When drafting a purchase agreement, it is important to remember that your fiduciary duties require you to do what is best for your client. For this assignment you will do research on properties that are on the market and have recently sold and then help your client draft a purchase agreement that will protect your clients’ interests and will be attractive enough to open negotiations with the seller.
The following Course Outcome is assessed in this assignment:
MT432-5: Recommend the appropriate contract for a given real estate scenario.
Scenario (fictional): Robert G. and wife Carla S. Pelling want to purchase Raul and Stella Velasquez’s home at 4329 Sycamore Lane in Fort Worth, Texas. It has been on the market for 2 days and is listed at $395,900. The Pellings want to offer $375,900 for the home. Although not included in the MLS listing, they want the aboveground pool to convey to them along with the pool table in the 3-car garage. The home is listed in the Bexar County records as 2012-TAI-04212, recorded plat 32191 block 38.
The realtor, who is the agent of the buyer, recommended that the Pellings increase their offer because this 4-bedroom, 3-bath, 2,900 square foot home is located in a desirable neighborhood that the agent believes justifies the higher price.
Recommend an appropriate contract for the Pellings as their real estate agent based on the template provided by inserting the appropriate information to complete the purchase agreement.
Search for similar properties on your choice of real estate websites and determine if the asking price of the seller warrants an increased offer or not.
Determine a price based on your research for inclusion in the agreement as if the buyer had agreed.
Complete the entire template in a thorough manner.
Below the downloaded purchase agreement template, address the following items:
Justify the price you determined was appropriate that you recommended to the clients to be included in the purchase agreement.
Justify the personal property to be included in the purchase agreement, including any appliances.
Once the agreement has been submitted to the seller, they return with a counter offer to the buyer. Legally, where does the offer stand?
What happens next? Explain.