: Conditional Sale DeadlineUltimate Nomad ChecklistWeek 13

  6. IF UNABLE TO SELL PROPERTY BY DEADLINE AND TERMINATING: Save "Notice To Terminate" and "Earnest Money Release" to Dropbox
    Once you sign the "Notice To Terminate" and "Earnest Money Release" that your Real Estate Broker sends over via DocuSign, save them to your property folder in Dropbox.

    You will replace the "Earnest Money Release" when the Seller signs it.

    Contract Deadline: Conditional Sale DeadlineUltimate Nomad ChecklistWeek 13

  7. IF UNABLE TO SELL PROPERTY BY DEADLINE AND EXTENDING DEADLINE: REAL ESTATE BROKER: Prepare "Amend/Extend"
    If you're unable to sell your property to meet the terms of this "Contract to Buy and Sell Real Estate" but we are able to successfully negotiate an extension of this deadline with the Seller, your Real Estate Broker would prepare an "Amend/Extend" to extend this deadline to protect your Earnest Money.

    You would need to sign it and have it submitted to the Seller and/or the Seller's Real Estate Broker prior to the Conditional Sale Deadline to protect your Earnest Money.

    Contract Deadline: Conditional Sale DeadlineUltimate Nomad ChecklistWeek 13

  8. IF UNABLE TO SELL PROPERTY BY DEADLINE AND EXTENDING: Sign "Amend/Extend" via DocuSign
    If you and your Real Estate Broker have negotiated an extension of this deadline, sign the "Amend/Extend" that your Real Estate Broker sends over via DocuSign.

    You would need to sign it and have it submitted to the Seller and/or the Seller's Real Estate Broker prior to the Conditional Sale Deadline to protect your Earnest Money.

    Contract Deadline: Conditional Sale DeadlineUltimate Nomad ChecklistWeek 13

  9. IF UNABLE TO SELL PROPERTY BY DEADLINE AND EXTENDING: Save "Amend/Extend" to Dropbox
    Once you sign the "Amend/Extend" that your Real Estate Broker sends over via DocuSign, save it to your property folder in Dropbox.

    You will replace it when the Seller signs it with the fully executed version.

    Contract Deadline: Conditional Sale DeadlineUltimate Nomad ChecklistWeek 13

Contract To Close: Closing and Possession




These are the tasks in the Contract To Close checklists that are related to the closing and possession of the property group of deadlines like the Closing Date and Possession Date and Time.

This is mostly an organization list of tasks to group related sub-checklists together.

https://RealEstateFinancialPlanner.com/closing-and-possession/

  1. Complete "Contract To Close: Closing and Possession" checklist
  2. Complete "Closing Date" checklist
  3. Complete "Possession Date" checklist
  4. Complete "Possession Time" checklist

Contract Deadline: Closing Date




These tasks are when you're under contract to buy the property and related to the Closing Date in the "Contract to Buy and Sell Real Estate".

This deadline relates to the date you need to close by.

We typically use "MEC + 30 Days" as the date for the Closing Deadline.

https://RealEstateFinancialPlanner.com/closing-date/

  1. Complete "Closing Date" checklist
  2. Verify acceptable funds with Title Insurance Company
    Verify with the Title Insurance Company whether they will accept a cashier's check for closing or if you will be required to wire funds for closing.

    IMPORTANT NOTE: If you are wiring money to the Title Insurance Company for Closing you should always get wiring instructions straight from them by calling them. Do NOT rely on emailed wiring instructions without verifying them by calling the Title Insurance Company or in person.

    Closing: Prepare For ClosingContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 12

  3. IF YOU WANT TO READ EVERY DOCUMENT: Read closing documents prior to Closing
    Some clients want to read, word-for-word, every document at Closing. If this is you, let us know as soon as possible and we can try to request a copy of the entire closing document package so you can read them in advance of Closing.

    Then, at Closing, you can quickly compare them to the ones you've read to make sure they're the same ones and sign them.

    Only about 1 in 50 clients do this so it is relatively uncommon.

    Closing: Prepare For ClosingContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 12

  4. REAL ESTATE BROKER: Coordinate with Lender and Title Insurance Company amount you need for Closing
    Your Real Estate Broker should coordinate with your Lender and the Title Insurance Company to find out how much you'll need to bring to Closing.

    Great Lenders will do this for their clients as well. Some don't.

    Closing: Prepare For ClosingContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 12

  5. REAL ESTATE BROKER: Coordinate and scheduling Closing time
    Your Real Estate Broker should coordinate with you, the Seller, Seller's Real Estate Broker and Title Insurance Company to schedule a time for Closing.

    Closing: Prepare For ClosingContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 12

  6. REAL ESTATE BROKER: Coordinate and scheduling final walkthrough
    Your Real Estate Broker should schedule a final walkthrough of the property just prior to Closing.

    Closing: Prepare For ClosingContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 12

  7. REAL ESTATE BROKER: Review and approve Settlement Statement
    Your Real Estate Broker should review your Settlement Statement to check to make sure it matches the terms of your "Contract to Buy and Sell Real Estate" that was agreed to and, additionally, verify the pro-rations.

    Your Real Estate Broker will not know the terms and agreed to expenses of your loan so you'll want to review those numbers with your Lender.

    Closing: Prepare For ClosingContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 12

  8. Review expenses related to your loan with your Lender
    Your Real Estate Broker will not know the terms and agreed to expenses of your loan so you'll want to review those numbers with your Lender.

    This is usually done a few days prior to Closing in an ideal world with a great Lender. Often, it happens the day before or even the day of Closing. Some less-than-great Lenders never do it unless you insist they go over it with you.

    Closing: Prepare For ClosingContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 12

  9. IF TENANT OCCUPIED: REAL ESTATE BROKER: Provide an "Assignment of Leases"
    If you have a tenant in the property and you're buying the property with a lease in place, your Real Estate Broker should provide you with an "Assignment of Leases" that assign the rights of the current Landlord to you at Closing.

    Closing: Prepare For ClosingContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 12

  10. Schedule babysitter to watch kids for Closing
    You'll want your full attention for the hour or so it takes for Closing, so please schedule a babysitter to watch your kids during your scheduled Closing time.

    Closing: Prepare For ClosingContract Deadline: Closing DateUltimate Nomad ChecklistWeek 12

  11. Schedule time off from work for final walkthrough and Closing
    Walking through the property before Closing takes about 5 minutes, but you'll need time to travel there and the to Closing as well. Closing will take about an hour, so please schedule time off from work to accommodate your Closing time.

    Closing: Prepare For ClosingContract Deadline: Closing DateUltimate Nomad ChecklistWeek 12

  12. Complete final walkthrough of property just prior to Closing
    We recommend you walk through the property for about 5 minutes just prior to Closing to make sure that the property is still standing. This is NOT another inspection, but just a quick check to make sure all is how it should be.

    We like to schedule this just prior to Closing so about 30 minutes or an hour before Closing depending on how far the property is from the location for Closing.

    You'll usually meet your Real Estate Broker at the property for this final walkthrough prior to Closing then head directly over to Closing after.

    Closing: Prepare For ClosingContract Deadline: Closing DateUltimate Nomad ChecklistWeek 12

  13. Bring to Closing
    Bring the following with you to Closing:

    • 2 forms of photo ID
    • Your checkbook - sometimes there will be a last minute adjustment to the closing numbers resulting in a small shortage that the Title Insurance Company will accept a personal check for
    • Your funds required for Closing (usually a certified check)

    Closing: Closing FinancingClosing: Closing Real EstateContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 13

  14. Attend Closing
    Attend the Closing.

    Be sure to bring certified funds, two forms of ID and your checkbook.

    Mark this task complete after Closing.

    Closing: Closing FinancingClosing: Closing Real EstateContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 13

Contract Deadline: Possession Date




These tasks are when you're under contract to buy the property and related to the Possession Date in the "Contract to Buy and Sell Real Estate".

This deadline relates to the date you actually get to occupy the property.

We typically use "Date of Closing" as the date for the Possession Deadline if you're getting possession at Closing.

If you've agreed to a "Post-Closing Occupancy Agreement" with the Seller to allow them to stay in the property after Closing, then your Possession Date will be different then "Date of Closing" and dictated by the "Contract to Buy and Sell Real Estate" and your "Post-Closing Occupancy Agreement".

https://RealEstateFinancialPlanner.com/possession-date/

  1. Complete "Possession Date" checklist
  2. Change address and get mailbox key at United States Post Office
    You'll want to change your address with the United States Post Office.

    If your mailbox is locked, you'll need to bring your deed (which you'll receive at Closing) down to the United States Post Office to get a new key.

    Contract Deadline: Possession DateUltimate Nomad ChecklistWeek 13

  3. Complete "Change of Addresss" checklist
  4. Schedule moving truck and movers
    If you're using a moving truck and hiring movers to help you move, you'll want to schedule those in advance of your Possession Date so they're ready for you when you get possession of the property.

    Contract Deadline: Possession DateUltimate Nomad ChecklistWeek 13

  5. REAL ESTATE BROKER: Provide you with a list of locksmiths
    Your Real Estate Broker will typically provide you with a list of locksmiths so you can have the locks rekeyed at your property.

    We strongly recommend you rekey the locks to your property as soon as possible.

    Contract Deadline: Possession DateUltimate Nomad ChecklistWeek 13

  6. REAL ESTATE BROKER: Provide you with a list of utility providers
    Your Real Estate Broker will typically provide you with a list of utility providers for your property so you can call and have them put into your name.

    You should do this about a week prior to Closing or if the Seller is staying in the property after Closing then Possession Date.

    IMPORTANT NOTE: The day of Closing belongs to the Buyer so utilities should start on Closing.

    Contract Deadline: Possession DateUltimate Nomad ChecklistWeek 13

  7. Change utilities into your name
    About a week prior to Closing or if the Seller is staying in the property after Closing then Possession Date you should call each utility provider and have the utilities switched into your name.

    IMPORTANT NOTE: The day of Closing belongs to the Buyer so utilities should start on Closing.

    Contract Deadline: Possession DateUltimate Nomad ChecklistWeek 13

  8. REAL ESTATE BROKER: Get keys to common area resources
    If your property has common area resources like a clubhouse where residents get a key, your Real Estate Broker will coordinate with the Seller, Seller's Real Estate Broker and HOA to get you a key to these common area resources when you get possession of the property.

    Contract Deadline: Possession DateUltimate Nomad ChecklistWeek 13

  9. Take possession of the property

Contract Deadline: Possession Time




These tasks are when you're under contract to buy the property and related to the Possession Time in the "Contract to Buy and Sell Real Estate".

This deadline relates to the time on the Possession Date you actually get to occupy the property.

We typically use "Time of Closing" as the date for the Possession Deadline if you're getting possession at Closing.

If you've agreed to a "Post-Closing Occupancy Agreement" with the Seller to allow them to stay in the property after Closing, then your Possession Date and Time will be different then "Date of Closing" and dictated by the "Contract to Buy and Sell Real Estate" and your "Post-Closing Occupancy Agreement".

https://RealEstateFinancialPlanner.com/possession-time/

  1. Complete "Possession Time" checklist
  2. Take possession of the property

Change Address


These are all the tasks related to all the addresses and accounts you may want to change your address with after your move.

  1. Complete "Change of Addresss" checklist
  2. Consider switching as many accounts as possible to electronic statments
    Instead of updating your mailing address each time you buy a property, you may want to consider updating as many of your accounts as possible to electronic statements to avoid having to update them each time you move.

    Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13

  3. Consider getting a PO Box or private mailbox
    To avoid constantly updating your address as you move each year with Nomad, you may want to consider getting a post office box or private mailbox from a company like the UPS Store.

    Then, have all your mail always go to that mailbox to avoid having to update them with each purchase/move.

    Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13

  4. Get new mailbox key from United States Post Office
    After Closing you should go down to your local post office and get a new key for your mailbox (if your mailbox has a lock). You can do this at the same time you set up mail forwarding.

    You will usually need to bring down a copy of your deed (which you'll receive at closing) to do this.

    Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13

  5. Forward all mail at United States Post Office
    After Closing you should go down to your local post office and set up forwarding of your mail to your new property address. You can do this at the same time you get your new mailbox key.

    You will usually need to bring down a copy of your deed (which you'll receive at closing) to do this.

    There will probably be a small fee to do this. I've heard $1.

    Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13

  6. Update address with your Debit/Credit Cards
    Contact each of your Debit/Credit Card companies and update your address with each one of them.

    Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13

  7. Update address with your other mortgages
    Contact each of your mortgage holders (for other homes and rental properties) and update your address with each one of them.

    Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13

  8. Update address with all Utilities
    We normally recommend that you put the Utilities in your name on the property you're buying prior to Closing to start the day of Closing. This however should remind you in case you forgot to do that AND, additionally, remind you to update your address with Utilities for properties other than the one you're buying now.

    Update your address with all Utilities on the property you're buying and any rental properties you own as well.

    Here is a list to help:

    • Gas
    • Water (including any water associations if applicable)
    • Trash
    • Electric
    • Garbage
    • Cable television
    • Internet service provider

    NOTE: If you have Tenants or Tenant-Buyers in the property ask to get a Landlord policy for utilities so that your utilities will automatic switch into your name when the Tenant or Tenant-Buyer stops paying or removes them from their name.

    Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13

  9. Update address with Insurance Companies
    Update your address with the Insurance Companies that insure your properties (including this one and any rentals), cars and anything else.

    Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13

  10. Update address with Banks and Credit Unions
    Update your address with all the places you bank including Banks and Credit Unions.

    Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13

  11. Update your address with all Home Owner's Associations (HOAs)
    Update your address with all Home Owner's Associations (HOAs) including the property your buying and all your rental properties.

    Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13

  12. Update address with your employer
    Contact each of your employers and update your address with each one of them.

    In many cases contacting Human Resources will update everything, but in some cases you may need to contact multiple departments. If you have to contact different departments, be sure to do that. Some examples of different departments might include:

    • Your retirement accounts with your employer
    • your health care account with your employer
    • payroll with your employer

    Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13

  13. Update address with your Health/Dental Insurance Provider
    Contact each of your Health/Dental Insurance Providers and update your address with each one of them.

    Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13

  14. Update your address and contact info with County
    After you move-in update your address and contact info with the County you live in.

    This allows them to send your auto registration to the correct address.

    Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13

  15. Update address with your IRA/401K/Investment/Retirement Account Companies
    Contact each of your IRA, 401K, Investment Account or Retirement Account Companies and update your address with each one of them.

    Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13

  16. Update address with your subscriptions
    Contact all your subscriptions and update your address with each of them.

    Some reminders of what you may have include:

    • Cable television
    • Internet Service Provider (ISP)
    • Magazines, newsletters and newspapers
    • Netflix
    • Software subscriptions like Dropbox, Spotify, Apple Music, Evernote, Lastpass etc

    Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13

  17. Notify Friends and Family of your new address and contact info
    Notify the friends and family that you want to know where you live of your new address and contact info.

    Some clients may opt to use this opportunity to clean up their friends list.

    Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13

  18. Change address with your Tenants and Tenant-Buyers
    If your Tenants and/or Tenant-Buyers are sending rent or giving you notice at your previous home address, then make sure you update each of them with your new address.

    Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13

Closing




These are all the tasks related to Closing when you show up at the Title Insurance Company and sign the paperwork to buy the property.

  1. Complete "Closing" checklist
  2. Class Watch "Closing Real Estate Deals" Recording of Live Class
  3. Read "Closing: Prepare For Closing"
  4. Read "Closing: Closing Real Estate"
  5. Read "Closing: Closing Financing"
  6. Read "Closing: Immediately After"

Closing: Prepare For Closing




These are the tasks you do prior to Closing related to preparing for the Closing on your property.

https://RealEstateFinancialPlanner.com/prepare-for-closing/

  1. Verify acceptable funds with Title Insurance Company
    Verify with the Title Insurance Company whether they will accept a cashier's check for closing or if you will be required to wire funds for closing.

    IMPORTANT NOTE: If you are wiring money to the Title Insurance Company for Closing you should always get wiring instructions straight from them by calling them. Do NOT rely on emailed wiring instructions without verifying them by calling the Title Insurance Company or in person.

    Closing: Prepare For ClosingContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 12

  2. IF YOU WANT TO READ EVERY DOCUMENT: Read closing documents prior to Closing
    Some clients want to read, word-for-word, every document at Closing. If this is you, let us know as soon as possible and we can try to request a copy of the entire closing document package so you can read them in advance of Closing.

    Then, at Closing, you can quickly compare them to the ones you've read to make sure they're the same ones and sign them.

    Only about 1 in 50 clients do this so it is relatively uncommon.

    Closing: Prepare For ClosingContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 12

  3. REAL ESTATE BROKER: Coordinate with Lender and Title Insurance Company amount you need for Closing
    Your Real Estate Broker should coordinate with your Lender and the Title Insurance Company to find out how much you'll need to bring to Closing.

    Great Lenders will do this for their clients as well. Some don't.

    Closing: Prepare For ClosingContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 12

  4. REAL ESTATE BROKER: Coordinate and scheduling Closing time
    Your Real Estate Broker should coordinate with you, the Seller, Seller's Real Estate Broker and Title Insurance Company to schedule a time for Closing.

    Closing: Prepare For ClosingContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 12

  5. REAL ESTATE BROKER: Coordinate and scheduling final walkthrough
    Your Real Estate Broker should schedule a final walkthrough of the property just prior to Closing.

    Closing: Prepare For ClosingContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 12

  6. REAL ESTATE BROKER: Review and approve Settlement Statement
    Your Real Estate Broker should review your Settlement Statement to check to make sure it matches the terms of your "Contract to Buy and Sell Real Estate" that was agreed to and, additionally, verify the pro-rations.

    Your Real Estate Broker will not know the terms and agreed to expenses of your loan so you'll want to review those numbers with your Lender.

    Closing: Prepare For ClosingContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 12

  7. Review expenses related to your loan with your Lender
    Your Real Estate Broker will not know the terms and agreed to expenses of your loan so you'll want to review those numbers with your Lender.

    This is usually done a few days prior to Closing in an ideal world with a great Lender. Often, it happens the day before or even the day of Closing. Some less-than-great Lenders never do it unless you insist they go over it with you.

    Closing: Prepare For ClosingContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 12

  8. IF TENANT OCCUPIED: REAL ESTATE BROKER: Provide an "Assignment of Leases"
    If you have a tenant in the property and you're buying the property with a lease in place, your Real Estate Broker should provide you with an "Assignment of Leases" that assign the rights of the current Landlord to you at Closing.

    Closing: Prepare For ClosingContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 12

  9. Schedule babysitter to watch kids for Closing
    You'll want your full attention for the hour or so it takes for Closing, so please schedule a babysitter to watch your kids during your scheduled Closing time.

    Closing: Prepare For ClosingContract Deadline: Closing DateUltimate Nomad ChecklistWeek 12

  10. Schedule time off from work for final walkthrough and Closing
    Walking through the property before Closing takes about 5 minutes, but you'll need time to travel there and the to Closing as well. Closing will take about an hour, so please schedule time off from work to accommodate your Closing time.

    Closing: Prepare For ClosingContract Deadline: Closing DateUltimate Nomad ChecklistWeek 12

  11. Complete final walkthrough of property just prior to Closing
    We recommend you walk through the property for about 5 minutes just prior to Closing to make sure that the property is still standing. This is NOT another inspection, but just a quick check to make sure all is how it should be.

    We like to schedule this just prior to Closing so about 30 minutes or an hour before Closing depending on how far the property is from the location for Closing.

    You'll usually meet your Real Estate Broker at the property for this final walkthrough prior to Closing then head directly over to Closing after.

    Closing: Prepare For ClosingContract Deadline: Closing DateUltimate Nomad ChecklistWeek 12

  12. Read "Closing: Prepare For Closing"

Closing: Closing Real Estate




These are the tasks related to closing the real estate part of the transaction. There is a separate sub-checklist for closing on the financing.

https://RealEstateFinancialPlanner.com/closing-real-estate/

  1. Bring to Closing
    Bring the following with you to Closing:

    • 2 forms of photo ID
    • Your checkbook - sometimes there will be a last minute adjustment to the closing numbers resulting in a small shortage that the Title Insurance Company will accept a personal check for
    • Your funds required for Closing (usually a certified check)

    Closing: Closing FinancingClosing: Closing Real EstateContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 13

  2. Attend Closing
    Attend the Closing.

    Be sure to bring certified funds, two forms of ID and your checkbook.

    Mark this task complete after Closing.

    Closing: Closing FinancingClosing: Closing Real EstateContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 13

  3. Read "Closing: Closing Real Estate"

Closing: Closing Financing




These are the tasks related to closing on the financing at Closing. There is a separate sub-checklist for closing on the real estate portion.

https://RealEstateFinancialPlanner.com/closing-financing/

  1. Bring to Closing
    Bring the following with you to Closing:

    • 2 forms of photo ID
    • Your checkbook - sometimes there will be a last minute adjustment to the closing numbers resulting in a small shortage that the Title Insurance Company will accept a personal check for
    • Your funds required for Closing (usually a certified check)

    Closing: Closing FinancingClosing: Closing Real EstateContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 13

  2. Attend Closing
    Attend the Closing.

    Be sure to bring certified funds, two forms of ID and your checkbook.

    Mark this task complete after Closing.

    Closing: Closing FinancingClosing: Closing Real EstateContract Deadline: Closing DateDown PaymentUltimate Nomad ChecklistWeek 13

  3. Read "Closing: Closing Financing"

Closing: Immediately After




These are the tasks to completed immediately after Closing.

https://RealEstateFinancialPlanner.com/immediately-after/

  1. Consider switching as many accounts as possible to electronic statments
    Instead of updating your mailing address each time you buy a property, you may want to consider updating as many of your accounts as possible to electronic statements to avoid having to update them each time you move.

    Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13

  2. Consider getting a PO Box or private mailbox
    To avoid constantly updating your address as you move each year with Nomad, you may want to consider getting a post office box or private mailbox from a company like the UPS Store.

    Then, have all your mail always go to that mailbox to avoid having to update them with each purchase/move.

    Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13

  3. Get new mailbox key from United States Post Office
    After Closing you should go down to your local post office and get a new key for your mailbox (if your mailbox has a lock). You can do this at the same time you set up mail forwarding.

    You will usually need to bring down a copy of your deed (which you'll receive at closing) to do this.

    Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13

  4. Forward all mail at United States Post Office
    After Closing you should go down to your local post office and set up forwarding of your mail to your new property address. You can do this at the same time you get your new mailbox key.

    You will usually need to bring down a copy of your deed (which you'll receive at closing) to do this.

    There will probably be a small fee to do this. I've heard $1.

    Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13

  5. Update address with your Debit/Credit Cards
    Contact each of your Debit/Credit Card companies and update your address with each one of them.

    Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13

  6. Update address with your other mortgages
    Contact each of your mortgage holders (for other homes and rental properties) and update your address with each one of them.

    Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13

  7. Update address with all Utilities
    We normally recommend that you put the Utilities in your name on the property you're buying prior to Closing to start the day of Closing. This however should remind you in case you forgot to do that AND, additionally, remind you to update your address with Utilities for properties other than the one you're buying now.

    Update your address with all Utilities on the property you're buying and any rental properties you own as well.

    Here is a list to help:

    • Gas
    • Water (including any water associations if applicable)
    • Trash
    • Electric
    • Garbage
    • Cable television
    • Internet service provider

    NOTE: If you have Tenants or Tenant-Buyers in the property ask to get a Landlord policy for utilities so that your utilities will automatic switch into your name when the Tenant or Tenant-Buyer stops paying or removes them from their name.

    Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13

  8. Update address with Insurance Companies
    Update your address with the Insurance Companies that insure your properties (including this one and any rentals), cars and anything else.

    Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13

  9. Update address with Banks and Credit Unions
    Update your address with all the places you bank including Banks and Credit Unions.

    Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13

  10. Update your address with all Home Owner's Associations (HOAs)
    Update your address with all Home Owner's Associations (HOAs) including the property your buying and all your rental properties.

    Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13

  11. Update address with your employer
    Contact each of your employers and update your address with each one of them.

    In many cases contacting Human Resources will update everything, but in some cases you may need to contact multiple departments. If you have to contact different departments, be sure to do that. Some examples of different departments might include:

    • Your retirement accounts with your employer
    • your health care account with your employer
    • payroll with your employer

    Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13

  12. Update address with your Health/Dental Insurance Provider
    Contact each of your Health/Dental Insurance Providers and update your address with each one of them.

    Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13

  13. Update your address and contact info with County
    After you move-in update your address and contact info with the County you live in.

    This allows them to send your auto registration to the correct address.

    Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13

  14. Update address with your IRA/401K/Investment/Retirement Account Companies
    Contact each of your IRA, 401K, Investment Account or Retirement Account Companies and update your address with each one of them.

    Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13

  15. Update address with your subscriptions
    Contact all your subscriptions and update your address with each of them.

    Some reminders of what you may have include:

    • Cable television
    • Internet Service Provider (ISP)
    • Magazines, newsletters and newspapers
    • Netflix
    • Software subscriptions like Dropbox, Spotify, Apple Music, Evernote, Lastpass etc

    Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13

  16. Notify Friends and Family of your new address and contact info
    Notify the friends and family that you want to know where you live of your new address and contact info.

    Some clients may opt to use this opportunity to clean up their friends list.

    Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13

  17. Change address with your Tenants and Tenant-Buyers
    If your Tenants and/or Tenant-Buyers are sending rent or giving you notice at your previous home address, then make sure you update each of them with your new address.

    Change AddressClosing: Immediately AfterUltimate Nomad ChecklistWeek 13

  18. Read "Closing: Immediately After"
  19. Change locks
    Change the locks or have the current locks on your new property rekeyed.

    Some landlords may want to put locks on that allow you to easily rekey the locks between future tenants.

    Closing: Immediately AfterUltimate Nomad ChecklistWeek 13

  20. Buy fire extinguisher for kitchen under sink
    Go to your favorite Home Improvement Store and buy a small fire extinguisher for your new home and put it underneath the sink in the kitchen.

    You'll want this for safety reasons yourself if you move in as a Nomad but also for tenants once you move out and convert it to rental.

    Buy at Home Improvement StoreClosing: Immediately AfterUltimate Nomad ChecklistWeek 13

  21. Take Photos
    Have professional photographs taken of your new property just after Closing while it is still vacant by your Photographer.

    You will use these when you market the property for rent and you'll be able to take photos without your personal stuff showing.

    Mark this task complete when photos are taken.

    Closing: Immediately AfterUltimate Nomad ChecklistWeek 13

  22. IF MOSS ON ROOF: Clean Moss Off Roof
    If you live in an area that has high moisture and there is moss on the roof when you purchase the property, you may want to proactively remove the moss from the roof when you purchase.

    Hire a professional to complete this work.

    Closing: Immediately AfterUltimate Nomad ChecklistWeek 13

After Checklists


These tasks are part of the checklists related to After you buy a property.

There are also sections for Before you buy a property and During the purchase of the property.

  1. Complete "After" checklist
  2. Complete "Post-Closing" checklist
  3. Sponsor Read "After for Real Estate Agents"

Post-Closing




These are the tasks that are over-arching chunks of the post-closing checklists.

Drill down into each one for a lot more detail.

  1. Complete "Post-Closing" checklist
  2. Turn off automatic property search emails
    Once you've closed on your property, you can safely turn off property search emails until you're ready to buy another property.

    Ask your Real Estate Broker to pause the automatic property search emails for you until you're ready to start buying again.

    Mark this task as complete when you've asked your Real Estate Broker to pause your property search emails.

    Post-ClosingProperty SearchUltimate Nomad ChecklistWeek 14

  3. Complete the "Dream Team - Post-Closing" checklist
  4. Complete the "Property Maintenance" checklist
  5. Complete the "Post-Closing Bookkeeping and Accounting" checklist
  6. Complete the "Maintain Your LLC" checklist
  7. Complete the "Prepare to be a Landlord" checklist
  8. Complete the "Prepare Property for Rent" checklist
  9. Complete the "Advertise Property for Rent" checklist
  10. Complete the "Take Calls from Tenants" checklist
  11. Complete the "Showings to Tenants" checklist
  12. Complete the "Process Application" checklist
  13. Complete the "Approve Applicant" checklist
  14. Complete the "Collect Rent" checklist
  15. Provide Tenant or Tenant-Buyer with receipt for rent collected each month
    Each month that you receive rent from your Tenant or Tenant-Buyer, it is considered a best practice to provide the Tenant or Tenant-Buyer with a receipt for the rent that was collected.

    Mark complete when done each month.

    Collect RentPost-ClosingUltimate Nomad ChecklistWeek 65

  16. Complete the "Collect Reservation Deposit" checklist
  17. Complete the "Lease Signing and Lease Review" checklist
  18. Complete the "Document Property Condition" checklist
  19. Complete the "Pre-Occupancy Reminders to Tenant" checklist
  20. Complete the "Tenant Move-In" checklist
  21. Complete the "Tenant Week 1" checklist
  22. Complete the "Tenant Month 1" checklist
  23. Complete the "Tenant Periodic Inspections" checklist
  24. Complete the "Tenant Turn-over Preparation" checklist
  25. Complete the "Tenant Turn-over" checklist
  26. Complete the "Post-Move-Out" checklist
  27. Complete the "Emergency Plan" checklist
  28. Complete the "Next Property" checklist

Dream Team - Post-Closing


These tasks are all related to the Dream Team members you'll need after you close on your property.

Your Real Estate Broker can often provide you with a list of his recommended referrals for each of these.

They don't all have to be completed at once. You can complete these as you need the specific Dream Team member.

  1. Complete the "Dream Team - Post-Closing" checklist
  2. Determine your Photographer
    You will want a Photographer to take professional photos of the property while it is vacant before you move in if this is a Nomad property or before a tenant moves in if this is a partnership purchase or a non-owner-occupant purchase.

    We recommend that you have photos taken right after you close before you move in in almost all cases. You will use these photos when you're marketing the property to rent.

    Ask your Real Estate Broker for a recommendation.

    Mark this task as complete once you've decided which Photographer you will use to take photographs of the property after you close.

    Dream TeamDream Team - Post-ClosingDream Team - Pre-ClosingMarketingUltimate Nomad ChecklistWeek 12Week 64

  3. Determine your Contract and Paperwork Attorney for Post-Closing Paperwork
    If you're going to have your Lease (or any other paperwork you might sign) reviewed by an Attorney before you use it, you may want to determine who that attorney will be.

    This attorney will also probably review your Contract to Buy and Sell Real Estate.

    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 - Post-ClosingLeasePaperworkUltimate Nomad ChecklistWeek 54

  4. Meet with Contract and Paperwork Attorney to go over Lease
    Once you've read through the Lease and highlighted sections you have questions about, take your questions and meet with your Contract and Paperwork Attorney and go over your questions about the Lease.

    Mark this task as complete once you feel comfortable with the Lease.

    Dream TeamDream Team - Post-ClosingLeasePaperworkUltimate Nomad ChecklistWeek 44

  5. Determine your Plumber
    Decide which Plumber you will use to do a should you have plumbing issues with your property.

    You can ask your Real Estate Broker for recommendations.

    Mark this task complete once you've decided on a Plumber to use.

    Dream TeamDream Team - Post-ClosingUltimate Nomad ChecklistWeek 19

  6. Determine your Flooring Company
    Decide which Flooring Company you will use to do carpet or other flooring on the property.

    You can ask your Real Estate Broker for recommendations.

    Mark this task complete once you've decided on a Flooring Company to use.

    Dream TeamDream Team - Post-ClosingUltimate Nomad ChecklistWeek 21

  7. Determine your Handyman
    Decide which Handyman you will use to do a should you have general maintenance issues with your property.

    You can ask your Real Estate Broker for recommendations.

    Mark this task complete once you've decided on a Handyman to use.

    Dream TeamDream Team - Post-ClosingUltimate Nomad ChecklistWeek 18

  8. Determine your Painter
    Decide which Painter you will use to do painting on the property.

    You can ask your Real Estate Broker for recommendations.

    Mark this task complete once you've decided on a Painter to use.

    Dream TeamDream Team - Post-ClosingUltimate Nomad ChecklistWeek 22

  9. Determine your Roofer
    Decide which Roofing Company you will use to do roof related work on the property.

    You can ask your Real Estate Broker for recommendations.

    Mark this task complete once you've decided on a Roofing Company to use.

    Dream TeamDream Team - Post-ClosingUltimate Nomad ChecklistWeek 23

  10. Determine your HVAC Company
    Decide which HVAC Company you will use to do a heating and air conditioning work on the property.

    You can ask your Real Estate Broker for recommendations.

    Mark this task complete once you've decided on a HVAC Company to use.

    Dream TeamDream Team - Post-ClosingUltimate Nomad ChecklistWeek 24

  11. Determine your Electrician
    Decide which Electrician you will use to do electrical work on the property.

    You can ask your Real Estate Broker for recommendations.

    Mark this task complete once you've decided on an Electrician to use.

    Dream TeamDream Team - Post-ClosingDream Team - Pre-ClosingUltimate Nomad ChecklistWeek 20

  12. Determine your Credit and Background Check provider
    Determine who you will use to run credit and background checks on your tenants and tenant-buyers.

    Mark this task as done when you determine who you'll use.

    Dream TeamDream Team - Post-ClosingTenant ScreeningUltimate Nomad ChecklistWeek 43

  13. If you haven't done so already, determine your Credit and Background Check provider
    If you have not already done so, determine who you will use to run credit and background checks on your Tenants and Tenant-Buyers.

    Mark this task as done when you determine who you'll use.

    Dream TeamDream Team - Post-ClosingPrepare to be a LandlordTenant ScreeningUltimate Nomad ChecklistWeek 43

  14. Research local landlord-tenant laws for your city, county, and state
    Take some time to research the landlord-tenant laws for your city, county, and your state.

    Mark this task as done when complete.

    Dream TeamDream Team - Post-ClosingPrepare to be a LandlordTenant ScreeningUltimate Nomad ChecklistWeek 43

  15. Make sure you have adequate cash reserves
    Make sure you feel comfortable with the cash reserves you have for your rental property.

    Most CPAs will recommend you have between 6 months and 12 months of your mortgage payment, taxes, insurance and maintenance reserves for your property.

    If you do not have this amount saved for your property, make it a goal to work on building up your account to have that for each rental property you have.

    Mark this task as done when complete.

    Dream TeamDream Team - Post-ClosingPrepare to be a LandlordTenant ScreeningUltimate Nomad ChecklistWeek 43

  16. Attend local landlord meetings
    Find your local landlord group and attend meetings to stay abreast of the rental market and network with other landlords.

    Mark this task as done when complete.

    Dream TeamDream Team - Post-ClosingPrepare to be a LandlordTenant ScreeningUltimate Nomad ChecklistWeek 43

Post-Closing Bookkeeping and Accounting


These are all the tasks related to bookkeeping and accounting for your property after you've closed on it.

  1. Complete the "Post-Closing Bookkeeping and Accounting" checklist
  2. Class Watch "Bookkeeping and Accounting for Nomads" Recording of Live Class
  3. Download Brian's Bookkeeping and Accounting Spreadsheet
    If you've decided to download and use Brian's Bookkeeping and Accounting Spreadsheet to keep track of your income and expenses on your rental and Nomad properties, you can download a copy of it here:

    https://realestatefinancialplanner.com/real-estate-bookkeeping/

    If you're not going to use Brian's accounting spreadsheet, you can skip this step and mark it as complete.

    AccountingBookkeepingBookkeeping and Accounting for NomadsPost-Closing Bookkeeping and AccountingUltimate Nomad ChecklistWeek 18

  4. Setup Bookkeeping System
    You should setup your bookkeeping system for your rental property. There are several options to choose from including just hiring a bookkeeper/accountant to do it for you to using the tools we provide.

    Of course, you could keep track of your income and expenses in software like QuickBooks and have your accountant prepare taxes at the end of the year. There are also property management software packages that allow you to do bookkeeping and accounting as well.

    If you don't have a strong preference, we recommend you setup either Brian's bookkeeping and accounting spreadsheet or use web-based version on RealEstateFinancialPlanner.com to start tracking income and expenses for property.

    Mark complete once you've set up bookkeeping and accounting for this property.

    AccountingBookkeepingBookkeeping and Accounting for NomadsPost-Closing Bookkeeping and AccountingUltimate Nomad ChecklistWeek 18

  5. Keep books monthly
    Each month enter the income and expenses for the property and your LLCs.

    The longer you delay doing this the more painful it becomes especially as you forget what expenses were for and why.

    It is much easier to do it either: as you receive them or, at least, once a month.

