Application Receipt Agreement

Importance of documentation and agreements in real estate investment

Writing down several proper applications for agreements for real investments can be a tiresome task for people, especially to those who are relatively new in this field. Consulting attorneys and investment advisors cannot always be the solution. Application Receipt Agreement is an important documentation process in real estate investment. Hence they should be strict compliance with regard to the formal conditions that comes with it.

Reduce the troubles faced and refer to the online forms

The troubles faced by the people can be lessened if they are provided with a sample application form in order to state down receipt agreements during lease and property exchange. The sample application states down all the details which are required by the people to follow lease and property agreements in a legitimate manner. Hence they don’t have to run for getting the correct legal statements from the lawyers. These benefits are now provided by several dedicated online platforms and they aim to support the interested buyer or lessee.

Fill in the additional details of the buyer

Besides such legal statements, the Application Receipt Agreement also has additional details which have been made mandatory for the people to fulfil in order to get the best of their property agreement. Interest rates, down payments, monthly rent, lease option, due payments are all present in the form. The only task of the applicant is to fulfil his/her personal details and make accurate mentions of the rates and term period of the agreements that is required to be known by both the parties, that is the lessor and lessee. The online platforms and sites hence ensure the responsibility by sharing such pre-made documents for the benefit of the interested buyer.

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Sample Template Preview

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