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[Best of 2022] Termination of Real Estate Contract by Buyer: A Guide for Agents and Buyers
We're continuing an annual tradition of counting down our top 10 articles of the year. The following article was originally published in June and is #3 in our countdown. See #4 here. As a buyer, realizing you want to back out of a contract can be frightening and overwhelming. You probably have many questions. Can you back out of buying a house after signing a contract? Do you get your earnest money back? For real estate agents, learning that a client wants to back out also raises many questions and concerns. Termination of real estate contract by a buyer is possible, but it can only be done in certain circumstances to avoid significant consequences. It must also be done properly. Here is what buyers and agents need to know. Agents: Know When to Request a Termination or Release! Make sure you know your state's laws on real estate contract termination versus release and how it affects your client's rights. Only a release of contract releases both parties from liability. If your buyer client has a termination right, the earnest money cannot be released to them without a signed release of contract from the seller or a court order in many states. Automatically asking for a release of contract isn't always the right move. If the buyer has a legitimate right to terminate and the seller does not agree to sign a release, the termination deadline may be missed and the buyer's right to terminate can be forfeited. Can a Buyer Back Out of a Purchase Agreement? When it comes to canceling a real estate contract, you may hear two terms used: release and terminate. These terms are very different. Terminating a real estate contract is something one party does unilaterally when they have the legal right to do so. Real estate contract termination by a buyer may be done when the inspection turns up a problem the seller refuses to fix (with an inspection contingency), for example. A release from a real estate contact is an action the seller and buyer must take together. This move releases the buyer and/or seller from their obligations under the contract. If the buyer does not have cause to terminate the contract, the seller can agree to release them in exchange for forfeiting the earnest money, as an example. In most states, buyers have many opportunities to legally back out of a real estate purchase agreement. The typical real estate contract has several contingencies that give the buyer a legal way to terminate the contract and have their earnest money refunded. Even if these contingencies are waived, many states have a period during which buyers can change their mind. When Is It Too Late to Back Out of Buying a House? It's important to carefully check the purchase agreement and deadlines attached. There may be one dozen or more deadlines to cancel a real estate contract depending on state law and contingencies. For example, an option period may be 7 to 10 days once the contract takes effect. During this time, the buyer may be able to back out for almost any reason. Once this period ends, terminating the contract may only be allowed pursuant to specific clauses in the contract. After reviewing the seller's disclosures, there may be another deadline that allows the buyer to terminate. This may be up to five days. Can a buyer cancel an offer to purchase? The purchase agreement is not a legal contract until it is signed by both parties. A buyer can retract an offer if the seller has not yet responded. If the seller counteroffers, the buyer can still back out. Options for terminating a real estate contract are more limited once an offer is accepted and the contract is signed. Can You Cancel a House Sale Before Closing? Options for Buyers Depending on the contract, a buyer may be able to terminate a real estate contract based on a number of contingencies. Here are the most common options for how to get out of a house contract once it's signed by both parties. Inspection or option period: This is usually a fixed period of time (usually 7 to 10 days) during which the buyer can back out of the contract. There is usually a non-refundable fee for an option period. Financing contingency: This contingency clause allows the buyer to back out if they fail to secure financing. Property approval or appraisal contingency: The buyer can back out if the home does not appraise for at least the purchase price or the property is otherwise not accepted by the lender if the seller will not drop the price and the buyer does not want to pay the difference. Inspection contingency: This clause may allow the buyer to back out before the applicable deadline if they are unsatisfied with the home inspection, the seller refuses to make repairs or reduce the purchase price, or if repairs are estimated to cost more than a certain amount. The seller won't make agreed-upon repairs or treatments: In this case, the seller may be in default of the contract and the buyer can back out. Title issues: Buyers generally have the right to back out of a contract if issues are found with the title and the seller does not fix them before the deadline. These