    AccountingBookkeepingBookkeeping and Accounting for NomadsPost-Closing Bookkeeping and AccountingUltimate Nomad ChecklistWeek 18

  6. Enter income as you receive it
  7. Enter expenses as they occur
  8. Send Accountant income and expenses for year
    Send your Accountant your income and expenses for the year to prepare your tax returns.

    Mark complete once you've sent your Accountant income and expenses from either Brian's Spreadsheet or the web-based version.

    AccountingBookkeepingBookkeeping and Accounting for NomadsPost-Closing Bookkeeping and AccountingUltimate Nomad ChecklistWeek 53

  9. File tax returns
    File your tax returns for the year.

    Mark this task as complete once you've filed for the year.

    AccountingBookkeepingBookkeeping and Accounting for NomadsPost-Closing Bookkeeping and AccountingUltimate Nomad ChecklistWeek 65

  10. Review and approve tax return
    Review the tax return from your Accountant. Ask questions if you have them.

    Once your tax return is approved, mark this task as complete.

    AccountingBookkeepingBookkeeping and Accounting for NomadsPost-Closing Bookkeeping and AccountingUltimate Nomad ChecklistWeek 64

Maintain Your LLC


These are all the tasks related to maintaining your LLC.

  1. Complete the "Maintain Your LLC" checklist
  2. Partnership Give partners notice of upcoming annual meeting
    Schedule and give your partners notice you have an upcoming annual partnership meeting.

    Mark done once you've given partners notice.

    Maintain Your LLCPartnershipsUltimate Nomad ChecklistWeek 52

  3. Partnership Hold annual meeting for Partners
    Hold your annual meeting for Partners.

    Mark complete once you've held your annual meeting for Partners.

    Maintain Your LLCPartnershipsUltimate Nomad ChecklistWeek 53

  4. Partnership Review Operating Agreement
    Review your LLC Operating Agreement to make sure everything is up to date and relevant.

    Maintain Your LLCPartnershipsUltimate Nomad ChecklistWeek 53

  5. Partnership IF LLC: Create meeting minutes for annual meeting
    If you're operating your partnership as an LLC, create meeting minutes for your annual meeting with your partners.

    Mark this task complete when done creating your meeting minutes.

    Maintain Your LLCPartnershipsUltimate Nomad ChecklistWeek 54

  6. File "Periodic Report" with Secretary of State yearly
    Once a year you must complete a "Periodic Report" with the Secretary of State.

    If you subscribed your email to the Secretary of State for your LLC's record, you should receive an email notice. Otherwise, you should receive a postcard.

    As soon as you receive it, just do it. It takes 2 minutes if you do it right away.

    If you delay, not only could you invalidate your asset protection plan, but there are late fees from the Secretary of State.

    Maintain Your LLCUltimate Nomad ChecklistWeek 54

  7. Partnership Share tax return with Partners
    If you have a Partnership, then once you have reviewed your tax return from your Accountant share it with your Partners.

    Once you've shared it with your Partners, mark this task as complete.

    AccountingBookkeepingBookkeeping and Accounting for NomadsMaintain Your LLCPartnershipsUltimate Nomad ChecklistWeek 64

Prepare to be a Landlord


These are all the tasks related to preparing yourself to be a landlord.

  1. Complete the "Prepare to be a Landlord" checklist
  2. If you haven't done so already, determine your Credit and Background Check provider
    If you have not already done so, determine who you will use to run credit and background checks on your Tenants and Tenant-Buyers.

    Mark this task as done when you determine who you'll use.

    Dream TeamDream Team - Post-ClosingPrepare to be a LandlordTenant ScreeningUltimate Nomad ChecklistWeek 43

  3. Research local landlord-tenant laws for your city, county, and state
    Take some time to research the landlord-tenant laws for your city, county, and your state.

    Mark this task as done when complete.

    Dream TeamDream Team - Post-ClosingPrepare to be a LandlordTenant ScreeningUltimate Nomad ChecklistWeek 43

  4. Review Service Animal Laws
    Review the rules and regulations regarding service animals. Use the following links as a starting point.

    HUD guidelines regarding Service Animals

    https://www.hud.gov/program_offices/fair_housing_equal_opp/assistance_animals

    Article published by a Colorado based law firm on this

    https://frascona.com/landlords-guide-to-handling-tenants-request-for-assistance-animals/

    Consult your attorney when making any decisions or policies regarding the accommodation of persons with service animals as the laws may have been modified or changed.

    PaperworkPrepare to be a LandlordRental ApplicationTenant ScreeningUltimate Nomad ChecklistWeek 48

  5. Review Fair Housing Act
    Review Fair Housing Act before writing your ad to make sure you do not violate any laws.

    https://www.hud.gov/fairhousing

    Be sure to check for any updates or modifications to this act.

    Advertise Property for RentMarketingPrepare to be a LandlordTenant ScreeningUltimate Nomad ChecklistWeek 43

  6. Make sure you have adequate cash reserves
    Make sure you feel comfortable with the cash reserves you have for your rental property.

    Most CPAs will recommend you have between 6 months and 12 months of your mortgage payment, taxes, insurance and maintenance reserves for your property.

    If you do not have this amount saved for your property, make it a goal to work on building up your account to have that for each rental property you have.

    Mark this task as done when complete.

    Dream TeamDream Team - Post-ClosingPrepare to be a LandlordTenant ScreeningUltimate Nomad ChecklistWeek 43

  7. Attend local landlord meetings
    Find your local landlord group and attend meetings to stay abreast of the rental market and network with other landlords.

    Mark this task as done when complete.

    Dream TeamDream Team - Post-ClosingPrepare to be a LandlordTenant ScreeningUltimate Nomad ChecklistWeek 43

  8. Create Tenant Process
    Write out your own process for screening and approving tenants.

    Plan ahead by considering all possible what-if scenarios you can think of and what you'd do in each situation before it happens. Write this out.

    Mark this task complete when you have your process written out.

    Prepare to be a LandlordTenant ScreeningTenantsUltimate Nomad ChecklistWeek 43

  9. Create Tenant-Buyer Process
    If you're offering the property to a Tenant-Buyer on a Lease Option, write out your own process for screening and approving Tenant-Buyers.

    Plan ahead by considering all possible what-if scenarios you can think of and what you'd do in each situation before it happens. Write this out.

    Mark this task complete when you have your process written out.

    Prepare to be a LandlordTenant ScreeningTenant-BuyersUltimate Nomad ChecklistWeek 43

  10. Get or create "Rental Application"
    Get or create your own "Rental Application" to be used when tenants and/or tenant-buyers apply to rent your properties.

    Use the Nomad "Rental Application" as a starting point:

    https://RealEstateFinancialPlanner.com/rental-application/

    Mark this task complete when you have your own "Rental Application".

    PaperworkPrepare to be a LandlordRental ApplicationTenant ScreeningUltimate Nomad ChecklistWeek 48

  11. Get or create "Rental Application Evaluation Worksheet"
    Get or create your own "Rental Application Evaluation Worksheet" to be used when tenants and/or tenant-buyers apply to rent your properties.

    Use the Nomad "Rental Application Evaluation Worksheet" as a starting point:

    https://RealEstateFinancialPlanner.com/rental-application-evaluation-worksheet/

    Mark this task complete when you have your own "Rental Application Evaluation Worksheet".

    PaperworkPrepare to be a LandlordRental Application Evaluation WorksheetTenant ScreeningUltimate Nomad ChecklistWeek 48

  12. Get or create "Rental Application Evaluation Criteria"
    Get or create your own "Rental Application Evaluation Criteria" to be used when tenants and/or tenant-buyers apply to rent your properties.

    Use the Nomad "Rental Application Evaluation Criteria" as a starting point:

    https://RealEstateFinancialPlanner.com/rental-application-evaluation-criteria/

    Mark this task complete when you have your own "Rental Application Evaluation Criteria".

    PaperworkPrepare to be a LandlordRental Application Evaluation CriteriaTenant ScreeningUltimate Nomad ChecklistWeek 48

  13. Get or create "Reservation Deposit Agreement"
    Get or create a "Reservation Deposit Agreement" form that you'll use with your Tenant or Tenant-Buyers when they reserve your rental property.

    Ask your Contract and Paperwork Attorney or your Real Estate Broker.

    Mark this task complete once you have a "Reservation Deposit Agreement" form.

    PaperworkPrepare to be a LandlordUltimate Nomad ChecklistWeek 47

  14. Class Watch "Tenant Screening" Recording of Live Class
  15. Class Watch "Mock Tenant Screening" Recording of Live Class
  16. Get or create "Tenant Evaluation Criteria"
    Get or create your own written "Tenant Evaluation Criteria" to be in compliance with Fair Housing Laws.

    This is the written standards and approval process for whether a Tenant or Tenant-Buyer qualifies to rent your property.

    Remember that you are about to loan someone an asset that is probably worth hundreds of thousands of dollars (the value of your property), so you should screen Tenants and Tenant-Buyers thinking that you're loaning them something that is worth hundreds of thousands of dollars to you. Personally, I'd even tell them that to set the right tone.

    Mark this task complete when you have written "Tenant Evaluation Criteria".

    PaperworkPrepare to be a LandlordTenant ScreeningTenant-BuyersTenantsUltimate Nomad ChecklistWeek 46

  17. Read through "Tenant Evaluation Criteria"
    Read through your "Tenant Evaluation Criteria" and highlight sections you have questions about. Write down your questions.

    Mark this task complete once you've read through the "Tenant Evaluation Criteria" and documented your questions.

    PaperworkPrepare to be a LandlordTenant ScreeningTenantsUltimate Nomad ChecklistWeek 46

  18. Get or create "Move-In Inspection Report" and "Move-Out Inspection Report"
    Get or create your own "Move-In Inspection Report" and "Move-Out Inspection Report" that you can use with your Tenant or Tenant-Buyer.

    You can usually get this either from your Real Estate Broker or your Contract and Paperwork Attorney.

    Mark this task complete when you have a "Move-In Inspection Report" and "Move-Out Inspection Report".

    PaperworkPrepare to be a LandlordUltimate Nomad ChecklistWeek 45

  19. Class Watch "The $5,000 Lease Demystified" Recording of Live Class
  20. Get or create "Lease"
    Download a copy of the "Lease" you intend to use (either from your Attorney or from your Real Estate Broker) or create your own with the help of your Attorney.

    https://RealEstateFinancialPlanner.com/lease/

    Mark this task complete once you have a copy of the "Lease".

    LeasePaperworkPrepare to be a LandlordUltimate Nomad ChecklistWeek 44

  21. Read "Annotated Lease"
    If you're using my "Lease", read the "Annotated Lease" to see examples of the "Lease" filled in and see how we explain it to Tenants and Tenant-Buyers.

    https://RealEstateFinancialPlanner.com/lease/

    Mark this complete once you've read through the "Annotated Lease".

    LeasePaperworkPrepare to be a LandlordUltimate Nomad ChecklistWeek 44

  22. Read through "Lease"
    Read through your "Lease" and highlight any sections you have questions about. Write down the questions you have.

    Mark this task complete once you've read through the "Lease".

    LeasePaperworkPrepare to be a LandlordUltimate Nomad ChecklistWeek 44

  23. Practice filling in "Lease"
    Practice filling in a complete sample "Lease" before meeting with your Tenant or Tenant-Buyer to show a property and complete a "Lease".

    Mark this task complete once you've practiced filling in a complete "Lease" and asking your Contract and Paperwork Attorney any questions if they come up while doing it.

    LeasePaperworkPrepare to be a LandlordUltimate Nomad ChecklistWeek 55

  24. Class Watch "The Lease Option – The Lease Part II" Recording of Live Class
  25. Get or create "Lease-Option" documents
    Have your Contract and Paperwork Attorney prepare your "Lease-Option" documents for your Tenant-Buyer or create them with your Attorney's help.

    Mark this task complete once your Contract and Paperwork Attorney has prepared your "Lease-Option" documents.

    ASAPLeaseLease-OptionPaperworkPrepare to be a LandlordTenant-BuyersUltimate Nomad ChecklistWeek 57

  26. Read through "Lease-Option" documents
    Read through your "Lease-Option" paperwork. Highlight any sections you have questions about. Write down your questions.

    Mark this task complete once you've read through your "Lease-Option" paperwork. You'll be scheduling time to meet with your Contract and Paperwork Attorney to have your questions answered in another task.

