Contract Confidence | Wyoming

This lesson provides an overview of the modules in this course. It emphasizes a thorough understanding of contracts and additional documents with step-by-step instructions and scripts to help the audience master them easily.

This module delves into the accessibility and utilization of resources tailored for Contract Confidence agents. These resources encompass downloadable materials available on the website, contract preparation tools like Zipforms and Form Simplicity, as well as instructional guides, checklists, templates, contract scripts, and various formats such as Canva templates, PDFs, and zip form files. The lessons and resources in this course have been reviewed and approved by the attorney who offers legal guidance to the Wyoming Association of Realtors.

In this lesson, we explore the importance of self-care and mindset magic for real estate agents. The lesson covers the significance of prioritizing well-being, time management, physical well-being, mental health, and the power of a positive mindset in fostering long-term success in the industry.

Module two provides an overview of governing bodies in Wyoming, from state statutes to brokerages. The lesson serves as a quick refresher on important aspects for licensed agents in Wyoming.

This lesson provides an overview of the governing bodies for real estate agents in Wyoming, including the importance of state statutes, the role of the Wyoming Real Estate Commission, and the significance of national, state, and local real estate associations for agents. It also covers the requirements for becoming a Realtor, the services provided by different associations, and the responsibilities of agents related to contracts and brokerage policies.

This lesson introduces Module 3, Contract Tech. We'll discuss where to find contracts, the use of Zipforms and Form Simplicity, and the importance of using templates for contract preparation and task management.

This lesson provides a detailed walkthrough on how to apply and use templates in Zipforms, including navigating through the platform, creating files, using task checklists, filling out contracts, adding additional provision clauses, and applying task templates for different client scenarios.

This lesson covers the foundation of real estate relationships, including the real estate brokerage disclosure and different relationship combinations according to Wyoming state statute.

In this lesson, I'll explain the real estate brokerage disclosure to you as if you were a new buyer or seller client of mine. It covers different types of working relationships available, such as customers, intermediaries, and agency relationships. The duties and obligations owed by real estate agents in each type of relationship are outlined in detail. The script emphasizes the importance of understanding the document before working with clients and highlights the significance of maintaining confidentiality and providing expert advice.

This lesson discusses the various relationship combinations between buyers, sellers, and brokerages in Wyoming. The importance of understanding agency agreements, intermediary contracts, and proper documentation for changing relationships is highlighted. Examples are provided to illustrate how different scenarios are handled, emphasizing the need for clear written agreements to navigate these relationships effectively. The lesson concludes by stressing the significance of being aware of these combinations and having the necessary agreements in place.

This lesson introduces Module 5, focusing on the Buyer Agency Contract. It explains the agreements between the brokerage and a consumer, highlighting the buyer agency agreement used when working with a buyer to represent them in a real estate transaction.

This lesson and script explains the buyer agency contract in detail, outlining the responsibilities and agreements between the buyer and the brokerage. It covers the exclusive representation, negotiation process, commission rates, potential scenarios, and legal aspects of the buyer agency agreement.

This script covers the buyer agency addendum; including the importance of professional inspections, testing for radon gas, water wells and rights, mineral rights, purchasing vacant land, lot lines and surveys, zoning and permits, covenants, flood zones and insurance, home warranty, referrals, utility companies, mail service, video and listening devices, registered sex offenders and crime, non-discrimination, and legal counsel.

Module six focuses on the shift from being hired by the buyer to being hired by the seller. It covers various types of listing agreements, exclusive right to sell listing contracts, and the importance of knowing the options available as a seller's agent.

This lesson explains the various types of listing agreements that a brokerage may have with a seller including exclusive right to sell listing, exclusive agency listing, open listing, and net listing.

This lesson introduces the exclusive right to sell listing contract, emphasizing the importance of focusing on the appropriate version based on the property type. It also mentions the availability of attorney-approved contract templates and encourages viewers to use them to save time and reduce errors.

