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HUD SALES CONTRACT PACKAGE CHECKLIST Contract package due to Homeless 2 business days from bid acknowledgement. Include HUD contract, addenda & earnest money in certified funds payable to HUD in one
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How to fill out hud sales contract package
How to fill out HUD sales contract package:
01
Start by reviewing the instructions provided in the HUD sales contract package. Familiarize yourself with the requirements and guidelines before proceeding.
02
Begin by completing the basic information section. This includes the names and contact details of both the buyer and the seller, as well as the property address.
03
Next, carefully fill out the purchase price and financing information. Specify if the buyer will be obtaining a mortgage loan or if it will be a cash transaction.
04
Provide details regarding any seller concessions, such as closing cost assistance or repairs that the seller has agreed to make.
05
Include information about the earnest money deposit. Specify the amount and how it will be held during the transaction process.
06
Indicate any contingencies, such as inspections or financing approvals, that need to be met before the sale is finalized. Be clear about the deadlines and requirements for these contingencies.
07
If there are any special provisions or addendums to be included in the contract, make sure to attach them in the appropriate section.
08
Review the completed contract thoroughly to ensure accuracy and completeness. Any errors or missing information can delay the process or potentially void the contract.
09
Both the buyer and the seller need to sign and date the contract to make it legally binding.
10
Keep a copy of the fully executed HUD sales contract package for your records.
Who needs HUD sales contract package?
01
Homebuyers who are purchasing a property through a HUD-approved program or who are using an FHA loan often need the HUD sales contract package.
02
Sellers who are selling their property to a buyer utilizing a HUD-approved program or FHA loan may also require the use of the HUD sales contract package.
03
Real estate agents and brokers involved in transactions that fall under the HUD guidelines will typically need to use the HUD sales contract package as well.
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