    ASAPLeaseLease-OptionPaperworkPrepare to be a LandlordTenant-BuyersUltimate Nomad ChecklistWeek 57

  27. Meet with Contract and Paperwork Attorney to review "Lease-Option" documents
    Meet with your Contract and Paperwork Attorney to go over the highlighted sections of your "Lease-Option" documents. Ask your Attorney your questions about the paperwork.

    Mark this task as complete once you understand and feel comfortable with your "Lease-Option" documents.

    ASAPLeaseLease-OptionPaperworkPrepare to be a LandlordUltimate Nomad ChecklistWeek 58

  28. Write script for Tenant or Tenant-Buyer call
    Write out what questions you're going to ask when Tenants or Tenant-Buyers are calling in on your marketing.

    Mark this task complete when you've got a written script of questions.

    Prepare to be a LandlordScriptsTenant ScreeningTenant-BuyersTenantsUltimate Nomad ChecklistWeek 54

  29. Practice Tenant or Tenant-Buyer script
    Practice your script for incoming calls from Tenants and/or Tenant-Buyers.

    "Professionals practice off the field." The time to learn your script is not when you have a fully qualified, Tenant-Buyer with a large down payment on the phone.

    Mark this task complete once you've run through your script enough times so that you feel comfortable with it.

    Prepare to be a LandlordScriptsTenant ScreeningTenant-BuyersTenantsUltimate Nomad ChecklistWeek 55

  30. Determine your Tenant-Buyer Evaluation Criteria
    Determine and write out the criteria that you'll use to evaluate a Tenant-Buyer.

    Mark this task as complete when you have written evaluation criteria to be in compliance with Fair Housing Laws.

    ASAPLeaseLease-OptionPaperworkPrepare to be a LandlordTenant ScreeningUltimate Nomad ChecklistWeek 54

  31. Determine your Rent (or Lease-Option Rent)
    Determine what Rent you'll charge for the property or, if you're offering a Lease-Option, what Lease-Option Rent you'll charge for the property.

    This is often done by researching what Fair Market Rent is.

    Some Real Estate Brokers may subscribe to a service that allows them to pull rental comparables to help to determine rent.

    Mark this task complete when you have determined your Rent.

    Analyzing DealsASAPLeaseLease-OptionNet Operating IncomePrepare to be a LandlordRentUltimate Nomad ChecklistWeek 55

  32. Determine your Lease-Option minimum Option Fee
    If you're offering the Tenant-Buyer a Lease-Option, determine what is your minimum acceptable Option Fee.

    Mark this task complete when you have your minimum Option Fee for your Lease-Option or if you're not doing a Lease-Option at all.

    Analyzing DealsASAPLease-OptionPrepare to be a LandlordUltimate Nomad ChecklistWeek 55

  33. Determine your Lease-Option strike prices
    If you're offering the Tenant-Buyer a Lease-Option, determine what price the Tenant-Buyer can purchase the property from you in year 1 and year 2.

    Mark this task complete when you have prices for year 1 and year 2 for your Lease-Option or if you're not doing a Lease-Option at all.

    Analyzing DealsASAPLease-OptionPrepare to be a LandlordUltimate Nomad ChecklistWeek 55

  34. Class Watch "Marketing for Tenants" Recording of Live Class
  35. Class Watch "Property Management Mastery" Recording of Live Class
  36. Class Watch "Solving Tenant Challenges" Recording of Live Class
  37. Review "Property Management Mastery" Recording of Live Class
    If you have not done so recently, review the recording of the live presentation of "Property Management Mastery" available on:

    https://RealEstateFinancialPlanner.com/property-management-mastery/

    Prepare to be a LandlordProperty ManagementSolving Tenant ChallengesTenant Move-InTenantsUltimate Nomad ChecklistWeek 45

  38. Get Umbrella Insurance Policy
    Call your Insurance Agent and get an Umbrella Insurance policy to protect you and your growing real estate empire.

    Prepare to be a LandlordUltimate Nomad ChecklistWeek 45

  39. Baseline for Tenant Interactions
    Remember the following when approaching Tenant Interactions

    • Build Trust and Rapport
    • Communicate Regularly
    • Respond Quickly
    • Handle Reasonable Requests
    • Be Firm but Fair
    • Set Expectations and Hold to Them
    • Document Everything
    • Remain Calm
    • If you can't be calm - Hire a Property Manager

    Prepare to be a LandlordUltimate Nomad ChecklistWeek 45

Prepare Property for Rent


These are all the tasks related to preparing the property to rent.

  1. Complete the "Prepare Property for Rent" checklist
  2. Replace Fire Extinguisher
    Replace fire extinguishers to prepare for the next Tenant/Tenant-Buyer.

    They have limited lifespans and it is probably cheaper to just buy new ones than to have them serviced.

    Buy at Home Improvement StorePrepare Property for RentUltimate Nomad ChecklistWeek 56

  3. Replace Batteries in Smoke Alarms and Radon Detectors
    Replace the batteries in all smoke alarms and Radon detectors to prepare for the next Tenant/Tenant-Buyer.

    Buy at Home Improvement StorePrepare Property for RentUltimate Nomad ChecklistWeek 56

  4. Clean property
    Clean the property.

    Make sure the property is in great condition; it sets the tone for the condition you want the Tenant or Tenant-Buyer to treat and maintain your property. If you're OK with dirty windows and floors, they won't care about that or other things either.

    Things to clean probably include:

    • Kitchen including behind and underneath appliances like the strove and refrigerator
    • Clean inside refrigerator, oven and microwave
    • Bathrooms
    • At a minimum vacuum the carpet (ideally have the carpets cleaned if needed)
    • Sweep and pressure wash the garage and driveway
    • Clean windows inside and outside
    • Mow the lawn, trim shrubs and neaten landscaping
    • Clean out the gutters

    Buy at Home Improvement StorePrepare Property for RentUltimate Nomad ChecklistWeek 56

  5. Complete all repairs from Home Inspection
    If there were things on your Home Inspection that have not been fixed yet, complete all repairs prior to putting your property up for rent.

    Make sure the property is in great condition; it sets the tone for the condition you want the Tenant or Tenant-Buyer to treat and maintain your property. If you're OK with a dripping faucet, they won't care about that or other things either.

    Buy at Home Improvement StorePrepare Property for RentUltimate Nomad ChecklistWeek 56

  6. Service AC and Furnance
    Have the AC and furnace serviced prior to renting your property.

    Buy at Home Improvement StorePrepare Property for RentUltimate Nomad ChecklistWeek 56

  7. Check for leaks under all sinks and toilets
    Make sure you look under all sinks and around all toilets for possible leaks. Fix leaks immediately if they exist.

    Buy at Home Improvement StorePrepare Property for RentUltimate Nomad ChecklistWeek 56

  8. Change insurance policy to be landlord policy
    Call your Insurance Agent and make sure you have a landlord insurance policy (not an owner occupant insurance policy) on your property that you are having be a rental.

    Prepare Property for RentUltimate Nomad ChecklistWeek 56

  9. Consider adding a fence to attract tenants with pets
    Tenants with pets represent an exceptionally large percentage of tenants.

    So, accepting pets and having a property with a fenced in yard can help attract a larger pool of tenants which may help you to get higher rent.

    Plus, you may also be able to collect additional pet rent on your properties.

    For more information on fence laws in Colorado (and possibly getting your neighbors to contribute to the cost of adding a fence), check out this special report.

    New ConstructionPrepare Property for RentUltimate Nomad ChecklistWeek 56

Advertise Property for Rent


These are all the tasks related to marketing and advertising properties either for rent or that you're offering on a rent to own (also known as a Lease-Option).

  1. Review Fair Housing Act
    Review Fair Housing Act before writing your ad to make sure you do not violate any laws.

    https://www.hud.gov/fairhousing

    Be sure to check for any updates or modifications to this act.

    Advertise Property for RentMarketingPrepare to be a LandlordTenant ScreeningUltimate Nomad ChecklistWeek 43

  2. Complete the "Advertise Property for Rent" checklist
  3. Review "Marketing for Tenants" Recording of Live Class
  4. Review "Tenant Buyer Sales and Marketing" Recording of Live Class
    If you have not recently watched the recording of the live presentation of "Tenant Buyer Sales and Marketing" you should review it:

    https://RealEstateFinancialPlanner.com/tenant-buyer-sales-and-marketing/

    Advertise Property for RentLease-OptionMarketingTenant-BuyersUltimate Nomad ChecklistWeek 43

  5. Take Photos
    We usually recommend that you have professional photographs taken of your new property just after Closing while it is still vacant by your Photographer.

    However, if you happened to skip or miss that step, this is your chance to have professional photos taken by your photographer so you can use them in your marketing.

    Mark this task complete when photos are taken.

    Advertise Property for RentUltimate Nomad ChecklistWeek 65

  6. Create video tour of property
    Create a short video tour of the property that you'll send to prospective Tenants/Tenant-Buyers when they call in and before you schedule a showing.

    Post this video to YouTube.

    Advertise Property for RentUltimate Nomad ChecklistWeek 65

  7. Place directional signs to property
    Place up directional signs to direct people toward the property you have for rent or on a rent to own.

    Advertise Property for RentMarketingUltimate Nomad ChecklistWeek 56

  8. Place "For Rent" (or "Rent To Own") sign in yard
    Place your "For Rent" (or "Rent To Own") sign in the yard.

    Advertise Property for RentMarketingUltimate Nomad ChecklistWeek 56

  9. Write Property Ad
    Write ad for Tenant and/or Tenant-Buyer using photos you took from when it was vacant.

    Include date available, monthly rent, number of bedrooms and bathrooms, property features, info on the kitchen appliances, whether there is a washer & dryer in the unit, just the hookups, or none of the above, parking details, etc. Be sure to highlight attractive aspects of the property such as easy access to major roadways or pool access.

    Review the ad to make sure you are not discriminating and are in compliance with the Fair Housing Act.

    Advertise Property for RentMarketingUltimate Nomad ChecklistWeek 55

  10. Be prepared to answer your phone
    Once you start marketing, be prepared to answer your phone.

    As you market, prospective Tenants and Tenant-Buyers will expect to be able to reach you.

    If they can't reach you that sets the wrong tone for the start of the relationship. You come across as an unresponsive landlord.

    If you do miss a call, call them back as soon as possible. If prospective Tenants and Tenant-Buyers email or text you, reply quickly.

    Answer prospective Tenants and Tenant-Buyers questions. It is normal for them to ask questions that are already addressed in the ad. I believe most people don't actually read stuff (including your ad) and they're looking at a number of different properties.

    Advertise Property for RentMarketingUltimate Nomad ChecklistWeek 55

  11. Post "For Rent" (or "Rent To Own") ad on Zillow
    Post your "For Rent" or (or "Rent To Own") ad on Zillow.

    Mark this task complete when you've posted the ad.

    Advertise Property for RentMarketingUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

  12. Post "For Rent" (or "Rent To Own") ads on CraigsList
    Post your "For Rent" (or "Rent To Own") ads for the property on CraigsList.

    Mark this task complete when you've posted your ad.

    Advertise Property for RentMarketingUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

  13. Post "For Rent" (or "Rent To Own") ads on local rental websites
    Post your "For Rent" (or "Rent To Own") ad on other local rental websites.

    For example, in Northern Colorado you may also want to post an ad to NorthernColoradoRentals.com as well.

    Mark this task as complete when you've posted ads to these other websites.

    Advertise Property for RentMarketingUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

Take Calls from Tenants


These are all the tasks related to taking calls from Tenants or Tenant-Buyers from your advertising and marketing of your property.

  1. Complete the "Take Calls from Tenants" checklist
  2. Review "Marketing for Tenants" Recording of Live Class
  3. Review "Tenant Buyer Sales and Marketing" Recording of Live Class
    If you have not recently watched the recording of the live presentation of "Tenant Buyer Sales and Marketing" you should review it:

    https://RealEstateFinancialPlanner.com/tenant-buyer-sales-and-marketing/

    Lease-OptionMarketingTake Calls from TenantsTenant-BuyersUltimate Nomad ChecklistWeek 43

  4. Take Tenant/Tenant-Buyer calls
    As calls come in on your marketing, field Tenant and Tenant-Buyer calls and answer questions about the property, complete initial telephone screening and schedule showings.

    Do your screening early... in this first call... don't meet unqualified people at the property.

    Some people prefer to ask Tenant or Tenant-Buyer for permission using something like this:

    "I’d be happy to answer any questions you have about the property."

