NACA Real Estate Training - Purchase Contracts Exam 2022/2023

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Contract offer details needed for member to print property specific letter using their web-file - ANSWER Offer price, Address, HOA, Estimated HOI, Estimated Taxes Contract offer details needed for ... counselor to print a property specific approval letter to submit with your offer - ANSWER Address of the home & copy of MLS, Offer price, Sellers contribution towards buy-down, Member contribution towards buy-down, Grant contribution towards buy-down, Monthly Tax Payment, Estimated Homeowner Insurance, HOA if applicable Recommended days for Inspection, option and due diligence period - ANSWER Recommended a minimum of 10 days Recommended days for financial and appraisal contingency - ANSWER Recommended up to the day of closing but no later than 30 days Required Special Stipulations included in Purchase Contract - ANSWER Sellers contribution to be used for interest rate buy-downm Contingent Condo/HOA approval, if applicable, Contingent on Grant approval, if applicable, Contingent on Short sale, if applicable Recommended days for closing with no major repairs - ANSWER Recommended up to 40 to 45 days from executed purchase contract date Recommended days for closing for major repairs - ANSWER Recommended up to 45 to 60 days from executed purchase contract date In addition to the executed purchase contract, other documents needed to submit to counselor for credit access approval - ANSWER List of documents needed: Completed Transaction Summary, Copy of MLS with listed real estate commissions, Copy of escrow deposit or earnest money, Short sale approval letter, if applicable, Termite Letter/Invoice, if applicable Transaction Summary - ANSWER Cover sheet attached to the executed purchase contract with detailed information on the terms and conditions of the contract with both listing agent and buyers agent full contact information along with real estate license number. It must be uploaded via agent portal in other documents options under the addendum type at the time of the executed purchase contract. [Show More]

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