are only common options; there may be other options available to a buyer who wants to back out of a contract. For instance, the seller may have failed to give required disclosures by the deadline. How to Terminate a Real Estate Contract Terminating a real estate contract requires following a specific procedure based on the state. In general, the buyer and their agent must give proper notice of buyer's termination of contract. In some states, there is a specific form to use that informs the seller the contract is terminated and lists the clauses the allows the buyer to terminate. Termination of Contract and Release of Earnest Money In most states, what happens to the earnest money depends on the contract provisions. Earnest money is generally returned to the buyer in one of two scenarios: Buyer cancellation of purchase agreement under a termination right, or Termination of real estate contract by seller The seller generally keeps the earnest money if the buyer backs out of the contract without legal cause. In most states, the buyer's agent must request a release of contract. This must be signed by the seller to release both parties of liability and return the earnest money to the buyer. If the seller refuses to do so, a court may need to decide on the case. Consequences of Breaking a Real Estate Contract There may be financial consequences of terminating a real estate contract, depending on the reason. The farther into the process, the more likely (and more expensive) these consequences tend to be. When a buyer backs out of a contract that's been signed, their earnest money is at risk. The average earnest money amount is 1% to 3% of the purchase price, which is anywhere from $3,700 to more than $11,000 based on the average U.S. home price. For the buyer, getting the earnest money back usually requires the seller signing a release of contract. If they do not, the earnest money can be tied up in a time-consuming process with the case heard in court. If a buyer backs out of a sale without cause for terminating the contract, they forfeit their earnest money and may even be sued for additional damages. Can Seller Sue Buyer for Backing Out? While the law varies by state, a seller can sue a buyer for backing out of a sale – but it's complicated and uncommon. In general, buyers can be sued if they do not properly terminate a contract based on a contingency. In this case, the seller can sue them for specific performance (following through with the purchase) or money damages for breach of contract. If this happens, the earnest money does not necessarily limit the damages. That means a buyer can be sued for damages even beyond the deposit they put down. It's crucial for buyers and agents to understand not only when a buyer can back out of a real estate contract but how it should be done to avoid potentially serious consequences. To view the original article, visit the Transactly blog.
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Experienced REALTOR Makes RPR His 'Go-to' for All Things Real Estate
The inbox at RPR (Realtors Property Resource) continues to fill up with praise and success stories from our users. Last month, we received this email from Eric Nitzschke, a seasoned, industry vet who had this to say about NAR's property data platform: RPR is an industry "must"... what a tremendous resource with relevant analytics, and detailed information that caters to both agent and customer. My number one "go-to" for real-time, accurate and informative data. — Eric Nitzschke, eXp Realty, Bend, Oregon Well, we could've ended it right there, but we decided to dig a little deeper in Eric's RPR experience and find out how he uses RPR to nurture and accelerate his business. Here's this month's Success Story Q&A, with Eric Nitzschke: Q. Hi Eric, how long have you been a REALTOR®? Just over 30 years, and I'm licensed in California, Oregon and Washington state. West Coast guy! Q. Thirty years, that's impressive! What area do you specialize in? Residential mostly, and I work with both buyers and sellers. I will do a commercial deal here and there. Q. How did you hear about or first get started in RPR? I first learned about RPR when I worked in Florida. This particular real estate group used RPR all day long, every day. The office would use RPR to assess current values of homes. Once I was exposed to it, I realized it was way more than just a valuation tool. There's just so many capabilities and it's especially helpful in doing listing and sales presentations. The property reports are good and the comps are so valuable, and both are really easy for customers to digest and comprehend. I think RPR is super helpful and it's my go-to for every day tasks. Q. What are some of your favorite features in RPR? The reporting aspects are super valuable, especially with the market as frothy as it was. Using RPR really lends credibility to your work. For example, the market here in Bend, Oregon is small. And people are getting all this info about the market, but it's disparate and it's off the mark. RPR is a good resource to bring people to the baseline of understanding what is accurate and realistic. It really helps me explain to folks what our local market is doing and to take out the emotional aspect. I do this by providing RPR Seller's reports, Market Activity reports and Neighborhood reports. They're super valuable. Everything is always very current and up to date and accurate. I see it as a good third-party resource at arm's distance, so you're not skewing the info. It backs up my recommendations and gives my advice some data-backed credibility. Plus, it's readily accessible, and it doesn't cost anything. That's huge! Real estate people get chiseled at every turn, so this should be a real go-to resource for real estate agents. 