APPLICATION RECEIPT AGREEMENT

Application Receipt agreement

The application receipt agreement states that the sum specified which consists of a portion which is the non refundable application fee as well as the reservation or earnest money fee is used to reserve the property. It is said in the document that incase the application is approved, the buyer accepts the property as per the terms of the document. All the funds are used for the move-in costs or it can be used for down payment when there is a purchase agreement. The management processes the application and the results are notified to the applicant by fax, mail or telephone. Incase the applicant decides that he or she does not want to buy or occupy the property or if they are not able to provide the information on request so that the application can be processed or even if they have not paid the move-in amount by the date which is agreed, in such cases the entire deposit amount is forfeited. This forfeiture is towards the liquidated damages as other tenants or purchasers are turned away and thus the management has to re-advertise and more applicants have then to be evaluated.

Incase however the application has been denied or if the financing cannot be secured, the deposit fees or reservation fees are refunded minus the out of pocket expenses which are incurred. These are towards the appraisal fees, surveys, inspections as well as credit reports or other fees. The management also isn’t responsible for carrying out repairs or improvements on the property.

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The Pinnacle Group LLC
APPLICATION RECEIPT AGREEMENT

RECEIVED the total sum of $_____________, consisting of a $____________ non-refundable application fee and a reservation/earnest money fee of $______________ to reserve the property known as ________________________________ ______________________________________________. The undersigned expressly agree that if application is approved they herewith agree to accept the property under the terms stated below and all funds will be applied toward the move-in costs or Down Payment (in the case of a purchase agreement).  Management will process application as timely as possible and Applicant may be notified of the results by telephone, fax, or mail.  If the applicant(s) change their mind about occupying or buying the above named property OR do not provide the required information immediately upon request to process the application, OR if they do not pay the required move-in amount and occupy the property by the date as shown below, the applicant(s) will forfeit the entire deposit as liquidated damages since other prospective purchasers/tenants may have been turned away and it will be necessary for Management to re-advertise the property and evaluate other Applicants.  The applicant(s) are accepting the property in an “AS IS” condition except for the following: ___________________________________________________________________________________ .  If the application is denied, or Applicant is unable to secure financing, we will refund the reservation/deposit fee less any out-of-pocket expenses such as fees for appraisals, surveys, inspections, credit reports, or any other fee applicable due to processing the application.  Management shall not be responsible for any additional repairs and/or improvements to the property.  However, Management may take care of non-operable items as long as it is reported to Management in writing within seven (7) days from the date of occupancy unless this property is part of our Work For Equity Program, whereby Applicant(s) will be responsible for all repairs.

I (we) declare that the Application is complete, true and correct and I (we) herewith give my (our) permission for anyone contacted to release the credit or personal information of any of the undersigned Applicant(s) to Management and their Authorized Agents, at any time, for the purposes of entering into and continuing to offer or collect on any agreement and/or credit extended.  I (we) further authorize Management or their Authorized Agents to verify all application information including but not limited to contacting creditors, present or former landlords, employers and personal references, whether listed or not, at the time of the Application and at any time in the future, with regard to any agreement entered into with Management.  Any false information will constitute grounds for rejection of the Application, or Management may at any time immediately terminate any Agreement entered into in reliance upon misinformation given on the Application.

TERMS:    Sales Price $ _________________    Scheduled Closing or Move-In Date: ______________________

o Owner Finance at _________% Interest, Amortized for __________ years, with a  ____________ year balloon

Down Payment $___________  Approx. Prepaid Expenses $_________ (1 yr. Hazard Insurance and HOA, 1 mo. escrows)

Approx. Cash Required to Close $____________ Approximate Monthly Payment: $____________ (Includes Escrows)

o Lease with Option To Buy    Total Move-in $ __________    Monthly Rent $__________ Monthly Option $__________

o Rent Only    Monthly Rent $___________        Security Deposit $_____________    Pet Deposit $___________

Other Terms:  _____________________________________________________________________________________

______________________________________________________________________________________

First Payment Due: _________________________

_________________________________    __________________________    ____________________________
Applicant            Date        Social Security No.            Driver’s License Number/State
_________________________________    __________________________    __    ______________________________
Applicant            Date        Social Security No.            Driver’s License Number/State
_________________________________
Management’s Representative      Date