Keller Williams Purchase Agreement: Fill & Download for Free

Even if it's not your first time buying a home in Santa Fe, New Mexico, here is some information that will hopefully make it easier for you to get into your new home.Get pre-approved - You need to know how much you can afford before you start looking for a home. Down payment amounts vary depending on your credit score and other factors. Shop around as there are a wide range of mortgage plans and rates available. I recommend checking with your current financial institution first. First Choice Loans and Los Alamos National Bank are worth a look while you’re shopping around for a mortgage.Find your home - Depending on what you are looking for and the state of the real estate market at the time, the length of time of your search can vary. Being internet-savvy will save time. Viewing homes online at www.ceon.kw.com to decide what you like will save time when we begin viewing homes. The number of homes viewed varies based upon the number of homes available in the marketplace at the time of the search and the wishes and needs of the client.Submit your offer - Once the home is selected, your real estate broker will advise you on the best way to approach an offer on your chosen home. Offers which are close to the listed price of the home will take less time to negotiate than when the offer and listing price are further apart. Having a pre-approval letter from a lender will make your offer to purchase a home more attractive. Upon acceptance of the final offer, buyer and seller will execute a purchase agreement.Transaction details - The title company will have been selected by the seller and the bank will order the appraisal. As the buyer, you need to order an inspection of the home you intend to purchase. If the inspection turns up anything that you’re not OK with that the seller isn’t willing to fix, then this is your chance to back out. Inspectors are busy and you usually only have about two weeks to get it done, so order your inspection as soon as your offer is accepted. Try WIN Home Inspections, ActiveHome Inspections or Professional Home Inspections. In some cases, the buyer is required to purchase home owners insurance. Here are links to Esurance‎, State Farm® and Farmers, just to name a few. You’re also going to want to find out how much you’ll be paying in property taxes. Make sure the utilities are working and in your name. Here are links to Power New Mexico and New Mexico Gas, as well as Sangre de Cristo Water and Solid Waste Management just in case.Possession - Keys typically change hands from the seller to the buyer on the closing date unless the funds are not immediately available to the seller from the buyers’ lender, or unless a prior arrangement has been made between the parties allowing the seller to remain on the property for a period of time after closing.I love Santa Fe. My number one priority as a Realtor is to make it easy and enjoyable for you to achieve your real estate goals. I can help you get the most from the sale of your house as well as help you find the right home to buy. If you or someone you know needs help, contact me anytime!Ceon Hooper - Associate BrokerKeller Williams Realty - Santa Fe505-629-4109

Generally the landlord has agreed in advance what fee to pay the Realtor. Works the same way when Realtors sell the house.See below article I wrote on how real estate agents get paid.So you are thinking about a career in real estate?Smart decision. The demand is there. According to the 2013 Profile of Home Buyers and Sellers published by the National Association of Realtors, 88% of buyers purchased their home through a real estate agent or broker. The income is reasonable. Real estate agents have a median income of $40,990 with the top performers making much more.Naturally your first question is "how does a real estate agent get paid?"SHORT ANSWER:Real estate agents work for real estate brokerages they earn money via commissions when they assist buyers and sellers buy or sell homes.LONG ANSWER:First let's go over some terminology.When brokerages hire real estate agents they typically set them up on what is known as a commission split. This means that when a commission is paid to a real estate brokerage it is split between the brokerage and the real estate agent. Some common commission splits are 50/50, 60/40, 70/30 & 80/20. This will vary from brokerage to brokerage and even from agent to agent. There may be a brokerage with 5 real estate agents who all have different commission splits.Generally speaking in any given real estate transaction there will be between 1 and 4 real estate agents or brokerages involved in the transaction. All of whom expect to be paid.Listing agent– This is the person that meets with