100%. I also like that it's user friendly, it's not over technical. For someone new or not so tech savvy, it's easy to interpret, which can't be said for a lot of tech. That aspect is a big benefit. Q. Well said! Does RPR relieve any pain points for you in your day-to-day tasks? It's just super user friendly, in my opinion. I tried using some other tech tools and it's frustrating, and you give up. But RPR is so much more straightforward. Every application I've used is different, and you have to learn, and there's a steep learning curve. With RPR, it's the same every time. It's consistent and easy to navigate, and that's a huge relief for me. Q. Any good RPR "wow"' moment stories? I just had a client who closed on their home a little while ago. They were new to selling (in their 60s!) in that they had never sold a home before. I helped them through the process and put an RPR report together for them. It really simplified things for them and gave them a comfort level that they weren't in over their head. They could relate to it, you know? The supporting data I provided helped in figuring out and agreeing on the listing price. They were "wowed" and very appreciative! Thank you Eric, we really appreciate your story and for using RPR as your "go-to" tech tool. Whether you're a brand new agent or 30-year vet, RPR can help you, too! Check out our line-up of free webinars to help you get started in the platform and on your way to "wowing" clients and closing more deals. To view the original article, visit the RPR blog.
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The All-new Authentisign: See What's Next for Transactions (zipForm Edition) Users
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Termination of Real Estate Contract by Buyer: A Guide for Agents and Buyers
As a buyer, realizing you want to back out of a contract can be frightening and overwhelming. You probably have many questions. Can you back out of buying a house after signing a contract? Do you get your earnest money back? For real estate agents, learning that a client wants to back out also raises many questions and concerns. Termination of real estate contract by a buyer is possible, but it can only be done in certain circumstances to avoid significant consequences. It must also be done properly. Here is what buyers and agents need to know. Agents: Know When to Request a Termination or Release! Make sure you know your state's laws on real estate contract termination versus release and how it affects your client's rights. Only a release of contract releases both parties from liability. If your buyer client has a termination right, the earnest money cannot be released to them without a signed release of contract from the seller or a court order in many states. Automatically asking for a release of contract isn't always the right move. If the buyer has a legitimate right to terminate and the seller does not agree to sign a release, the termination deadline may be missed and the buyer's right to terminate can be forfeited. Can a Buyer Back Out of a Purchase Agreement? When it comes to canceling a real estate contract, you may hear two terms used: release and terminate. These terms are very different. Terminating a real estate contract is something one party does unilaterally when they have the legal right to do so. Real estate contract termination by a buyer may be done when the inspection turns up a problem the seller refuses to fix (with an inspection contingency), for example. A release from a real estate contact is an action the seller and buyer must take together. This move releases the buyer and/or seller from their obligations under the contract. If the buyer does not have cause to terminate the contract, the seller can agree to release them in exchange for forfeiting the earnest money, as an example. In most states, buyers have many opportunities to legally back out of a real estate purchase agreement. The typical real estate contract has several contingencies that give the buyer a legal way to terminate the contract and have their earnest money refunded. Even if these contingencies are waived, many states have a period during which buyers can change their mind. When Is It Too Late to Back Out of Buying a House? It's important to carefully check the purchase agreement and deadlines attached. There may be one dozen or more deadlines to cancel a real estate contract depending on state law and contingencies. For example, an option period may be 7 to 10 days once the contract takes effect. During this time, the buyer may be able to back out for almost any reason. Once