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Answered 2009-10-16 03:06:06
The seller can use other means to recap the money. Countertrade can be used to provide back a means of paying for the original goods.
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How paypal works?
It is up to the buyer to decide in what manner they want to make a purchase. After deciding, Paypal safely executes the transaction by sending the money to the seller. Finally, it is up to the seller to decide how the money will be spent.
What is the role of buyer?
The major role of buyer is to make the seller aware about his needs and wants And what are his expectation from the product.
Does the seller to pay closing cost?
Generally the buyer pays closing costs. Some closing costs legally MUST be paid by the buyer. However, the seller could offer to pay some costs if they want to, or the buyer could ask the seller to pay some of the closing costs. Ultimately the seller has to decide how badly they want to make the sale.
What does the term mutually beneficial economic partnership mean?
A mutually beneficial economic partnership is where both the buyer and the seller benefit from the exchange of goods (or money for goods) without being exploited: The seller offers their goods or service at a reasonable price without attempting to maximize profit while the buyer responds in kind by not attempting to undercut the Seller and make him lose profit.
What does owner will carry mean when buying a car?
I think it may mean that the seller of the vehicle will "hold the loan" or will let the buyer make payments to them and once paid in full, seller will then sign title over to buyer.
In Alabama how can a seller recover a court ordered balance if the vehicle is totaled and the buyer has no money and is not willing to make payments?
IF they have JUDGEMENT, THEY CAN GARNISH YOUR WAGES OR ATTACH OTHER PERSONAL PROPERTY.
If a seller in contract agrees to pay all taxes until sale can they make buyer pay taxes instead?
No. The seller must honor the contract.
When selling a gun what type of receipt should you give?
Not required by law, but I use a "bill of sale", listing name of buyer AND seller, make, model, and serial number of firearm. Two copies. Buyer and seller sign both copies, I keep one, buyer gets one.
Why would one choose to use a car broker?
If one was a first time buyer or unsure about how to buy a car then a broker can help by liaising between buyer and seller. It can make the process less stressful and time consuming.
Is the buyer or seller responsible for title insurance?
Here in California, it is a matter of local custom. In Southern California, typically the seller agrees to purchase the owners policy for the buyer, the buyer supplies the title insurance for the lender. In Northern California, the buyer typically pays for both policies. It is, however, a matter that is covered in the contract between the seller and buyer and is negotiable, as is everything else. All closing costs can be negotiated as part of the sales contract. Who pays for title insurance varies from state to state based on local custom, but can be negotiated between the buyer and seller as part of the sales contract. There are no laws providing for either party to be required to pay. In the case where the seller has elected to pay title expenses, the buyer needs to make sure that the Lender has approved those fees to be paid by the seller. Some types of mortgages require that the buyer/borrower have a certain amount of funds available for the closing fees and may "cap" what fees can or cannot be paid by the seller in behalf of the buyer.
What type of real estate transaction occurs when the buyer or seller requests to be not officially represented?
If the seller, for example, does not have a listing agent; he is representing himself by default. If the buyer does not engage the services of a real estate agent, by default, he is representing himself. The seller would be a FSBO, or For Sale by Owner. The Buyer would be self-represented. The downside for either party not having representation is that a real estate transaction is usually the most expensive purchase people make in their lifetime. There are many things that can go wrong and errors can be very expensive.
What is economcs market?
In economics, a market is any place or any setup that allows a buyer to meet a seller. Goods can be exchanged for a cash settlement and the seller can make a profit.
How much money does a real estate agent make for each house they sell?
In most cases, they make a percentage of the sale price (called a commission), and that percentage varies. Usually, both the buyer and the seller have an agent, and both get a commission. If the same agent represents both buyer and seller, he gets a double commission. You should call individual real estate firms to find out how much commission they give their agents.
What is advance payment guarantee?
buyer will sometimes make an advance payments to the seller to enebled them to start acquisition or production of goods.
What is the work of a real estate broker?
The real estate broker runs the brokerage. He or she hires agents, fires agents, and runs the business. The following answer is not true, and it is not mine. His duty is to find the buyer and seller from the market and make a deal between them he is like a bridge between seller and buyer.
Who signs the contract first the seller or the buyer?
Typically a real estate contract begins with a written offer from the buyer. The offer, to be official is signed by they buyer. From there there seller may make amendments and sign and amended contract, that needs to be approved and the changes are either initialled by the buyer and the seller or a new contract containing agreed upon amendments is resigned by both parties. The signing continues until a final agreement with all agreed changes has been signed by both parties. For further information, see the related link below.
If seller changes mind on selling the home to the buyer but the buyer has already signed the contract and put in a deposit but one of the co-sellers hasn't signed what rights do the buyer have.?
The buyer is entitled to get his deposit money back, but he can't buy the home. This is because there are TWO sellers (two people on the deed) and BOTH seller's need to sign the contract. In your question, only ONE of the sellers signed the contract. Therefore there is no legal contract. Basically, you can't sell something you own jointly with someone else without their permission. Sounds like Seller #1 was trying to sell the home without Seller #2's knowledge and/or permission!I would advise the buyer to get a real estate attorney if he doesn't get his deposit back. And if either party used a real estate agent, they should contact the National Board of Realtors and make a complaint.
Must a seller tell a buyer that a car has a faulty motor?