In this lesson, the script explains the exclusive right to sell listing contract, a seller agency relationship for a residential property. It covers the key points of the contract, the agent's responsibilities, the property details, pricing, commissions, closing procedures, and legal aspects. The script provides guidance for new agents on understanding and explaining the contract to clients effectively.

The script explains the exclusive right to sell listing contract for farm and ranch and vacant land properties. It emphasizes the importance of understanding the document before working with clients, details the contract terms, obligations, and responsibilities of both the seller and the agent. It covers sections on property details, disclosures, commissions, closing costs, inspections, default remedies, agreements, and additional provisions.

The script explains the exclusive right to sell listing contract for commercial property; detailing the responsibilities, disclosures, and terms involved in the agreement between the seller and the brokerage. It provides guidance on understanding and explaining the contract to clients, emphasizing the importance of preparation and professionalism in the real estate transaction process.

In this lesson, I explain the process of making changes to a listing agreement. The document used for changes, the importance of writing changes, and the difference between addendum and amendment are highlighted. Amanda demonstrates how to use ZipForms to make changes, emphasizing the need for accuracy in details and obtaining necessary signatures. The importance of broker approval and legal advice is also emphasized. The lesson concludes with a brief explanation of presenting the document to clients and a reminder to consult legal counsel before signing any documents.

This lesson introduces Module 7, focusing on the intermediary relationship in real estate transactions. It explains the two ways to establish an intermediary relationship: through a buyer or seller agency contract, or by starting as an intermediary from the beginning. It encourages audience interaction and questions.

This script explains the consent amendment and in-company transaction disclosure, also known as the intermediary agreement. It details how to establish an intermediary relationship and the responsibilities involved, emphasizing the need for consent and disclosure in real estate transactions.

This lesson introduces Module 8, which covers the core contract documents in real estate transactions, emphasizing the contract to buy and sell real estate. It explains the differences between the original and financed versions of the contract, provides guidance on preparation, attention to detail, and the importance of putting agreements in writing to protect clients' interests.

In this lesson and script, I explain the contract to buy and sell real estate, the residential financed version. The script covers all sections of the contract such as financing and purchase terms, earnest money and the role of the title company, appraisal contingencies, closing costs, property condition, inspections, insurance, default remedies, and other legal terms and considerations in the real estate contract.

In this lesson and script, I explain the contract to buy and sell real estate, the Non-Agricultural Vacant Land - financed version. The script covers all sections of the contract such as financing and purchase terms, earnest money and the role of the title company, appraisal contingencies, closing costs, property condition, inspections, insurance, default remedies, and other legal terms and considerations in the real estate contract.

In this lesson and script, I explain the contract to buy and sell real estate, the Agricultural Vacant Land - financed version. The script covers all sections of the contract such as financing and purchase terms, earnest money and the role of the title company, appraisal contingencies, closing costs, property condition, inspections, insurance, default remedies, and other legal terms and considerations in the real estate contract.

In this lesson and script, I explain the contract to buy and sell real estate, the Commercial - financed version. The script covers all sections of the contract such as financing and purchase terms, earnest money and the role of the title company, appraisal contingencies, closing costs, property condition, inspections, insurance, default remedies, and other legal terms and considerations in the real estate contract.

In this lesson, Amanda explains the difference between an addendum and an amendment in real estate contracts, the types of addenda encountered, and how to access Zipforms to prepare an addendum.

This lesson discusses contract contingencies and additional provisions in real estate transactions. It covers the importance of written agreements, common contingencies, the role of brokers, and the need for clarity in clauses. The speaker emphasizes the significance of thorough preparation and consultation with brokers and attorneys to protect the parties involved in real estate deals.

This lesson discusses home sale contingencies; defining what they are, the importance of clauses, questions to ask when representing buyers or sellers, and considerations for different scenarios. It also covers the use of specific clauses and the significance of kick-out clauses. Additionally, it addresses inspection deadlines, closing dates, and suggestions for sellers dealing with contingencies. The lesson emphasizes the importance of thorough preparation, detailed contract negotiation, and protecting the client's interests.