this period ends, terminating the contract may only be allowed pursuant to specific clauses in the contract. After reviewing the seller's disclosures, there may be another deadline that allows the buyer to terminate. This may be up to five days. Can a buyer cancel an offer to purchase? The purchase agreement is not a legal contract until it is signed by both parties. A buyer can retract an offer if the seller has not yet responded. If the seller counteroffers, the buyer can still back out. Options for terminating a real estate contract are more limited once an offer is accepted and the contract is signed. Can You Cancel a House Sale Before Closing? Options for Buyers Depending on the contract, a buyer may be able to terminate a real estate contract based on a number of contingencies. Here are the most common options for how to get out of a house contract once it's signed by both parties. Inspection or option period: This is usually a fixed period of time (usually 7 to 10 days) during which the buyer can back out of the contract. There is usually a non-refundable fee for an option period. Financing contingency: This contingency clause allows the buyer to back out if they fail to secure financing. Property approval or appraisal contingency: The buyer can back out if the home does not appraise for at least the purchase price or the property is otherwise not accepted by the lender if the seller will not drop the price and the buyer does not want to pay the difference. Inspection contingency: This clause may allow the buyer to back out before the applicable deadline if they are unsatisfied with the home inspection, the seller refuses to make repairs or reduce the purchase price, or if repairs are estimated to cost more than a certain amount. The seller won't make agreed-upon repairs or treatments: In this case, the seller may be in default of the contract and the buyer can back out. Title issues: Buyers generally have the right to back out of a contract if issues are found with the title and the seller does not fix them before the deadline. These are only common options; there may be other options available to a buyer who wants to back out of a contract. For instance, the seller may have failed to give required disclosures by the deadline. How to Terminate a Real Estate Contract Terminating a real estate contract requires following a specific procedure based on the state. In general, the buyer and their agent must give proper notice of buyer's termination of contract. In some states, there is a specific form to use that informs the seller the contract is terminated and lists the clauses the allows the buyer to terminate. Termination of Contract and Release of Earnest Money In most states, what happens to the earnest money depends on the contract provisions. Earnest money is generally returned to the buyer in one of two scenarios: Buyer cancellation of purchase agreement under a termination right, or Termination of real estate contract by seller The seller generally keeps the earnest money if the buyer backs out of the contract without legal cause. In most states, the buyer's agent must request a release of contract. This must be signed by the seller to release both parties of liability and return the earnest money to the buyer. If the seller refuses to do so, a court may need to decide on the case. Consequences of Breaking a Real Estate Contract There may be financial consequences of terminating a real estate contract, depending on the reason. The farther into the process, the more likely (and more expensive) these consequences tend to be. When a buyer backs out of a contract that's been signed, their earnest money is at risk. The average earnest money amount is 1% to 3% of the purchase price, which is anywhere from $3,700 to more than $11,000 based on the average U.S. home price. For the buyer, getting the earnest money back usually requires the seller signing a release of contract. If they do not, the earnest money can be tied up in a time-consuming process with the case heard in court. If a buyer backs out of a sale without cause for terminating the contract, they forfeit their earnest money and may even be sued for additional damages. Can Seller Sue Buyer for Backing Out? While the law varies by state, a seller can sue a buyer for backing out of a sale – but it's complicated and uncommon. In general, buyers can be sued if they do not properly terminate a contract based on a contingency. In this case, the seller can sue them for specific performance (following through with the purchase) or money damages for breach of contract. If this happens, the earnest money does not necessarily limit the damages. That means a buyer can be sued for damages even beyond the deposit they put down. It's crucial for buyers and agents to understand not only when a buyer can back out of a real estate contract but how it should be done to avoid potentially serious consequences. To view the original article, visit the Transactly blog.
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Lone Wolf Provides Agent Business Bundle for $199 Per Year
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Can a Buyer Back Out of a Home Purchase Contract?
