I am trying to figure out how to disclose to the seller.
I have Johns book...
In his Buy Offer and Acceptance Deposit Receipt, he has a little verbage about financing:
"Financing: Buyers monthly payment is $ for x months with an interest rate of % annum. Seller agrees that the Buyer is purchasing Subject to the existing Trust Deed."
Is this all that I need to legally disclose to the seller that they may have the DOS clause called?
You can add or delete from those contracts anything you want that you feel you need.
As John states in his book, it's best to have the contracts reviewed by a local attorney (including the one you just bought) to insure that they are legal and accurate for your state. When you do this, ask the lawyer then about what, where, and if you need to about the DOS clause and the seller.
We have gotten so used to ignoring internet postings written in all caps, because of the difficulty in reading and the connotation of ranting.
It is the same way in printed material. People don't really read paragraphs in all caps because it is difficult to read, and the computer literate already have trained themselves to ignore it.
I wonder if a buyer would read the fine print, as a matter of fact I wonder who really reads an entire contract when signing any kind of installment contract.
Then again if the contract is in legalese albiet small print, large print, bold, lower case etc., whereas and wherefor who would really understand what it said when they finished reading it.
Just the way I view what the real world is like when it comes to contracts.
Any time I sold something, be it in person or long distance, where I sent the contract off to be signed and returned, I always pointed out to my customers to READ the contract before signing, and if they had any questions to aske me those before signing, not after signing.
When I sold the mobile home the first time, I sat the buyer on a sofa and told him to carefully read the contract and if anything is not clear, ask me.
I intend to do so every time I sell a house and I will make sure the buyer reads the contract; if it is someone who has difficulty reading (there are a lot of those in this area) I will go over the contract and make sure they understand what they sign. In my opinion this will help avoid any unnecessary complications in the future: "I didn't know that... or.... you never told me that.... or ..... I would never have signed if...." you get my drift?
It takes a little time, but this time is a good investment both for seller and buyer!
Can you be more specific as to what you are looking for?
Roger
I am looking for a disclosure statement regarding the DOS clause.
Thank you!
Wes
Wes,
That much I had figured out. Who are you trying to disclose the DOS to? The buyer? The seller? The bank?
In any case, I've never seen a separate form for this. It is usually just a part of the contract.
Roger
I am trying to figure out how to disclose to the seller.
I have Johns book...
In his Buy Offer and Acceptance Deposit Receipt, he has a little verbage about financing:
"Financing: Buyers monthly payment is $ for x months with an interest rate of % annum. Seller agrees that the Buyer is purchasing Subject to the existing Trust Deed."
Is this all that I need to legally disclose to the seller that they may have the DOS clause called?
Thank you so much,
Wes
You can add or delete from those contracts anything you want that you feel you need.
As John states in his book, it's best to have the contracts reviewed by a local attorney (including the one you just bought) to insure that they are legal and accurate for your state. When you do this, ask the lawyer then about what, where, and if you need to about the DOS clause and the seller.
Roger
Look at John's book again. Section 3 of the sales contract, in all CAPS. IT IS A HUGE DOS DISCLOSURE NOTICE. It's built in. Good Luck.
sumtersc,
Thank you, every once in a while I need a good smile, all caps, maybe I should bold it also.
John $Cash$ Locke
PS: Thank you too samedwin good call.
We have gotten so used to ignoring internet postings written in all caps, because of the difficulty in reading and the connotation of ranting.
It is the same way in printed material. People don't really read paragraphs in all caps because it is difficult to read, and the computer literate already have trained themselves to ignore it.
DaveT,
I wonder if a buyer would read the fine print, as a matter of fact I wonder who really reads an entire contract when signing any kind of installment contract.
Then again if the contract is in legalese albiet small print, large print, bold, lower case etc., whereas and wherefor who would really understand what it said when they finished reading it.
Just the way I view what the real world is like when it comes to contracts.
John $Cash$ Locke
Any time I sold something, be it in person or long distance, where I sent the contract off to be signed and returned, I always pointed out to my customers to READ the contract before signing, and if they had any questions to aske me those before signing, not after signing.
When I sold the mobile home the first time, I sat the buyer on a sofa and told him to carefully read the contract and if anything is not clear, ask me.
I intend to do so every time I sell a house and I will make sure the buyer reads the contract; if it is someone who has difficulty reading (there are a lot of those in this area) I will go over the contract and make sure they understand what they sign. In my opinion this will help avoid any unnecessary complications in the future: "I didn't know that... or.... you never told me that.... or ..... I would never have signed if...." you get my drift?
It takes a little time, but this time is a good investment both for seller and buyer!
Ladybug