6 minute read
BUYER ACKNOWLEDGMENT
from Buyer Book
by FirstAmAZ
Buyer acknowledges receipt of all 13 pages of this Advisory.
Buyer further acknowledges that there may be other disclosure issues of concern not listed in this Advisory. Buyer is responsible for making all necessary inquiries and consulting the appropriate persons or entities prior to the purchase of any property.
Advertisement
The information in this Advisory is provided with the understanding that it is not intended as legal or other professional services or advice. These materials have been prepared for general informational purposes only. The information and links contained herein may not be updated or revised for accuracy. If you have any additional questions or need advice, please contact your own lawyer or other professional representative.
This is an addendum to the Contract dated between the following parties:
Seller:
Buyer :
Premises:
The current world-wide Coronavirus / COVID-19 pandemic has impacted real estate transactions in many unique ways, including, but not limited to, travel restrictions, self-imposed and governmentally required quarantines and closures of both governmental and private offices required to fund, close and record real estate transactions. Because of the unprecedented nature of this pandemic, Buyer and Seller are hereby advised to seek appropriate counsel from insurance, legal, tax, and accounting professionals to better understand their rights and obligations.
BUYER’S INITIALS REQUIRED:
SELLER’S INITIALS REQUIRED:
A variety of issues outside the control of Buyer and Seller may impact this real estate transaction and affect the parties’ contractual performance. As a result, the following additional terms and conditions are hereby included as part of the Contract between Buyer and Seller for the above referenced Premises:
Only those items checked are hereby included as part of the Contract. All other terms and conditions of the Contract remain unchanged.
The date for Close of Escrow is hereby postponed and extended to
Notwithstanding any other provisions of this Contract, Buyer and Seller acknowledge the possibility that Buyer, Buyer’s lender, Seller, Escrow Company or appropriate county recorder’s office may become the subject of a voluntary or mandatory COVID-19 virus quarantine or closure prior to or at the time of Close of Escrow. Should such an event occur that results in a party’s inability to perform on the Close of Escrow date, Buyer and Seller agree that the closing may be automatically extended by either party via written notice for a period of up to ten (10) days after such quarantine is over or closure order is lifted, unless the parties otherwise mutually agree in writing to further extend Close of Escrow.
Notwithstanding any other provisions of this Contract, Buyer and Seller acknowledge the possibility that Buyer, Buyer’s lender, Seller, Escrow Company or appropriate county recorder’s office may become the subject of a voluntary or mandatory COVID-19 virus quarantine or closure prior to or at the time of Close of Escrow. Should such an event occur that results in a party’s inability to perform on the Close of Escrow date, Buyer and Seller agree that the closing may be automatically extended by either party via written notice for a period of up to ten (10) days after such quarantine is over or closure order is lifted. This delay shall not exceed thirty (30) days in total unless the parties otherwise mutually agree in writing to further extend Close of Escrow. Upon the expiration of any automatic or agreed extension, either party may terminate this Agreement in writing without any further liability to the other party, and the Earnest Money shall be released to Buyer.
Buyer and Seller agree to mutually cancel the Contract and the Earnest Money shall be released to Buyer.
The undersigned agrees to the modified or additional terms and conditions contained herein and acknowledges receipt of a copy hereof.
PRE-QUALIFICATION INFORMATION
Purpose: This Pre-Qualification Form is to be used in conjunction with an AAR Residential Resale Real Estate Purchase Contract or Vacant Land/Lot Purchase Contract (“Contract”).
Buyer HAS NOT consulted with a lender. (If Buyer marks the box on line 3, Buyer is to complete only lines 4 and 5.)
Lender indicated on lines 36 and 37 has consulted with (“Buyer”) and submits the following: Buyer is: Married Unmarried Legally Separated
Buyer: is is not relying on the sale or lease of a property to qualify for this loan.
Buyer: is is not relying on Seller Concessions for Buyer’s loan costs, impounds, Title/Escrow Company costs, recording fees, and, if applicable, VA loan costs not permitted to be paid by Buyer. (Note: The amount Seller agrees to contribute, if any, shall be established in the Contract.)
Buyer: is is not relying on down payment assistance to qualify for this loan. Type of Loan: Conventional FHA VA USDA Other:
Lender provided Buyer with the HUD form “For Your Protection: Get a Home Inspection” (FHA loans only). Lender completed a verbal discussion with Buyer including a discussion of income, assets and debts.
Lender obtained a Tri-Merged Residential Credit Report.