Ever have a buyer client that wanted to back out of their contract? Share the article below with them to help them understand the legal ramifications and what their options are: In an intense seller's market, it's not unusual to see buyers waive contingencies or place an offer on a house sight unseen -- both of which can lead to buyer's remorse. Once a buyer's offer is accepted by the seller, the buyer is contractually obligated to the home purchase. Or are they? When you're in the market to buy a home, it's important to know the options you have to get out of a contract without facing legal troubles. Not all options alleviate the risk though, so here's what could leave a buyer off the hook — and legally vulnerable — in the event you want to walk away. Inspection Contingencies One of the most common contingencies in real estate is known as an inspection contingency. A home inspection contingency essentially states that the purchase of a home is dependent on the results from the home inspection. The right to an inspection exists to protect buyers from purchasing a home with substantial (and potentially expensive) faults. However, the right to inspect must be specified in the purchase contract in order for a buyer to have the opportunity to inspect. This critical contingency often provides buyers with the opportunity to terminate a purchase if they are not satisfied with the inspection and condition of the property. In this intense seller's market with bidding wars becoming more common, some buyers have opted to forego inspection as a way to stand out from the crowd and maximize the chance theirs is the offer that's accepted. The risk in this strategy is that a buyer could purchase a home with several substantial problems and looming repairs. While it may help you win a bidding war, foregoing the inspection contingency will often offer more risk than reward. By keeping an inspection contingency in the offer, buyers could potentially back out of a contract. Appraisal Contingencies Without a doubt, the most common contingency that buyers are waiving right now is the appraisal contingency. In many markets, appraisal gaps have become a common tool buyers use to negate a low appraisal. And while including an appraisal gap can certainly help an offer compete against the crowd in a multiple offer scenario, it's a risky strategy for buyers. Appraisals exist to ensure buyers don't overpay for a home and also offer an "out" for buyers if the home appraised for less than the purchase price. Typically, when an appraisal comes in low, buyers have the opportunity to back out of the contract or negotiate a lower purchase price. However, if buyers include an appraisal gap in their offer, they could potentially lose the ability to terminate based on appraisal. Other Reasons a Buyer Might Back Out And while inspection and appraisals are the common reasons for backing out of a contract, there are certainly other scenarios that arise that cause a buyer to terminate: Time Is of the Essence – In every contract, there are typically deadlines for both the buyer and seller to meet. If a buyer has fulfilled their obligations but the seller has not and the transaction does not close on time, a buyer could potentially back out of the purchase. Death of the Buyer – In many states, if the buyer dies prior to closing, the purchase is terminated. It's important to consult an attorney if the estate has any obligation to complete the purchase. Loss of Job – Most contracts that involve the buyer obtaining a loan include a financing contingency. If a buyer is unable to obtain loan approval, then this contingency typically gives them the right to terminate since they are not able to financially purchase the home. Beyond credit issues, a common reason for loan denial is when the buyer loses a job during the course of the transaction prior to closing. Specific Contingencies – For example, if a buyer makes an offer sight unseen, they can include a contingency that the offer is subject to their viewing and approval of the property. If they aren't satisfied, they may be able to back out. Other specific contingencies can exist on a case-by-case basis, so consult your real estate agent. Things to Know BEFORE You Back Out of a Contract Keep in mind, as a buyer, you've signed a legally binding contract. It's critical to read the entire contract and all the fine print before signing and making an offer to the seller! While there are quite a few protected scenarios where a buyer can legally back out of contract, there is also an important legal term buyers should be aware of: specific performance. A simple change of heart about purchasing a home may not be legally protected and could subject a buyer to a specific performance lawsuit. If a buyer wishes to terminate a contract, it's critical to consult a licensed attorney about the legal ramifications of that decision before terminating. It's important to note that even if you're working with a buyer's agent, they are not allowed to give legal advice. If you or anyone you know is in the market for a new home, check out the Homes.com comprehensive How To guides that walk you through the home buying, selling, and financing process step by step. To view the original article, visit the Homes.com blog.