    "Then, if you don’t mind… if it seems like a property you'd be interested in... I’d like to ask you a few questions to see if you qualify for the property and… if you qualify… then we can schedule a time for you to see the property. Will that work for you?"

    Take Calls from TenantsTenant ScreeningTenant-BuyersTenantsUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

  5. Write down answers to Initial Screening Questions
    Write down the answers to these initial screening questions that you'd ask the prospective Tenant/Tenant-Buyer on the first phone call.

    Remember, we're trying to determine if the Tenant/Tenant-Buyer is qualified to borrow something worth hundreds of thousands of dollars and whether you're going to meet them at the property to show it.

    • What's your name? Phone number? Email?
    • Who will be living there besides yourself?
    • Do you have any pets? How many? What breeds? What size? Neutered/spayed?
    • Do you have good landlord references?
    • Are you renting now? How much do you pay? Why are you moving?
    • What is your approximate gross monthly income?
    • Any felonies or other convictions?
    • Any evictions?
    • How is your credit?
    • How long are you looking to stay?
    • When are you looking to move in?

    Take Calls from TenantsTenant ScreeningTenant-BuyersTenantsUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

  6. IF THEY SEEM TO QUALIFY: Pre-schedule showing with prospective Tenant/Tenant-Buyer
    If the Tenant/Tenant-Buyer seems to qualify based on asking the Initial Screening Questions on your initial phone call then let them know you're going to send over a video tour of the property along with a copy of the application.

    Ask them to watch the video and look at the application and then confirm a time to meet them at the property for a showing.

    If they don't reply back confirming they've watched the video, looked at the application and will be there for the showing time, do not go to the showing.

    Take Calls from TenantsTenant ScreeningTenant-BuyersTenantsUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

  7. Send application and video tour to Tenant/Tenant-Buyer
    Before confirming the showing, send the Tenant/Tenant-Buyer an email with a link to a video tour of the property that you've made and posted on YouTube along with a copy of the application.

    They will need to confirm with you that they've seen the video and will be there at the showing before you drive out to meet them.

    Take Calls from TenantsTenant ScreeningTenant-BuyersTenantsUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

  8. Confirm Tenant/Tenant-Buyer has watched video, read "Application" and wants to meet for showing
    After your Tenant/Tenant-Buyer confirms they have watched the video tour of the property, read through your "Application" and wants to still meet at the property for a showing then confirm with them the date and time of the showing.

    Take Calls from TenantsTenant ScreeningTenant-BuyersTenantsUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

  9. Advertise showing
    If you're already going to be out showing the property to one Tenant or Tenant-Buyer you might as well show it more people on the same trip. So, advertise that you're going to be showing the property around the time of your scheduled showing to maximize exposure and showings.

    As an example, if your scheduled showing is at 4 PM, you might advertise an open showing window of 4:30 PM to 5 PM as well.

    Take Calls from TenantsTenant ScreeningTenant-BuyersTenantsUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

Showings to Tenants


These are all the tasks related to showing your property to potential Tenants or Tenant-Buyers from your advertising and marketing of your property.

  1. Complete the "Showings to Tenants" checklist
  2. Prepare for showings
    To prepare for showing the property to Tenant/Tenant-Buyers:

    • Show up early.
    • Turn all lights on.
    • Adjust temperature... turn AC to cooler in summer, heat to warmer in winter
    • Open windows if house is vacant and stuffy
    • Replace missing marketing materials (yard sign, flyers, etc)

    Showings to TenantsTenant ScreeningUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

  3. Meet prospective Tenant/Tenant-Buyers outside by their car
    Meet your prospective Tenants and Tenant-Buyers outside at the property near their car when you initial gree them to show the property.

    Peek inside their car to see how they maintain their car. That's how your house will look.

    Introduce yourself and invite them inside the home.

    Strongly recommend you take your shoes off and encourage them to do the same... this sets the tone that you take care of your property and they should too.

    Showings to TenantsTenant ScreeningUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

  4. Show property to prospective Tenants/Tenant-Buyers
    Give prospective Tenants/Tenant-Buyers a quick tour of the property highlighting the things you love best about the property. Remember, why did you buy the property? Those are the things to share.

    Invite them to take their time and look around the property.

    If the property is still occupied... do not let the prospective Tenant/Tenant-Buyers out of your sight. Be aware of people looking in medicine cabinets or at the current occupant's personal stuff. Remember, you have NOT done your background check yet!

    Showings to TenantsTenant ScreeningUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

  5. Explain pet and pet fee policies
    While looking at the property, explain your pet policy and pet fee policy to your prospective Tenants/Tenant-Buyers.

    Showings to TenantsTenant ScreeningUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

  6. Explain utilities and utility fee policies
    While looking at the property, explain how utilities work (which ones are in their name and which ones are kept in your name) as well as the utility fee policy to your prospective Tenants/Tenant-Buyers.

    If you happen to know average utilities for the property, share that as well.

    Showings to TenantsTenant ScreeningUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

  7. Explain next steps in application process
    While looking at the property, explain the next steps to your prospective Tenants/Tenant-Buyers:

    • Fill out application (and what that means)
    • How the application approval process goes
    • How you notify them
    • How the reservation deposit works when they're approved

    Showings to TenantsTenant ScreeningUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

  8. Provide prospective tenants/tenant-buyers "Rental Application"
    Provide any prospective tenants and/or tenant-buyers your "Rental Application" to complete by each person 18 or older that will be living in the property.

    If you are a licensed Real Estate Agent renting your own property you must also send over a copy of the "Brokerage Disclosure to Tenant" via DocuSign at this step as well to have them acknowledge that you do not represent them in the transaction.

    Showings to TenantsTenant ScreeningUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

  9. Collect completed "Rental Application" and verify information
    Once the Tenant/Tenant-Buyer has completed the "Rental Application" collect it from them. In an ideal world, you'd collect it from them at their current residence giving them little or no notice so you can see how they maintain that property.

    Is the property clean? How is the outside maintained? This is how your property will look.

    This is also a chance for you to visit with their pet to make sure it is friendly.

    It should include:

    • A complete application for each person over the age of 18 who will be living in the property. That includes children over 18. Check the application to make sure you can read everything and that every spot is filled in. Ask them to mark any blank spots with "N/A" if they really are not applicable.
    • Application fee of $30 per application in cash, money order or cashier's check only. Do not accept personal checks.
    • Copy of valid Driver's License (or state-issued photo ID if no Driver's License). Check to make sure they look like the person on the ID and that the name on the ID matches the name on the application.
    • Proof of current balances in checking and savings accounts.
    • Previous 3 months of statements for checking and savings accounts.
    • Latest W-2 and most recent 2 months of paystubs (or if self-employed, previous 2 years or tax returns)

    Remember, you're about to loan someone an asset worth (in many cases) hundreds of thousands of dollars... treat the application process as such!

    Showings to TenantsTenant ScreeningUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

  10. Pet visit
    When you pick up their application, do a pet visit. This is also an opportunity to see their current residence.

    Showings to TenantsTenant ScreeningUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

  11. Peak inside potential Tenant/Tenant-Buyer's car
    Either meet the Tenant/Tenant-Buyer at their car when they pull up or walk the Tenant/Tenant-Buyer out to their car after the showing so you can look inside their car.

    If the inside of their car is full of trash, that's how your property will look since that's how they take care of stuff. Write down the condition of their car in your notes.

    TIP: If this is not part of your written Tenant Evaluation Criteria, we strongly recommend adding it.

    Showings to TenantsTenant ScreeningUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

  12. Don't chase prospective Tenants/Tenant-Buyers
    If the prospective Tenants/Tenant-Buyers do not submit an application do not chase them... you're not trying to convince them they should rent from you... you want someone who wants to rent from you and loves the home.

    If they are interested, they'll follow up with you.

    Do more marketing instead of chasing.

    Showings to TenantsTenant ScreeningUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

  13. Alternative Showing Variations
    While we recommend scheduling individual showings for the property, there are some alternative methods you may consider in the right situation.

    For example, you could also:

    • Put a lockbox on the property and have people show it themselves. Not good when tenant-occupied.
    • Hold an open house. "I'll be there from 1 to 3 PM on Saturday." Not good when tenant-occupied.
    • Scheduling back t back showings, every X minutes (usually 15). Recommended.

    Showings to TenantsTenant ScreeningUltimate Nomad ChecklistWeek 56Week 57Week 58Week 59Week 60

Process Application


These are all the tasks related to processing potential Tenant and Tenant-Buyer applications.

  1. Complete the "Process Application" checklist
  2. Review "Tenant Screening" Recording of Live Class
    If you have not done so recently, review the recording of the live presentation of "Tenant Screening" available on:

    https://RealEstateFinancialPlanner.com/tenant-screening/

    Process ApplicationTenant ScreeningTenant-BuyersTenantsUltimate Nomad ChecklistWeek 41

  3. Review "Mock Tenant Screening" Recording of Live Class
  4. Call Tenant/Tenant-Buyer references
    Call your prospective Tenant or Tenant-Buyer references.

    Mark this task as complete when finished.

    Process ApplicationTenant ScreeningTenant-BuyersTenantsUltimate Nomad ChecklistWeek 60

  5. Evaluate prospective Tenant/Tenant-Buyer
    Using your written Tenant Evaluation Worksheet, evaluate your prospective Tenant or Tenant-Buyer and determine if they qualify.

    Process ApplicationTenant ScreeningTenant-BuyersTenantsUltimate Nomad ChecklistWeek 60

  6. If you haven't already, conduct a pet visit
    If you have not already done so and they're going to be staying in the property with a pet, you should conduct a pet visit to make sure the pet is friendly with strangers.

    Process ApplicationTenant ScreeningTenant-BuyersTenantsUltimate Nomad ChecklistWeek 60

  7. Approve or decline Tenants/Tenant-Buyers
    If your Tenants or Tenant-Buyers pass your written Tenant Evaluation Criteria, approve them.

    If your Tenants or Tenant-Buyers fail your written Tenant Evaluation Criteria, decline them.

    Mark this task as complete when finished.

    Process ApplicationTenant ScreeningTenant-BuyersTenantsUltimate Nomad ChecklistWeek 60

  8. IF DECLINED BASED ON CREDIT: Provide Tenant/Tenant-Buyer with letter stating they were declined based on credit
    If your Tenants or Tenant-Buyers fail your written Tenant Evaluation Criteria based on their credit, you are required by law to send them a letter stating they were declined.

    Here's one sample, but you should have it reviewed by your own attorney prior to using it:

    https://www.free-legal-document.com/rejection-letter.html

    Mark this task as complete when finished.

    Process ApplicationTenant ScreeningTenant-BuyersTenantsUltimate Nomad ChecklistWeek 60

Approve Applicant


These are all the tasks related to approving your applicant.

  1. Complete the "Approve Applicant" checklist
  2. Review "Tenant Buyer Sales and Marketing" Recording of Live Class
    If you have not recently watched the recording of the live presentation of "Tenant Buyer Sales and Marketing" you should review it:

    https://RealEstateFinancialPlanner.com/tenant-buyer-sales-and-marketing/

    Approve ApplicantUltimate Nomad ChecklistWeek 43

  3. Review "Tenant Screening" Recording of Live Class
    If you have not done so recently, review the recording of the live presentation of "Tenant Screening" available on:

    https://RealEstateFinancialPlanner.com/tenant-screening/

    Approve ApplicantUltimate Nomad ChecklistWeek 41

  4. Review "Mock Tenant Screening" Recording of Live Class
    If you have not done so recently, review the recording of the live presentation of "Mock Tenant Screening" available on:

    https://RealEstateFinancialPlanner.com/mock-tenant-screening/

    Approve ApplicantUltimate Nomad ChecklistWeek 42

  5. Let Tenant/Tenant-Buyer know they're approved
    Once you've approved them, let Tenant/Tenant-Buyer know they're approved by phone and email.

    Coordinate meeting with them to get "Reservation Deposit Agreement" and the Reservation Deposit.

    Approve ApplicantUltimate Nomad ChecklistWeek 42

  6. Send Tenant/Tenant-Buyer "Lease" to review
    Send your approved Tenants/Tenant-Buyers a copy of the "Lease" that you're going to ask them to sign.

    Approve ApplicantUltimate Nomad ChecklistWeek 42

  7. UNTIL YOU HAVE RESERVATION DEPOSIT: Continue marketing and processing applications
    Until you have a "Reservation Deposit Agreement" and the reservation deposit in hand, continue to market the property and process applications.

