Check List of Steps in Acquisition of Property - Part 1 of 3.

YouTube channel videos


The three videos are primarily intended for novice investors.

At the end of every meeting with an investor, after the decision had been made
And want to move forward and do business, the first question:
What do you do from now on ?!

So we decided to make videos to explain the steps
From the moment there is a decision on a deal until the deal is working
With a tenant inside.

Highlights of the video:

* Before everything .. To reserve the property should be put
Generally Earnest Money.
This thing allows 3 things: check the deal,
Time to transfer the money and the transaction is yours for the period
Recorded in the contract signed. (Usually 21 days)
Sometimes you can also see the various sites that the property
Found in Pending. That means someone put it on a contract.

1. The first step is to make sure there is liquidity of the money in the account.
Our initial bargaining chip over an American buyer is
That we do not need to apply for a mortgage. We are Cash Buyers.
This prevents the seller from waiting 60 a day or more
And if the seller is stressed enough, we will get both priority and good price.

2. The second step is to pay attention to the closing date of the transaction.
This is the final date for the transfer of funds.
If the money has not passed by that date can happen one
Two things:
A. The deal can be canceled and then lose
Earnest Money paid
B. The transaction will take place, but a change must be made in the documents,
Which incurs an additional charge.

It is important to remember the times:
- Banks in Israel from Thursday afternoon do not transfer money
The banks and the US do not work until Monday, so 3.5
There are no days of the week. So in the contract of 21 Day to close,
10 days are not active.
-The process of transferring money from abroad to abroad has a bureaucratic process
Of regulations. It also takes time to practice. That's why money is important
Will be fluid.

3. The next step is to transfer personal information to Teitel:
Full name, date of birth, mail, transaction amount, passport photo, photo
Driver's license and more ..
If you register the property on the LLC, then have to send
They have an operation agreement to show that the business exists and is legal.

4. Investors working with entrepreneurs - signing a contract with the developer,
After due diligence of the transaction. Make sure all your details are
And who you sign with are correct, make sure numbers, make sure
Which lists the name of the Teitel company and of course .. what is the commitment of all
One of the parties. Especially if there are special clauses that close between the two.

This contract is important, because if you transfer directly from the bank abroad - you need to
Show the contract.

5. After the date comes back clean from bondage - you get
A Settlement Statement document that the majority still call HUD1.
It is a document that lists all the details: who the seller is, who is the buyer,
Home cost, closing costs, taxes, renovations, brokerage fees, etc.

As long as this is not a Double Closing transaction (if you wish, we will list the responses)
All data should be exposed to you.

You can do this in PDF with an electronic signature.

Next steps in the next section.

Hope you got some added value.
Albert and Jonathan choose real estate.

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