a home owner who is interested in selling their home. This person works for a real estate brokerage. This person is then hired by the sellers to sell their home. The sellers signed a contract which explained the amount of money they were going to pay this listing agent's brokerage to sell their home. This contract is known as a listing agreement.Listing brokerage- All real estate agents work for real estate brokerages. Every real estate brokerage has a licensed real estate broker who is in charge of the real estate agents working at that brokerage. Some real estate brokerages you may have heard of are Keller Williams, Century 21 and The Holton-Wise Property Group etc... Every real estate agent you meet will work for a brokerage like one of those mentioned. The brokerage that employs the listing agent is the listing brokerage.Buyer's agent– This is the real estate agent that meets a person who wants to buy a home. Just like with the listing agent all buyer's agents work for real estate brokerages like Keller Williams, Century 21 and The Holton-Wise Property Group etc..This agent will show a potential home buyer homes that are listed either by themselves or other listing agents.Buyer's brokerage– The brokerage for whom buyer's agent worksIt is important to note that these roles can be different in each transaction. A real estate agent can be a buyer's agent, or a listing agent depending on the deal. A real estate agent can even be both the buyer's and seller's agent.Enjoying the article? Show your support by sharing it on FacebookLet's go over some different scenarios to illustrate how each of these agents and their brokerages get paid.Scenario A.A buyer wants to buy a home. She meets a real estate agent named Brian. Brian works for The Holton Wise Property Group. Brian is on a 60/40 commission split with The Holton Wise Property Group. Brian takes his buyer to a home that is listed by Carla. Carla works for Century 21. Carla is on a 50/50 commission split with century 21 and has been hired by the owners of a home on 123 Main Street in Cleveland, Ohio. The price this home has been listed at is $249,900.00 The sellers have agreed to pay the brokerage Carla works for 6% of whatever she can sell the house for.Brian and his buyer put in an offer on 123 Main Street for $225,000.00 That offer is accepted by Carla's sellers. Carla's brokerage is going to get paid 6% of the sales price by the sellers, but why did Brian take his buyer to Carla's home on 123 Main Street? Who is going to pay Brian and The Holton Wise Property Group?Answer: Carla and her brokerage.When Carla was hired by the sellers of 123 Main Street she entered their home into something called the multiple listing service (MLS) This is a website that real estate agents and brokerages use to help their clients buy and sell homes search for homes. When Carla put 123 Main Street on the MLS she offered all other real estate brokerages a share or split of the commission she gets from the sellers of 123 Main Street if they were able get their buyers to buy the house. In this situation Carla and her brokerage offered Brian and his brokerage 50% of the commission for the sale of 123 Main Street.So let's see how this whole thing played out.The house sold for $225,000.00 The sellers agreed to pay a commission of 6% to Carla's brokerage. That amount is $13,500.00Carla's brokerage agreed to pay 50% of the commission to Brian and his brokerage. Carla is on a 50/50 split with her brokerage and Brian is on a 60/40 split with his.Here is the breakdown of the commissions earned by all who were involved.Total commission paid by the sellers $13,500.00Total commission paid by the buyers $0.00Carla's commission $3,375.00Carla's brokerage commission $3,375.00Brian's commission $4,050.00Brian's brokerage commission $2,700.00Scenario B.As I stated before these roles can change by the deal. There is not always that many people involved in the scenario.Let's assume Brian's buyer did not like Carla's house. Instead Brian's buyer liked a house that Brian had listed himself. This house was also listed for $249,000. The sellers signed a listing agreement with Brian that paid him a commission of 6% of the sales price. Brian's buyer put in an offer of $225,000.00 that was accepted by the sellers.Here is the breakdown of the commissions earned by all who were involved.Total commission paid by the sellers $13,500.00Total commission paid by the buyers $0.00Brian's commission $8,100.00Brian's brokerage commission $5,400.00Did you enjoy this article? Show your support by Tweeting it.About the author:James Wise is the Broker and Owner of The Holton Wise Property Group, a real estate brokerage and property management company operating in the greater Cleveland, Ohio area.