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RPR Zips You through zipForm Integration
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How to Take Advantage of the RPR and zipLogix Integration
Big things do come in small packages. And when those simple, lightbulb kind of innovations do come our way, they are likely welcome changes to the ways in which we conduct business. Such is the case with one of the more popular features offered by Realtors Property Resource® (RPR®)––with notable regard for listing agents. Through a partnership with zipForm®, the nation's leading online real estate forms provider, REALTORS® who use zipForm® and RPR can easily jump between the two platforms via one simple click, providing instant access to forms and property data needed to complete your transaction. Moreso, the integration allows REALTORS® to create new zipForm transactions using auto-populated public records from RPR. The partnership is a neatly packaged bundle of benefits that not only saves time but alleviates the pain points of having to use two of real estate's most powerful platforms independent of one another. Here's how to maximize the integration to your advantage in two minutes or less... Set up the Integration Sign onto RPR at narrpr.com. Search for your subject property. Then, from the RPR Property Details page, most REALTORS® using zipForm will automatically see the zipForm Transactions button. If not, connect by way of your RPR User Profile. Choose Link Accounts and a series of simple prompts will help begin the process. Once complete, the zipForm Transactions button will display on the RPR Property Details page. You will then have the option to: Go to specific transactions for that property address in zipForm® Start a new transaction for the street address pulled up in RPR Go to the RPR homepage
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Keep Yourself Trending with the NEW zipForm® Mobile
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Getting the Most out of the RPR/zipForm Partnership
Tuesday, February 21, 2017 at 10:00 AM PST We're working to help streamline your business! RPR and zipForm have come together to help you get the most of out of these two powerful REALTOR business tools. RPR is NAR's wholly owned subsidiary and is a national property database, offering a large range of data, tools and reports to better serve your clients and customers. zipForm® is the Exclusive and Official forms software of the National Association of REALTORS®. We'll show you how to seamlessly move between RPR and zipForm to improve your business efficiencies. Register now!
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7 Apps that Make Dealing with PDFs Easy
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Five Fabulous Features of zipForm Plus (9/20)
Tuesday, September 20, 2016 at 8:00 AM PDT zipForm® Plus was created to deliver the tools real estate professionals need and rely on to empower them to accomplish more in less time. Just a few of the many fabulous features of zipForm® Plus will be presented in today's webinar. Add forms to your transactions using time saving templates Give your clients a preview of how much their monthly payment could be with our Mortgage Calculator Fill out forms quickly using the Fast Fill button Integrate various document types with our Cloud integration feature Split your PDF documents to work with specific pages Register now!
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zipForm Plus Timely Tips and Tricks (9/14)
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Learn Simple Paperless Transaction Processes with zipForm® Plus (8/29)
Monday, August 29, 2016 at 11:00 AM PDT Use zipForm® Plus and it's time-saving features to get you up and running for your next deal! Enhanced User Interface, E-Signature Integration, Notifications, and Advanced Search Tools are all available to help create a smooth transaction process. Build consistency with time-saving templates Complete forms with Cloud Integration capabilities Capture contact information from popular integration providers Register now!
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Transaction Management made easy: NAR & zipLogix New Member Benefit (8/22)
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Learn simple Paperless Transaction processes with zipForm® Plus (8/15)
Monday, August 15, 2016 at 9:00 AM PDT Use zipForm® Plus and it's time-saving features to get you up and running for your next deal! Enhanced User Interface, E-Signature Integration, Notifications, and Advanced Search Tools are all available to help create a smooth transaction process. Build consistency with time-saving templates Complete forms with Cloud Integration capabilities Capture contact information from popular integration providers Register now!
