DATE: 10/18/2021
NAME OF POSITION: Homes Purchasing Manager
PERSON’S SENIOR: VP of Marketing and Sales
PURPOSE (The reason why this position exists):
Equity & Help’s bread and butter begins with the purchase of a quality home- You are responsible for verification and all paperwork from the time our offer on a home is accepted. This will include making sure documents of PO’s and deeds are written in correct language and with complete terms.
VIEWPOINT (The viewpoint that an employee should have to be successful at the job):
The Homes Purchasing Manager is a serious part of our company, and it should be taken as such. The weight of responsibility falls heavy on your shoulders since our company starts with a home that you and your team will legally buy. That said, taking extra care to be proactive as well as detail-oriented will be an aid.
COMPUTER SKILLS REQUIRED:
Microsoft office suite, Google Suite, knowledge of internet scrapers, E&H Matrix
SKILLS REQUIRED:
Basic understanding of legal jargon and contracts.
RESPONSIBILITIES OF THE POSITION:
Make sure all contracts are signed, legal and binding
Make sure we have a inspection contingency
Verify all vesting information is correct
See that title company has your requirements and send EMD to title to hold
WEEKLY ACTIONS:
Check weekly to see that closing is proceeding in a timely fashion
STATISTICS:
EMD’s on properties
# Deeds recorded
# Properties put in E&H Inventory
# of offers put in
Valuable Final Product:
Deeds and paperwork that are recorded and made ready for quick closing.
GLOSSARY OF TERMS:
EMD Earnest Money Deposit
Buyer’s Premium A buyer's premium on the real estate is typically in the range of 3 to 10 percent. This money is paid to the auctioneer conducting the sale.
Quit Claim Deed A quitclaim deed releases a person's interest in a property without stating the nature of the person's interest or rights, and with no warranties of that person's interest or rights in the property.
Warranty Deed A warranty deed is a document often used in real estate that provides the greatest amount of protection to the purchaser of the property. The deed pledges or warrants that the owner owns the property free and clear of any outstanding liens, mortgages, or other encumbrances.
Special Warranty Deed A special warranty deed is one in which the grantor is only guaranteeing that there are no outstanding claims or liens against the property arising from their ownership. They're not giving any assurances about issues that may come up due to the actions of previous owners.
Quit Claim Deed A quitclaim deed releases a person's interest in a property without stating the nature of the person's interest or rights, and with no warranties of that person's interest or rights in the property.
Title Insurance Title insurance is a form of indemnity insurance that protects lenders and homebuyers from financial loss sustained from defects in a title to a property.
Sold As Is: Sellers list their homes for sale as-is when they don't want to do any repairs before closing. It means there are no guarantees from the seller that everything is in working condition. If you buy an “as-is” home and later find major problems, you're responsible for the repairs.
Contingency In real estate, when a house is listed as contingent, it means that an offer has been made and accepted, but before the deal is complete, some additional criteria must be met.