In the UK, the Sale of Goods Act (s. 14) requires that all goods that a dealer sells must be of satisfactory quality; but this rule does not apply to private sales. A private seller has NO obligation to make any statement about the goods he is selling, nor to answer a buyer's questions. But if the seller DOES makes a false statement about the car (a "misrepresentation") the buyer can normally cancel the deal; and there may be breach of contract too. It is sufficient for the seller merely to IMPLY an untrue fact for it to be a misrepresentation. As a matter of conscience and good practice, if any person knowingly sells faulty goods, he should tell the buyer. This would allow a suitable price can be agreed; and would avoid the problems of a backlash from an angry buyer who feels aggrieved.
Can PayPal take money from your PayPal account without your consent?
Generally speaking, no, but in the following circumstances they can: If you have your eBay seller account set up to make automatic PayPal payments for your selling fees, eBay will take the money from your PayPal when the fees fall due. If you sell something and the buyer claims that it didn't arrive, you need to provide proof that the item was delivered, otherwise PayPal will side with the buyer and refund them from your account. If you sell something and the buyer claims that they didn't receive it and they paid with their credit card (through PayPal), you could be subject to a "chargeback" and in this case, yes, PayPal might well take money back from you. To keep yourself as safe as possible from potential chargebacks, you need to make sure that you follow PayPal's Seller Protection Policy to the letter. Log into your own local PayPal site and search for "seller protection" to see what you need to do.
What is a creative home loan?
When someone wants to buy a home, but they are unable to gather enough money to pay for it (cash for equity + loan proceeds), then the buyer and seller are going to have to get "creative" if they are going to be able to close the transaction. Unfortunately, getting "creative" sometimes means being subversive. A common example is the wrap-around mortgage when the seller's mortgage has a "Due On Sale" clause. With this clause, the buyer will not be allowed to assume the mortgage, but must get a new loan. The seller is supposed to pay off the old loan. But, let's say the buyer is not able to qualify for a new loan and the seller is willing to try to keep any knowledge of the sale from his lender. Let's say the seller's loan is at a low interest rate of 5% and has a current balance of $80,000. The seller might agree to sell the house to the buyer for $100,000. The seller accepts a note from the buyer (a loan) for the purchase price of $100,000 (nothing down) with an interest rate of 8%. Each month, the buyer pays the seller who in turn, sends part of the money to his mortgage company as payment on the original loan. To make sure the seller keeps making payments on his loan, the buyer often insists on making payment to an escrow company (or attorney) who will forward a portion to the original lender as a loan payment and remit the balance to the seller. The buyer gets a house he cannot otherwise obtain. The seller has actually made a loan of $20,000 to the buyer (the seller's equity in the property was loaned to the buyer, since there was no cash downpayment). But what does the seller earn on that $20,000 loan? First, he receives 8% interest on $100k each year. That's $8,000 per year. Second, he has to pay 5% on the $80k he owes. That's $4,000 per year. So, the seller is NETTING $4,000 (8 - 4 = 4) per year that he gets to keep. That is a 20% rate of return on his $20,000 loan to the buyer. That's a creative home loan. There are other ways to be creative -- such as obtaining a lease with an option to buy (where the tenant gets credit for part of the rent toward the purchase price).
What does term caveat emptor mean?
Caveat emptor is Latin for "Let the buyer beware." It means that in a contract matter where one person is buying something from another person, the buyer has the responsibility to make sure what he is buying is in good shape. Once he takes delivery and the money changes hands, the buyer can't complain that the item purchased is not good, unless there has been some fraud or deception by the seller. This is why when buying houses, a buyer, does a title search, a survey a home inspection and things like that. The buyer has to be sure there are no problems with what he is buying.
How do you sign off a title to another person?
You sign the title where is shows seller and fill in the information of the buyer and have them sign as buyer. Its a good idea to make a copy of the title (front and back) just in case the buyer doesnt title it right away so you can prove that you sold it if you get a tax notice.
Who is responsiblefor the lien when a house gets sold the buyer or the seller?
The lien is on the house. That's one of the reasons it goes through escrow, to find out if there are any outstanding liens on it. If there are outstanding liens on the house that are discovered in escrow, the buyer can make the seller pay the liens or stop the sale of the house, but if they are not found, the lien still exists and the buyer has to pay them after the house is in their name. Escrow is a good thing although it is time consuming and costly.
What is a bank soft probe?
As described by Wikipedia "A soft probe is a confirmation method used by banks to verify funding for a seller from a buyer, conducted by the seller's bank to the buyer's bank. Such a probe is not recorded in the buyer's banking information, and usually nothing but confirmation or lack of confirmation is recorded by the seller."Seller sends a soft document to buyer's bank to make certain buyer has enough funds or financial facility to complete transaction between them.
What is a 48 hour contingency plan in real estate?
It is usually referred to as a Contingency Clause. This is common if the buyer must sell his current real estate in order to be qualified to purchase the subject property. If they have not negotiated to keep the property off of the market during this time period it is possible someone else may view the property and want to make an offer. The contingency clause protects the seller from an indefinite (or lengthy wait while the buyer tries to sell his property, or find financing). If he receives an acceptable offer from another buyer (buyer # 2) , he can invoke the 48 hour contingency which gives the original buyer 48 hours to commit to buying and risk losing his earnest money if he fails to qualify; or to release the seller from the contract to accept buyer #2's offer.
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