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zipForm® Plus and Paperless Transactions (6/15)
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Automate Your Business with zipForm® Plus and Zapier
Most people have heard the devil is in the details, and to achieve success, the goal is to eliminate that devil. For real estate professionals, these smaller details--like keeping address books synchronized--can become a large nuisance. To help with this, zipForm® Plus has integrated with Zapier. Zapier specializes in connecting web applications using 'If This, Then That' automation. This enables anyone with basic knowledge of multiple applications to easily connect them by defining a trigger. Currently, 360+ of the most common applications are available to connect immediately in ways that can make you a champion of multi-tasking. zipForm® Plus has joined the large group of web applications that is ready to connect within a few steps. Some of the applications that are sure to be the staples of real estate professionals are LinkedIn, Twitter, Office 360, Gmail and Exchange. Just imagine the ability to add a contact to your Gmail account, then have that information delivered to your zipForm® Plus address book only saving it once. Each connection created is called a 'Zap' and creating these connections is simple. See some of the following 'Zaps' are waiting for you in Zapier today: If a new contact is added to zipForm® Plus, Then an invite is sent to connect on LinkedIn If a new contact is added to zipForm® Plus, Then add that contact to Contactually If a new contact is added to Gmail contacts, Then add the contact to the zipForm® Plus address book If a new contact is added to zipForm® Plus, Then create a Evernote note for that contact
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New Features Added to zipForm® Plus
zipForm® has always been a powerful solution, if sometimes overwhelming to use. That all changed last year, though, when zipLogix released an overhaul that made their flagship product much more user friendly. Dubbed zipForm® Plus, the updated program featured a more attractive and intuitive user interface than its predecessor, zipForm® 6. Thankfully, zipLogix is frequently issuing updates to the new program, calling it "a vital part of the promise we made when zipForm Plus was released." Last month, zipLogix release two major updates to the program that further streamline the user experience. Here's a quick overview: Embedded eSignatures Users no longer need to switch to their eSignature program when it comes time to sign a document. Signature solutions are now completely embedded, meaning that users can send documents, modify signatures, add documents, and check signature status without leaving zipForm® Plus. The entire process is now contained within the program's interface.
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Product Review: Form Simplicity
There is a world of solutions available to agents and brokers. It's no surprise, though--real estate is one of the largest sectors of our economy, and many technology companies have recognized our industry for the opportunity that it offers. While there are plenty of solutions offered by industry "outsiders," a smaller number are created by professionals with hands-on real estate experience. Today, we're going to introduce you to one such solution. Form Simplicity is a transaction management solution created by a professional real estate organization, Florida Realtors®. Its ongoing development is, in part, shaped by a panel of REALTOR® members who ensure that the program stays in step with what agents and brokers need to be successful. A Closer Look True to its name, Form Simplicity is simple. Right from the home page, users will notice its pared down interface that offers only what agents need to work fast.
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Product Review: Form Simplicity
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A Closer Look at zipForm® Mobile
We recently published a product review of the new zipForm® Plus. In this overview, we briefly mention zipForm® Mobile, but the reference seems too small for such a big component of this popular tool. We decided to take a few moments to take a closer look at the mobile version of zipForm®. Forms, new transactions, and other changes made on the zipForm® Mobile solution are automatically synced with your zipForm® online account, so your information is current no matter where you are. Another helpful feature for on-the-go agents is the ability to access the important information about a transaction, such as property information, seller and buyer information, key dates (such as listing date and offer date), and listing price. And, of course, you can create and edit forms to your heart's content on your tablet or smartphone. Let's discuss some of the most important mobile capabilities. In-person signatures: TouchSign® allows parties to sign forms directly on touchscreen tablets. Signatures are made using a finger or stylus, similar to good old pen and ink signatures. Access to forms and transactions: Access any and all of your forms and transactions. You can create new transactions or choose from your 200 most recent transactions on a scrollable list. Electronic Signature access: From a tablet, you can send transactions for signing and check the status of documents awaiting signatures. This feature is available for users that currently subscribe to an integrated solution or have access with their member benefit.
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Closing the Circle with Electronic Signatures
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zipForm Plus - Beginning Training (1/29)
Wednesday, January 29, 2014 3:00 PM - 4:00 PM EST Join our training to learn more about how to access zipForm Plus, and how to use the new zipForm Plus features, including: HTML 5 technology - no more plugins! Easy and fast form filling Personalized files and emails Full screen form- filling capability Real-time search eSign integration File and organize documents and forms Learn how to search for files, fill out forms, and send via email, fax, or eSign! Register now!
