Hey guys how's it going it's andrew stohl with stole real estate um i am going to go through the multi-board residential real estate contract 7.0 with you guys i'm not going to go over every single line or every single paragraph but i'm going to go over the most common parts of the contract that you would need to address when filling out the contract for a purchase when working with buyers so if there's anything i don't go over that's more detailed feel free to reach out to me comment below or you can email me directly at office at stolerealestate.stolerealestate.com s-t-o-l-l stollrealestate.com and uh again my name is andrew stone the managing broker at stowe real estate and i'm happy to help you um we can do a private screen share if you'd like to if you'd like me to go over anything specifically on the contract but like i said i'm going to go over kind of the highlights of what you're looking for when filling out an offer for a buyer so let's get right into it i'm not going to get into the obvious stuff you know buyer's name seller name address stuff like that so i'm just gonna give you some pointers along the way um but the first thing i want to go over is paragraph three now this is fixtures and personal property this section you're going to want to reference the the listing and you're going to want to pick whatever is in the listing and add it here now if you did a showing and you see something you saw something at the property that you don't see included in the listing you're going to want to reach out to the listing agent and just double check so that...
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About Multi Board Residential Real Estate Contract 7
Multi-Board Residential Real Estate Contract 7 is a standardized legal document used in the real estate industry to facilitate the buying and selling of residential properties. It is commonly used in several states in the United States, including Illinois and Wisconsin. This contract is designed to protect the interests of both the buyer and the seller during a real estate transaction. It outlines the terms and conditions of the sale, including the purchase price, financing details, closing date, and any contingencies or special conditions that must be met. The Multi-Board Residential Real Estate Contract 7 is typically used in situations where a property is being purchased or sold through a real estate agent or broker. Both parties, the buyer and the seller, need to sign this contract to establish a legally binding agreement. The following parties may need to use the Multi-Board Residential Real Estate Contract 7: 1. Homeowners/sellers: If someone is selling their residential property, they may need this contract to provide a legal framework for the sale, ensuring that the terms of the agreement are documented and binding. 2. Homebuyers: Individuals or families looking to purchase a residential property will also need this contract. It helps them understand the terms of the purchase, outline any contingencies that need to be met, and protect their interests during the negotiation and closing process. 3. Real estate agents and brokers: Professionals in the real estate industry rely on this standardized contract to streamline the buying and selling process. It helps ensure compliance with legal requirements and protects their clients' interests. 4. Banks and lenders: Financial institutions providing mortgage loans for the purchase of residential properties may require the Multi-Board Residential Real Estate Contract 7 to ensure that the terms of the loan are properly documented. Using this standardized contract helps ensure transparency and reduces the risk of disputes during the transaction. It provides a clear understanding of all the details and obligations involved, making it an essential tool for anyone involved in residential real estate transactions.
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