Alabama Offer to Purchase Real Property with No Broker
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How to fill out Offer To Purchase Real Property With No Broker?
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FAQ
When it comes to selling real estate there is no standard, acceptable amount of earnest money to accompany an offer.
Is a pocket listing illegal? No, pocket listings aren't illegal. However, the National Association of Realtors (NAR) has banned them for its members. Listings must be posted to the MLS within one day of being marketed to the public.
In some areas, closings take place with title companies, but most in Alabama are handled by attorneys. If the real estate agent does not select the attorney the lender will suggest one. Most homebuyers rely on their real estate agent to select an attorney, but I recommend asking your lender for a referral.
When it comes to selling real estate there is no standard, acceptable amount of earnest money to accompany an offer.
Alabama is one of the few states that requires a licensed real estate attorney to draft and prepare all legal documents involved in a real estate transaction (Ala. Code § 34-3-6(c)).
Alabama. The state of Alabama has made it legal for non-attorneys to manage and be in control of closing transactions. However, they are limited in their role and involvement in other matters dictating the closing process.
Alabama is one of the few states that requires a licensed real estate attorney to draft and prepare all legal documents involved in a real estate transaction (Ala. Code § 34-3-6(c)). Legal documents refers to deeds, titles, Powers of Attorney, Termite Letters, etc.
A LIMITED CONSENSUAL DUAL AGENT is a licensee for both the buyer and the seller. This may only be done with the written, informed consent of all parties. This type of agent must also be loyal and faithful to the client, except where the duties owed to the clients conflict with one another.
Earnest money isn't always a requirement, but it could be a necessity if you're shopping in a competitive real estate market. Sellers tend to favor these good faith deposits because they want to ensure that the sale won't fall through. Earnest money can act as added insurance for both parties in the transaction.
Typically I suggest that we hold 2% to 3% of the purchase price as earnest money.