    No matter how solid you think your Tenant/Tenant-Buyers are it isn't rented until the paperwork is done.

    Approve ApplicantUltimate Nomad ChecklistWeek 42

  8. IF NOT APPROVED: Notify Tenant/Tenant-Buyer they've been declined
    If the Tenant/Tenant-Buyers do not meet your criteria then notify them they have not been approved.

    If they did not pass because of credit reasons you are required to notify them in writing.

    Some landlords will let Tenant/Tenant-Buyers know what they'd need to do to qualify. For example, you might agree to rent to them if they prepare for 6 months of rent or get a co-signer, etc.

    Approve ApplicantUltimate Nomad ChecklistWeek 42

Collect Rent


These are all the tasks related to collecting rent.

  1. Complete the "Collect Rent" checklist
  2. Provide Tenant or Tenant-Buyer with receipt for rent collected each month
    Each month that you receive rent from your Tenant or Tenant-Buyer, it is considered a best practice to provide the Tenant or Tenant-Buyer with a receipt for the rent that was collected.

    Mark complete when done each month.

    Collect RentPost-ClosingUltimate Nomad ChecklistWeek 65

Collect Reservation Deposit


These are all the tasks related to collecting the reservation deposit and the "Reservation Deposit Agreement".

  1. Complete the "Collect Reservation Deposit" checklist
  2. Get Tenant/Tenant-Buyer to sign "Reservation Deposit Agreement"
    Once you've approved your Tenant/Tenant-Buyer have Tenant/Tenant-Buyer complete the "Reservation Deposit Agreement" and give you a reservation deposit.

    Collect Reservation DepositUltimate Nomad ChecklistWeek 42

  3. Collect reservation deposit from Tenant/Tenant-Buyer
    Collect reservation deposit from Tenant/Tenant-Buyer.

    Collect Reservation DepositUltimate Nomad ChecklistWeek 42

  4. Pause marketing and running applications
    Once you have a signed "Reservation Deposit Agreement" and the reservation deposit in certified funds from your Tenant/Tenant-Buyers, you can pause your marketing of the property and stop running additional applications.

    Collect Reservation DepositUltimate Nomad ChecklistWeek 42

Lease Signing and Lease Review


These are all the tasks related to reviewing and signing the "Lease" with your Tenant/Tenant-Buyers.

  1. Complete the "Lease Signing and Lease Review" checklist
  2. Review "The $5,000 Lease Demystified" Recording of Live Class
    If you haven't done so recently, review the recording of the live presentation of "The $5,000 Lease Demystified" available on:

    https://realestatefinancialplanner.com/the-5k-lease-demystified-nomad-2017-edition/

    Lease Signing and Lease ReviewUltimate Nomad ChecklistWeek 44

  3. Review "Property Management Mastery" Recording of Live Class
    If you have not done so recently, review the recording of the live presentation of "Property Management Mastery" available on:

    https://RealEstateFinancialPlanner.com/property-management-mastery/

    Lease Signing and Lease ReviewUltimate Nomad ChecklistWeek 45

  4. Give Tenant/Tenant-Buyer copy of "Lease"
  5. IF TENANT-BUYER: Give Tenant-Buyer a copy of "Option" agreement
    If you're offering a Lease Option, then explain the Option to your Tenant-Buyer but strongly encourage them to talk to their own attorney.

    Lease Signing and Lease ReviewPaperworkTenant-BuyersUltimate Nomad ChecklistWeek 60

  6. Explain "Lease" to Tenant/Tenant-Buyer
    Go over the "Lease" in detail, section by section explaining it to your Tenant or Tenant-Buyer.

    Encourage them to seek advice from their attorney.

    LeaseLease Signing and Lease ReviewTenant-BuyersTenantsUltimate Nomad ChecklistWeek 60

  7. IF TENANT-BUYER: Explain "Option" to Tenant-Buyer
    If you're doing a Lease-Option, go over the "Option" in detail, section by section explaining it to your Tenant-Buyer.

    Encourage them to get the advice of their own attorney.

    LeaseLease Signing and Lease ReviewTenant-BuyersTenantsUltimate Nomad ChecklistWeek 60

  8. Have Tenant/Tenant-Buyer sign "Lease"
  9. IF TENANT-BUYER: Have Tenant-Buyer sign "Option"
    If you're doing a Lease-Option, have your Tenant-Buyer sign the "Option".

    LeaseLease Signing and Lease ReviewTenant-BuyersTenantsUltimate Nomad ChecklistWeek 60

  10. Give Tenant/Tenant-Buyer a copy of signed "Lease"
  11. IF TENANT-BUYER: Give Tenant-Buyer a copy of signed "Option"
    If you're doing a Lease-Option, once your Tenant-Buyer has signed the "Option" give them a copy.

    LeaseLease Signing and Lease ReviewLease-OptionTenant ScreeningTenant-BuyersTenantsUltimate Nomad ChecklistWeek 61

  12. IF ROOMMATE: Review their liability and renter's insurance policy
    If you're getting a roommate (renting out part of the home you're living in), remember to review their liability and renter's insurance policy.

    Your homeowner's policy covers YOUR STUFF and the house, but your roommates each need their own insurance policy to protect THEIR STUFF and liability if they do something and are liable.

    Insist they get and provide a copy of the policy to you. It is usually very inexpensive to get.

    Lease Signing and Lease ReviewTenant-BuyersTenantsUltimate Nomad ChecklistWeek 61

Document Property Condition


These are all the tasks related to documenting the condition of the property prior to the Tenant/Tenant-Buyers moving in.

  1. Complete the "Document Property Condition" checklist
  2. Review "Property Management Mastery" Recording of Live Class
    If you have not done so recently, review the recording of the live presentation of "Property Management Mastery" available on:

    https://RealEstateFinancialPlanner.com/property-management-mastery/

    Document Property ConditionUltimate Nomad ChecklistWeek 45

  3. Record condition of property
    Record a video of the condition of the property with video just prior to giving possession to your new Tenant/Tenant-Buyer in case there is a dispute later.

    Save a copy to your tenant folder in Dropbox.

    Document Property ConditionUltimate Nomad ChecklistWeek 45

  4. Provide Tenant/Tenant-Buyer with "Move-In Inspection"
    Have your Tenant/Tenant-Buyer document the condition of the property at the time of move-in by completing the "Move-In Inspection".

    Document Property ConditionUltimate Nomad ChecklistWeek 45

Pre-Occupancy Reminders to Tenant


These are all the tasks related to the reminders for your Tenant/Tenant-Buyers prior to them moving into the property.

  1. Complete the "Pre-Occupancy Reminders to Tenant" checklist
  2. Review "Property Management Mastery" Recording of Live Class
    If you have not done so recently, review the recording of the live presentation of "Property Management Mastery" available on:

    https://RealEstateFinancialPlanner.com/property-management-mastery/

    Pre-Occupancy Reminders to TenantUltimate Nomad ChecklistWeek 45

  3. Remind your Tenant/Tenant-Buyer of the following
    Remind your Tenant/Tenant-Buyer of the following:

    • When their move-in date and time is and what happens if the current occupant is not out in time
    • When their rent is due and how much is due (especially true if they are moving in mid-month)
    • Expected maintenance schedule for the Tenant/Tenant-Buyer
    • That they need to get a renter's insurance policy with liability insurance (this applies to roommates as well) and they need to provide you a copy of the policy as proof

    Pre-Occupancy Reminders to TenantUltimate Nomad ChecklistWeek 45

  4. Remind your Tenant/Tenant-Buyer about Utilities
    Remind your Tenant/Tenant-Buyer about Utilities

    • Send them a list of utilities & phone numbers that need to be switched to their name
    • Remind them this must be done before move-in day

    Pre-Occupancy Reminders to TenantUltimate Nomad ChecklistWeek 45

Tenant Move-In


These are all the tasks related to your Tenant/Tenant-Buyers moving into the property.

  1. Complete the "Tenant Move-In" checklist
  2. Review "Property Management Mastery" Recording of Live Class
    If you have not done so recently, review the recording of the live presentation of "Property Management Mastery" available on:

    https://RealEstateFinancialPlanner.com/property-management-mastery/

    Prepare to be a LandlordProperty ManagementSolving Tenant ChallengesTenant Move-InTenantsUltimate Nomad ChecklistWeek 45

  3. Give Tenant Access to the Property
    Give tenant access to the property:

    • Meet tenant to collect cashier's check and give them keys
    • Have a lock-box and text them the code late the night before/early that morning

      • Note: One key in the lock-box and the other keys/access cards/garage door openers in a drawer inside
      Note: Only do this if you have received certified funds ahead of time

    Property ManagementSolving Tenant ChallengesTenant Move-InTenantsUltimate Nomad ChecklistWeek 45

  4. Check-In with Tenant
    Check-In with Tenant later in the day with a text/call to:

    • Build rapport
    • Ask how the move-in is going
    • Ask whether the property is in the condition they expected
    • Remind them to complete Move-In form and email back within 7 days

    Property ManagementSolving Tenant ChallengesTenant Move-InTenantsUltimate Nomad ChecklistWeek 45

  5. Show Tenant/Tenant-Buyer where fire extinguisher is under sink in kitchen
    Show the Tenant or Tenant-Buyer where the fire extinguisher is under the sink in the kitchen and tell them how to use in case there is a fire.

    Tenant Move-InUltimate Nomad ChecklistWeek 65

  6. Remind your Tenant/Tenant-Buyer of the following (again)
    Remind your Tenant/Tenant-Buyer of the following when they move in:

    • When their move-in date and time is and what happens if the current occupant is not out in time
    • When their rent is due and how much is due (especially true if they are moving in mid-month)
    • Expected maintenance schedule for the Tenant/Tenant-Buyer

    Tenant Move-InUltimate Nomad ChecklistWeek 45

  7. Replace fire extinguishers
    Replace fire extinguishers to prepare for the next Tenant/Tenant-Buyer.

    They have limited lifespans and it is probably cheaper to just buy new ones than to have them serviced.

    Property ManagementSolving Tenant ChallengesTenant Move-InTenant Turn-over PreparationTenantsUltimate Nomad ChecklistWeek 45

Tenant Week 1


These are all the tasks related the first week your Tenant/Tenant-Buyers are in the property.

  1. Complete the "Tenant Week 1" checklist
  2. Review "Property Management Mastery" Recording of Live Class
    If you have not done it recently, review the recording of the live presentation of "Property Management Mastery" available on:

    https://RealEstateFinancialPlanner.com/property-management-mastery/

    Tenant Week 1Ultimate Nomad ChecklistWeek 45

  3. Receive "Move-In Inspection Report" from Tenant/Tenant-Buyer and save to Dropbox
    Collect the filled out "Move-In Inspection Report" from Tenant/Tenant-Buyer and save a copy to the tenant's folder in Dropbox.

    Tenant Week 1Ultimate Nomad ChecklistWeek 45

Tenant Month 1


These are all the tasks related to the first month that your Tenant/Tenant-Buyers are occupying the property.

  1. Complete the "Tenant Month 1" checklist
  2. Review "Property Management Mastery" Recording of Live Class
    If you have not done so recently, review the recording of the live presentation of "Property Management Mastery" available on:

    https://RealEstateFinancialPlanner.com/property-management-mastery/

    Tenant Month 1Ultimate Nomad ChecklistWeek 45

  3. Verify Tenant/Tenant-Buyer replaced furnace filter
    Email or text Tenant/Tenant-Buyer and ask if they had any problems changing the furnace filter in the first month as a gentle way of reminding them they need to do it and verifying it was done.

    Tenant Month 1Ultimate Nomad ChecklistWeek 45

  4. Remind Tenant/Tenant-Buyer rent due date and amount
    Email and/or text your Tenant/Tenant-Buyer to remind them when rent is due and the amount that is due (especially if they moved in mid-month).

    Tenant Month 1Ultimate Nomad ChecklistWeek 45

Tenant Periodic Inspections


These are all the tasks related to periodic inspections of the property.

  1. Complete the "Tenant Periodic Inspections" checklist
  2. Review "Property Management Mastery" Recording of Live Class
    If you have not done so recently, review the recording of the live presentation of "Property Management Mastery" available on:

    https://RealEstateFinancialPlanner.com/property-management-mastery/

    Tenant Periodic InspectionsUltimate Nomad ChecklistWeek 45

  3. Check fire extinguisher under sink in kitchen
    Check the fire extinguisher under the sink to make sure it is still there and still working. If not, replace it with a new one.