In this lesson, Amanda explains the process of preparing a counteroffer in real estate transactions. The lesson covers the importance of documenting all agreements in writing, the significance of thorough preparation when creating offers, counteroffers, or inspection objections. An example is provided on creating a counteroffer using Zipforms, highlighting key elements and considerations for a successful negotiation. The importance of broker approval and the expiration date of counteroffers are emphasized.

Module 9 provides an introduction to the supporting contract documents in real estate transactions. These documents, once signed by all parties, become a vital part of the contract between the buyer and seller. They are attached to the contract and forwarded to the title company and lender, if applicable. The module emphasizes the importance of understanding and reviewing these documents, which are also listed on the buyer and seller checklist.

This lesson is focused on a doing mindset check before diving into Module 9. It encourages self-reflection, positivity, and confidence in achieving success.

This lesson explains the earnest money process from start to finish, covering the deposit made by the buyer, the source and format of funds, handling of the check, deadlines, and what happens if the deal falls apart. It also emphasizes the mutual agreement between buyer and seller regarding the release of earnest money.

This lesson covers the concepts of loan pre-qualification, pre-approval, and proof of funds letters, explaining their differences, when they are required, and recommendations for including them in real estate transactions.

This lesson discusses the use of a bill of sale for personal property in real estate transactions, emphasizing the importance of specifying items and avoiding misunderstandings during the sale process.

This lesson discusses property condition statements and disclosures, emphasizing the importance of disclosing latent material defects. It also covers the seller's obligation to disclose known defects, the property condition statement document, and the buyer's responsibility to conduct inspections. The script provides guidance for sellers and buyers in Wyoming real estate transactions.

This lesson provides a detailed explanation of the lead-based paint disclosure requirements for residential properties built before 1978. It covers the necessity of the disclosure, form completion, and testing procedures. The lesson guides on where to find the form, how to fill it out for sellers and buyers, and the importance of complying with the regulations. Additionally, it emphasizes the risks associated with lead exposure, the obligations of the seller, and the buyer's rights to conduct inspections.

This lesson covers the inspection contingency notice, detailing the important deadlines and considerations for both buyers and sellers in real estate transactions. It explains the process of handling inspection objections and appraisal repair requirements, emphasizing the significance of written communication and thorough preparation. The script delves into various scenarios, tips for effective negotiations, and key points to remember during the resolution process. The lesson concludes with a reminder to consult with a broker for guidance and to be aware of contract-specific details, such as deadline extensions.

This lesson explains the agreement to amend/extend, including when to use it, how to fill it out, and its importance in protecting parties during real estate transactions. It provides examples of situations where the agreement is necessary, such as extending deadlines or making changes to the original contract. The script also emphasizes the significance of documenting agreements in writing and the proper procedure for using the form. Overall, it offers practical guidance for real estate professionals dealing with contract amendments and extensions.

This lesson explains the VA and FHA amendatory clause, including when it's required, who prepares it, and who needs to sign it.

This lesson explains the concept of a 1031 exchange and provides key information for real estate agents on eligibility, time limits, qualified intermediaries, property requirements, taxes, and the agent's role in the exchange process.

This lesson explains the concept of a pre-closing occupancy agreement, its importance, considerations for buyers and sellers, and potential risks involved. It emphasizes the need for a well-written agreement and advises caution when entering into such agreements.

This lesson explains the concept of post-closing occupancy agreements, covering the definition, purpose, considerations, and potential scenarios related to such agreements.

In this lesson, we discuss the various ways earnest money can be released in real estate transactions, highlighting the importance of both parties signing an agreement for the release. Different scenarios for earnest money release are outlined, emphasizing the need for clarity and mutual understanding in the process. The importance of proper agreements to prevent future legal actions is also emphasized, with a mention of Wyoming statute requirements.

Module 10 provides an overview of internal file documents for a real estate transaction, highlighting the importance of documents that reflect due diligence and are not agreements between parties.

