Buyers and Sellers
The legal names of all Buyers and Sellers must be stated clearly. Spelling matters! Use only legal names, no nicknames or abbreviations. It's safest for Byers to look at their driver’s license to make sure that all their documents will use the correct legal name. Be sure to include middle initials and any designations such as "Jr." or "Sr." where applicable. Any errors or omissions here can cause delays or legal issues later in the transaction process.
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If the Seller is not an individual, but an entity such as an estate, trust, LLC, or corporation, that capacity must be clearly stated. For example, 'John Doe, Personal Representative of the Estate of Jane Doe' or 'ABC LLC, by Jane Smith, Manager'. Similarly, if someone is signing under a power of attorney, their authority must be noted: 'John Doe, Attorney-in-Fact for Jane Doe'.
Real Estate Brokers
The Offer to Purchase will also identify both the Listing Broker and the Selling Broker (also referred to as the Buyer's Agent). These professionals facilitate the transaction and may have fiduciary duties to their respective clients. Their brokerage names should be included, along with the agents' names if available.
Escrow Agent
The Offer should state who will act as the Escrow Agent to hold the initial deposit. This is usually one of the real estate's brokers but can also be the closing attorney or another agreed-upon party. The Escrow Agent must be identified clearly, as they are responsible for safeguarding funds pending completion of the transaction.
Disclaimer: The information provided in this [video/website] is for general informational purposes only, and does not constitute legal advice. You should not rely on this information as a substitute for professional legal counsel. Consult with a qualified attorney for advice regarding your specific legal situation