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Product Review: zipForm® Plus
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Cartavi Adds Gusto to Version 3.3
Since being acquired by DocuSign, Cartavi has been working away at developing the golden triangle of the real estate document management echo system: Forms, Signature, and Storage. Better yet, they focus on making it happen on mobile first. Before this new release, signing a document was kind of clunky. You had to open your document in DocuSign, add signatures, sign it, then pull the completed document back into Cartavi. Now, you can sign any document right inside of Cartavi using DocuSign Ink. They took a complicated workflow and narrowed it down. When you look at a document today in Cartavi, just hit the 'Sign It' button. Then the menu items for managing names and signatures appears. Drag them where they go on the document, and sign it. New Integrations You may know that Cartavi is among the few document management companies to have acquired the license to integrate zipForms from zipLogix into their platform. The new signature workflow is going to make working with zipForms even easier.
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Product Tour: zipForm 6 Professional
For most new homeowners, the most challenging, tedious, and confusing part of their real estate transaction was the paperwork. As a real estate professional, it's your job to simplify that process as much as possible. But who is making it easier for you? One product aiming to do just that is zipForm 6 Professional. Hardly a new name in the industry, zipLogix is constantly improving their flagship forms solution, as is evident in its current generation. So please join us for a tour of zipForm 6 Professional. Creating a New Transaction with zipForm 6 Professional zipForm 6 Professional opens on a list of your transactions. From there, you can easily access any transaction that requires attention, or you can create a new transaction. We created a new transaction to see what the process was like. When creating a zipForm 6 Professional account, the appropriate forms will be added to your account based on current membership status with your Association or MLS. Thus, when you create a new transaction, the lists of forms you need are assembled for you. From the forms list, you can click or drag the forms you need in your transaction file. Note: Should your broker provide you with an account, the libraries you will have access to will be selected by the administrative user of the brokerage account. Once forms have been selected, zipForm 6 makes it easy for you to populate the documents with client and transaction information. The biggest time saving feature is the automatic field population. Fill in one field and the information will find its way into other forms as you add them to the transaction. This is not fool proof because of the nature of some forms, though, so always go through all of your forms to be safe. This eliminates a lot of typing, but this is just the beginning. After working in a region for a time, you may find yourself typing the same cities or zip codes, which can get tedious. The look up fields feature will remember this common data and put them in an easy drop down menu within the form field. This information is automatically saved and is available for all transactions and forms. In addition, the look up fields database may also be customized as you like and can be locked to prevent the database from saving any more information.
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How to Make Loan Pre-approvals Work in Your Favor
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4 Steps to Find the Perfect Tenant
Rental professionals want to fill vacancies quickly – but not at the (significant) cost of choosing the wrong tenant. After all, what's the value of a tenant that does not pay their rent and fails to care for the property? Sometimes, the perfect tenant may seem elusive, but RentJuice is making the process easier with their "lead qualification kit." We'll share a few of the key steps here, but for the full scoop – including sample pre-qualifications questionnaire, rental application, rejection letter, and much more – download the free whitepaper. 1) Phone first. Meeting a prospective tenant in person requires a large time commitment. When you consider the fact that many of the people who contact you about the property will not be qualified, it's easy to see that in-person meetings with each and every one of them can become a major waste of time. This is why RentJuice recommends running through some basic pre-qualification questions over the phone before scheduling a showing. (They've included sample pre-qualification questions in their whitepaper.) If a phone interview reveals that the prospective tenant is qualified for the property in question, invite them to a showing. If they are not a good fit for this particular property, but they have potential for future properties, gather their information into a lead tracking system and tell them you'll keep them at the top of your list for a better fit. 2) Meet in person at a showing. As we mentioned above, if a prospect sounds qualified over the phone, your next step should be to schedule a showing. RentJuice says, "Don't skip this step, no matter how perfect prospective renters sound during pre-qualification." RentJuice offers some other interesting tips for showings: Invite several prospective renters to the same showing. This increases their interest in the property and creates a sense of urgency to move through the application process. Offer applications right at the showing. (You can find a sample application in the RentJuice whitepaper.)
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Are You Meeting Your Goals for 2011?
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