This lesson explains the concept of taking title to a property, different ways of taking title, common relationship options, and the importance of the vesting designation form in finalizing the title commitment and closing documents.

This lesson outlines the importance of obtaining LLC or trust documents when dealing with real estate transactions involving businesses or trusts. It explains the necessary documentation required by title companies and lenders, emphasizes the need for upfront information to avoid delays, and lists the specific documents needed for LLCs and trusts.

This lesson explains the importance and implications of a power of attorney (POA) document, highlighting its uses, preparation, limitations, and expiration upon the principal's death.

This lesson discusses the purpose of the buyer's good faith estimate, when it's required, how to fill it out, and the importance of preparing one for buyers. It covers key sections of the estimate such as purchase and mortgage information, estimated interest rate, closing costs, estimated monthly payment breakdown, and the calculations involved. The script emphasizes the need for financial diligence, communication with lenders, and thorough preparation before submitting offers.

This lesson discusses the Seller's Estimated Net Proceeds sheet, its purpose, when to prepare it, and the line items it includes. It explains the importance of preparing this document for sellers, providing guidance on calculations and considerations during the sale process.

This lesson explains the preliminary listing title order or pre-listing title commitment request form. It covers the purpose of the form, the difference between preliminary title commitment and title commitment, when to request it, who chooses the title company, and where to find the form. It also discusses sending the form to the title company and provides information on understanding the title commitment.

This lesson covers the process of reviewing and understanding the pre-listing title commitment, including key areas to focus on such as the requirement section. It also references a lesson in the Client Experience course on How to Understand and Read a Title Commitment.

This lesson explains the importance of providing the MLS sheet to buyers, highlighting reasons such as full disclosure, professionalism, and negotiation assistance.

In this lesson, Amanda explains the importance of providing the previous MLS sheet to buyer clients when writing an offer. She highlights the benefits of building trust, credibility, and professionalism by sharing previous sale information. Additionally, how the MLS sheet can aid in price negotiations, identify potential issues with the property, and ensure transparency with buyers.

The lesson discusses the importance of reviewing both sold and active comparable properties with buyer clients when writing an offer on a property. It emphasizes building trust, helping buyers make informed decisions, understanding the property's potential, foreseeing hurdles, justifying pricing recommendations, providing context for negotiations, and improving the chances of a successful sale. Amanda highlights the need to have buyers understand the market and the importance of reviewing comparables before submitting an offer.

This lesson explains the importance of reviewing County Records, Taxes, and Aerial Images with buyers in Wyoming. It covers the resources available through the map server, county records, property tax information, veteran exemptions, and the significance of aerial images in discovering potential property issues upfront.

This lesson discusses what a kickback is, why it needs to be disclosed, and the importance of having a client sign an acknowledgment document to ensure compliance with statutes.

This lesson explains the concept of home warranty programs, their benefits for buyers and sellers, coverage details, differences from homeowner's insurance, and referral kickbacks for agents.

This lesson explains the importance and process of referral agreements between real estate agents, emphasizing the value of referring clients to experts in different areas. It covers key aspects such as when to refer a client out, how to choose the right agent, and details of the referral agreement including commission split and duration. Networking with other agents and the necessity of written referral agreements are highlighted for building a successful referral network.

This lesson explains the importance of the appraisal release form, why it needs to be signed, and how it benefits real estate professionals in understanding pricing and valuation through current appraisals. It also highlights the process of adding appraisal information to a spreadsheet for market analysis.

This lesson explains the importance of closing instructions for title companies, who fills them out, where to find the form, and how to fill it out.

This lesson explains how to review a settlement statement, including checking names, addresses, purchase prices, fees, credits, errors, and ensuring accuracy for a smooth closing process.

This lesson explains the purpose and use of the post closing client contact sheet, how to customize it, and the importance of updating client information for marketing strategies.

This lesson provides a closing message for the Contract Confidence course bundle. It encourages reflection on the journey, offers continued support through memberships, and emphasizes the importance of self-care, networking, and continuous learning in the real estate industry.