Vision Quest Realty LLC
Phone 770-374-0313 Fax 770-607-7619
Retainer Agreement
This is a receipt for a non-refundable retainer of $700.00 charged by “Vision Quest Realty LLC.” This amount will be credited only at time of closing.
The signed party below (client) will be assigned a licensed agent to locate qualified properties in the client’s area of interest. It is agreed that when the client has chosen a property of their liking it must meet “Vision Quest Realty LLC” criteria, this criteria would include- a below market value, good quality structure/condition, and safe environment. An agent, broker or 3rd party ( investor) shall then purchase the property on behalf of the client or allow the current seller to lease purchase the property directly with our client (tenant).
It is agreed that upon the purchase, the client will receive a two year lease purchase agreement on that said property. During that time they will working towards getting their credit scores higher to where they can purchase it on or before the end of that period. . Please note: if more time is needed to have said client qualify for the home then the lease term will be extended. This will be at no additional cost to the client provided client is abiding by ALL terms of the contract
There is no time limit to this agreement. If it takes a year to find a property “Vision Quest Realty LLC” is still bound to this agreement. Should the client not find a property they want to purchase, it must be understood that the retainer fee is non-refundable. Client agrees to be open minded, & realistic of different areas of town, size of home and price ranges based on the current market.
In the essence of full disclosure the following are the typical fees that you can expect regarding this transaction.
The party (investor) that ends up purchasing the property for you typically buy at least 40% below market values. It is a profit margin for the risk they take in allowing you to move into the home with very little money down and bad credit. Please Note: Our investors will NOT and can not sell the house back to you at the end of the term for more than what the property is actually worth. Since our investors obtain the property below market value, it makes it easy for them to re-sell back to you at fair market value. Your purchase price is locked in at time of contract. Any additional increases in value while in the lease you will get all of that additional equity for yourself. All parties understand & agree that just because you are interested in a certain property it may not work for this program based on today's value, projected values and or terms with owner. There may be an additional down payment requirement depending on the sellers financial situation. If there is an additional amount required to finalize the deal you will be offered the option to put up the additional amount required or choose another property. Since every seller has different financial situations there is no way we can quote what these additional amounts would be if any.
Our investors purchase with several different options. These options may include-Owner Financing, Lease purchasing from seller, or Quit Claim deeds. The type of properties include- "For Sale By Owners", " Resale", Or "New Construction" ( if seller agrees to lease purchase terms). Another way of obtaining property would be done with your assigned agent negotiating lease purchase terms directly through the seller.
By initialing below you acknowledge, understand & agree to hold harmless, "Vision Quest Realty" or any licensed agent involved or investor/buyers of the final decisions that they choose to or not to make toward a one purchase.
Initials_____________
Requirements from Lessee PRIOR to offer on the home of your choice
Areas of interest:_______________________________ Monthly Rental Payment requirement: ( note: must be at least $800 to be accepted in this program )
Funds must be collected & held by servicing real estate professional 14 days before possession in an escrow account.
You can typically expect that it will take 30-45 days to close transaction once we have an accepted offer. We try to offer full disclosure; however, if you have any questions that we have not covered please give us a call.
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Print full name (s)
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Client (s) signatures Date
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Phone number Email address
(Please have referring agent fill out the following information below if any)
Agents full name & real estate firm: __________________________________________________ Agents phone number:_____________________
Agents Email:_______________________________
Will the referred agent be assisting buyer in locating a property: YES NO (Please circle one)