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This document outlines the terms and conditions for a double closing real estate transaction between a Seller and a Buyer, detailing the roles, property description, financial terms, timelines, and
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All you need to know about Double Clos Contract Template
This section provides essential information regarding the Double Clos Contract Template to help you understand its purpose and requirements.
What is a Double Clos Contract Template?
A Double Clos Contract Template is a standardized document used primarily in real estate transactions. It outlines the terms and conditions agreed upon by the seller and the buyer, facilitating a smooth exchange of property.
Definition and key provisions of a Double Clos Contract Template
Understanding the key provisions of a Double Clos Contract Template ensures that you are aware of your rights and responsibilities. Key elements typically include:
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1.Identification of parties involved.
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2.Description of the property being transacted.
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3.Purchase price and deposit details.
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4.Closing date and process.
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5.Contingencies related to the sale.
When is a Double Clos Contract Template used?
A Double Clos Contract Template is commonly used in real estate transactions, particularly in scenarios involving wholesaling, where the original investor sells the property to an end buyer after obtaining it under contract. This template helps streamline the processes and ensures legal compliance.
Main sections and clauses of a Double Clos Contract Template
The Double Clos Contract Template typically consists of several critical sections that govern the transaction. These sections include:
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1.Parties Involved: Identifying the seller, buyer, and any agents.
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2.Property Description: Detailing the location and specifics of the property.
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3.Terms of Sale: Including the purchase price, payment method, and responsible costs.
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4.Contingencies: Stipulations that could affect the sale's completion.
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5.Dispute Resolution: Mechanisms for addressing disagreements between parties.
What needs to be included in a Double Clos Contract Template?
To ensure that the Double Clos Contract Template is comprehensive and legally binding, the following elements should always be included:
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1.Complete names and addresses of all parties.
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2.Accurate property description.
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3.Clear terms of payment and financing arrangements.
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4.Important deadlines for contingencies and closing.
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5.All specific agreements and disclosures, as required by law.
What is the double close method?
What Is a Double Close? A double close is when a wholesaler: Contracts with a seller to buy a property at a lower price. Finds a buyer who is willing to purchase the property at a higher price.
How do you write a contract agreement between two people?
Write the contract in six steps Start with a contract template. Open with the basic information. Describe in detail what you have agreed to. Describe how the contract will end. Say which laws apply and how disputes will be resolved. Include space for signatures.
What is a double contract?
Double contract means executing two or more purchase agreements, one of which is not made known to the prospective lender or loan funding entity. View Source. Based on 21 documents. 21.
Is double closing illegal in California?
California: Double closing is legal in California. However, the “same day” double close will actually take place over at least two days. The B to C transaction will close at least one day after the A to B transaction has closed.
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