    Tenant Periodic InspectionsUltimate Nomad Checklist

  4. Check for leaks under all sinks and water sources
    Check for possible leaks under all sinks and around all water sources.

    Tenant Periodic InspectionsUltimate Nomad Checklist

  5. Check for Leaks from Water Heater
    Check to see if the water heater is leaking any water.

    Tenant Periodic InspectionsUltimate Nomad Checklist

  6. Check to make sure furnace filters have been replaced
    Check to make sure furnace filters have been replaced and replace it if it has not.

    Tenant Periodic InspectionsUltimate Nomad Checklist

Tenant Turn-over Preparation


These are all the tasks related to preparing to turn over your property to the next Tenant/Tenant-Buyers.

  1. Complete the "Tenant Turn-over Preparation" checklist
  2. Replace fire extinguishers
    Replace fire extinguishers to prepare for the next Tenant/Tenant-Buyer.

    They have limited lifespans and it is probably cheaper to just buy new ones than to have them serviced.

    Property ManagementSolving Tenant ChallengesTenant Move-InTenant Turn-over PreparationTenantsUltimate Nomad ChecklistWeek 45

  3. Service AC and furnance
    Have AC and furnace serviced preparing for next Tenant/Tenant-Buyer.

    Tenant Turn-over PreparationUltimate Nomad ChecklistWeek 45

  4. Change furnace filter
    Your HVAC person may replace the furnace filter for you, but they may not. So, make sure you have a new furnace filter installed.

    Tenant Turn-over PreparationUltimate Nomad ChecklistWeek 45

  5. Check for leaks
    Check for leaks under all sinks and near all water sources. Fix them as required.

    Tenant Turn-over PreparationUltimate Nomad ChecklistWeek 45

  6. Schedule carpets to be cleaned
    Call your carpet cleaner and schedule a time for them to clean the carpets right after the current tenant vacates the property.

    Tenant Turn-over PreparationUltimate Nomad ChecklistWeek 45

  7. Plan on Changing the Locks
    Make arrangements for getting the locks changed the day the old tenants move out.

    Tenant Turn-over PreparationUltimate Nomad ChecklistWeek 45

Tenant Turn-over


These are all the tasks related to turning over your property to the next Tenant/Tenant-Buyers.

  1. Complete the "Tenant Turn-over" checklist
  2. Review "Property Management Mastery" Recording of Live Class
    If you have not done so recently, review the recording of the live presentation of "Property Management Mastery" available on:

    https://RealEstateFinancialPlanner.com/property-management-mastery/

    Tenant Turn-overUltimate Nomad ChecklistWeek 45

  3. Record property condition on move-out
    Record the condition of the property upon move-out so you know what needs to be done and what should be deducted from security deposit.

    Tenant Turn-overUltimate Nomad Checklist

  4. Check fire extinguisher under sink in kitchen
    Check the fire extinguisher under the sink to make sure it is still there and still working when the Tenant is leaving the property. If not, replace it with a new one.

    Tenant Turn-overUltimate Nomad Checklist

  5. Have carpets professionally cleaned
    Have carpets professionally cleaned. Deduct expense from security deposit (if your "Lease" has that clause).

    Tenant Turn-overUltimate Nomad Checklist

  6. Change Locks
    Change the locks on all external doors. You can call a locksmith to change the locks or you can replace the locks themselves.

    Tenant Turn-overUltimate Nomad Checklist

  7. Reset Garage Door Openers
    Reset the garage door opener(s). Even if all remotes are returned you should reset the opener anyway in case the previous tenant paired their vehicle to the garage.

    Tenant Turn-overUltimate Nomad Checklist

  8. Verify the Tenant Paid the Last Utility Bills
    Verify your tenant has paid the last month of utility bills before returning their security deposit. Deduct any unpaid amount from the deposit.

    Tenant Turn-overUltimate Nomad Checklist

  9. Switch the Utilities
    Switch the utilities back into your name if the property will be vacant for more than a day or so.

    Tenant Turn-overUltimate Nomad Checklist

Post-Move-Out


These are all the tasks related to what happens after your Tenant/Tenant-Buyers move out of the property.

  1. Complete the "Post-Move-Out" checklist
  2. Review "Property Management Mastery" Recording of Live Class
    If you have not done so recently, review the recording of the live presentation of "Property Management Mastery" available on:

    https://RealEstateFinancialPlanner.com/property-management-mastery/

    Post-Move-OutUltimate Nomad ChecklistWeek 45

  3. Complete final accounting and return remaining security deposit
    Complete your final accounting and return the remaining security deposit to your previous Tenant/Tenant-Buyer.

    Post-Move-OutUltimate Nomad ChecklistWeek 45

Property Maintenance


These tasks are regular scheduled maintenance items to complete on your property over time.

  1. Complete the "Property Maintenance" checklist
  2. IF CONCRETE DRIVEWAY: Seal driveway every two years
    If you have a concrete driveway, it is recommended that you seal concrete driveways every two years.

    Property MaintenanceUltimate Nomad ChecklistWeek 56

  3. Test GFI Receptacle/Breaker
  4. Complete the "Alarms Maintenance" checklist
  5. Complete the "Appliance Maintenance" checklist
  6. Complete the "Windows/Doors Maintenance" checklist
  7. Complete the "Caulking/Paint Maintenance" checklist
  8. Complete the "Heating Cooling Maintenance" checklist
  9. Complete the "Plumbing Maintenance" checklist
  10. Complete the "Landscaping Maintenance" checklist
  11. Complete the "Exterior Maintenance" checklist
  12. Complete the "Winterize Your Home" checklist
  13. IF WATER HEATER LEAKING Complete the "Leaking Water Heater" checklist

Emergency Plan


What happens if you get injured, incapacitated or die? You should have a plan in place now to be able to have someone (or two) step in and take care of your business. We call this your Emergency Plan and these are the tasks related to that.

  1. Complete the "Emergency Plan" checklist
  2. Class Watch "Emergency Plan Workshop" Recording of Live Class
    Watch the recording of the live presentation of "Emergency Plan Workshop" available on:

    https://RealEstateFinancialPlanner.com/emergency-plan-workshop/

    ClassesEmergency PlanUltimate Nomad ChecklistWeek 50

  3. Class Watch "Warning: The Dangers and Risks of Real Estate" Recording of Live Class
    Watch the recording of the live presentation of "Warning: The Dangers and Risks of Real Estate" available on:

    https://RealEstateFinancialPlanner.com/warning-the-dangers-and-risks-of-real-estate/

    ClassesEmergency PlanUltimate Nomad ChecklistWeek 21

  4. Create your own "Emergency Plan"
    Create your own "Emergency Plan" assuming you won't be able to talk or tell your Emergency Contacts any more than what you have written down, documented.

    Once you've completed your own "Emergency Plan", mark this task as done.

    Emergency PlanUltimate Nomad ChecklistWeek 50

  5. Create your Will
    With the help of your Attorney create a Will that will document who is responsible for taking over should you die.

    Emergency PlanUltimate Nomad ChecklistWeek 50

  6. Identify your Primary Emergency Contact
    Determine who your Primary Emergency Contact will be.

    You'll need their name, address, phone and email.

    Emergency PlanUltimate Nomad ChecklistWeek 50

  7. Notify your Primary Emergency Contact for your Emergency Plan
    Email or call your Primary Emergency Contact for your Emergency Plan to tell them where your Emergency Plan is located and how they can access it should something happen to you.

    Emergency PlanUltimate Nomad ChecklistWeek 51

  8. Give your Primary Emergency Contact Limited Power of Attorney
    While having your Primary Emergency Contact listed in your business Operating Agreement will give them the ability to step in and manage your business should something happen to you, they may need a Limited Power of Attorney to manage your personal affairs.

    With the help of your Attorney give your Primary Emergency Contact a Limited Power of Attorney so they can handle your affairs should you become injured or incapacitated.

    Emergency PlanUltimate Nomad ChecklistWeek 51

  9. Add your primary Emergency Contact to your Operating Agreement
    With the help of your Attorney, add your primary Emergency Contact to your LLC Operating Agreement as who takes over as manager in case you're injured, incapacitated or die.

    Let them know they're to take over as manger if something happens to you.

    Emergency PlanLLCUltimate Nomad ChecklistWeek 50

  10. Make sure all your Emergency Contacts know about each other and have each other's contact info
    Make sure your primary, backup and third Emergency Contact all know the others. Send each of them the other's contact info in case there is an emergency for you and they need to contact each other.

    Emergency PlanUltimate Nomad ChecklistWeek 50

  11. Make sure all your Emergency Contacts have your Attorney's contact info
    Make sure your Primary, Backup and Third Emergency Contact all know your Attorney's contact info.

    Emergency PlanUltimate Nomad ChecklistWeek 50

  12. Create your own "Emergency Plan Summary" sheet
    Create your own "Emergency Plan Summary" sheet and tell your Primary, Backup and Third Emergency Plan contact and your Attorney where it is located. For example, you might have a copy of it in your safe in your home and you have a key to the safe on your primary keychain.

    The "Emergency Plan Summary" should list the following information at a minimum:

    • Name, address, phone and email of your Attorneys
    • Name, address, phone and email of your Primary, Backup and Third Emergency Contacts
    • List of all your properties (rentals and owner occupied)
    • List of tenants in each property and where to find their tenant file
    • List of all your bank, savings and investment accounts with account numbers, logins and passwords
    • List of all your LLCs, trusts and other entities, what is in each and who is to run them should something happen
    • List of all your mailboxes and where the key is to each
    • List of all your email accounts and password for accessing each
    • List of all your insurance policies and the Insurance Agent for each
    • List of all your Powers of Attorney, who they're with and where to find each
    • Location of your Will
    • If you've buried or otherwise hidden any treasure, a map or at least clues as to where to find it
    • Your preferred referral list for all your contractors and professional advisers
    • Documentation on your key business processes (how to run your business if you're not there)

    Emergency PlanUltimate Nomad ChecklistWeek 50

  13. Store a backup of your "Emergency Plan Summary" sheet
    Store an off-site backup of your "Emergency Plan Summary" sheet in case of fire, floor or other issue with your primary copy of your "Emergency Plan Summary" sheet.

    Example might be you store your primary "Emergency Plan Summary" sheet in your locked safe in your office. You could keep a backup in your safe at home.

    Another example might be you store your primary "Emergency Plan Summary" sheet in your locked filing cabinet at home and your Attorney has a second copy in his locked filing cabinet in his office.

    IMPORTANT NOTE: My personal Attorney suggested NOT using a safe deposit box as they can be hard for your Emergency Contacts to access should something happen to you.

    Emergency PlanUltimate Nomad ChecklistWeek 50

  14. Go over "Emergency Plan Summary" with Emergency Contacts
    Sit down and go over your entire Emergency Plan with your Emergency Contacts so they're familiar with it and how it is setup.

    Emergency PlanUltimate Nomad ChecklistWeek 50

  15. Update your "Emergency Plan Summary" sheet yearly
    Make sure you update your "Emergency Plan Summary" sheet yearly.

    Emergency PlanUltimate Nomad ChecklistWeek 50

  16. Complete "Emergency Escape Plan" checklist
    Complete "Emergency Escape Plan" checklist

    https://RealEstateFinancialPlanner.com/emergency-escape-plan/

    Emergency Escape PlanEmergency PlanUltimate Nomad Checklist

Next Property


These are all the tasks related to what you need to do to start thinking about the next property you're going to buy.

  1. Complete the "Next Property" checklist
  2. IF NEW CONSTRUCTION FOR NEXT PURCHASE: Research build time from builder
    If you're planning to buy new construction for your next purchase, research the build time from the builder you're considering. Some can take 6 months or more.

    So, it might be better to research this and maybe even go under contract very early to make sure you hit your ideal timeline for your next purchase.

    New ConstructionNext PropertyUltimate Nomad ChecklistWeek 26

  3. Start another checklist for buying your next house
    We're estimating you have 3 months until your home buying anniversary which means you should start the buying process now to buy your next home if you want to buy it within 3 months.

    Mark this task complete once you've started another Ultimate Nomad Checklist™ for your next purchase.

    Next PropertyUltimate Nomad ChecklistWeek 52

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