Based on the information provided, Buyer can pre-qualify for a loan amount of: $ , assuming a monthly principal and interest loan payment of $ , provided that the total monthly payment (which includes principal, interest, mortgage insurance, property taxes, insurance, HOA fees, and flood insurance, if applicable) does not exceed: $
Additional comments:
Buyer has instructed, and Lender agrees to provide loan status updates on the AAR Loan Status Update form to Seller and Broker(s) within ten (10) days of Contract acceptance pursuant to Section 2e of the Contract and upon request thereafter.
Lender Information
The Lender identified below has prepared the information listed above with Buyer(s) and has completed the above action points noted. This information does not constitute loan approval. All information provided must be approved by an underwriter, and any material change in Buyer’s credit or financial profile will render this pre-qualification null and void.
The above pre-qualification expires on: .
acknowledges receipt of a copy hereof and grants permission to Broker to submit this Pre-Qualification Form with Contract
Pursuant to Section 2e of the Contract, Buyer shall deliver to Seller the AAR Loan Status Update (“LSU”) describing the current status of Buyer’s proposed loan within ten (10) days after Contract acceptance and hereby instructs lender to provide an updated LSU to Broker(s) and Seller upon request. “Lender” is indicated on lines 4 and 5.
Lender:
Close of Escrow Date:
Buyer(s):
Seller(s):
Premises/Property Address or Assessor’s #(s): City: , AZ ZIP Code:
PRE-QUALIFICATION INFORMATION
Buyer is: Married Unmarried Legally Separated
Buyer: is is not relying on the sale or lease of a property to qualify for this loan.
Buyer: is is not relying on Seller Concessions for Buyer’s loan costs, impounds, Title/Escrow Company costs, recording fees, and, if applicable, VA loan costs not permitted to be paid by Buyer. (Note: The amount that Seller agrees to contribute, if any, shall be established in the Contract.)
Buyer: is is not relying on down payment assistance to qualify for this loan.
Type of Loan: Conventional FHA VA USDA Other:
Occupancy Type: Primary Secondary Non-Owner Occupied
Lender has provided Buyer with the HUD form “For Your Protection: Get a Home Inspection” (FHA loans only).
Lender has completed a verbal discussion with Buyer including a discussion of income, assets and debts. Lender has obtained a Tri-Merged Residential Credit Report.
Based on the information provided, Buyer can pre-qualify for a loan amount of: $ , assuming a monthly principal and interest loan payment of $ , provided that the total monthly payment (which includes principal, interest, mortgage insurance, property taxes, insurance, HOA fees, and flood insurance, if applicable) does not exceed: $
Interest rate not to exceed: %, Fixed Interest Rate
Adjustable Interest Rate Pre-Payment Penalty
Initial Documentation Received: Lender received the following information from Buyer (Additional documentation may be requested.):
Buyer has instructed, and Lender agrees to provide loan status updates on this AAR Loan Status Update form to Seller and Broker(s) within ten (10) days of Contract acceptance pursuant to Section 2e of the Contract and upon request thereafter.
Buyer commits to work with the above referenced Lender on the terms described herein. Buyer acknowledges receipt of a copy hereof.
Premises/Property Address or Assessor’s #(s):
Documentation
Lender received the Contract and all Addenda / /
Lender received Buyer’s name, income, social security number, Premises address, estimate of value of the Premises, and mortgage loan amount sought / /
Lender sent Loan Estimate / /
Buyer indicated to Lender an intent to proceed with the transaction after having received the Loan Estimate / /
Lender received a signed Form 1003 and Lender disclosures / /
Payment for the appraisal has been received / /
Lender ordered the appraisal / /
Lender identified down payment source / /
Lender received and reviewed the Title Commitment / /
Buyer locked the loan program and financing terms, including interest rate and points / /
Lock expiration date
Lender received the Initial Documentation listed on lines 32-35 / /
Appraisal received / /
Premises/Property appraised for at least the purchase price / /
Closing Disclosure provided to Buyer / /
Closing Disclosure received by Buyer / /
Underwriting And Approval
Lender submitted the loan package to the Underwriter / /
Lender obtained loan approval with Prior to Document (“PTD”) Conditions / /
Appraisal conditions have been met / /
Buyer has loan approval without PTD Conditions / /
Closing
Lender ordered the Closing Loan Documents and Instructions / /
Lender received signed Closing Loan Documents from all parties / /
All Lender Quality Control Reviews have been completed / /
All Prior to Funding (“PTF”) Conditions have been met and Buyer has obtained loan approval without conditions / /
Funds have been ordered / /
All funds have been received by Escrow Company / /
Close of escrow occurs when the deed has been recorded at the appropriate county recorder’s office.
