*Price includes all renovations.**All financial information is deemed reliable but not guaranteed. Performance and projections are estimated and subject to change. The provider shall be held harmless if returns are not met. All Investments have risks and Investors are urged to perform their own due diligence. Cash flow assumptions are based on a financed purchase with a conventional 30-year fixed mortgage rate. Cash flow amounts are estimated and are subject to change. Rehab is estimated and actual work completed is subject to change.
Turnkey process as follows:
Review property report and scope of work.
Buyer signing of Statement of Work Agreement and Purchase Contract, agreeing to terms, including SOW, timeline for completion, price, and Black Swan document (included as part of the purchase contract.
Buyer agrees to begin their loan and insurance work upon execution of contracts without delay, along with lining up the appraisal for the date the home is ready to be inspected. If buying with cash, proof of funds is to be provided to Property Rush.
Upon execution of contracts, Property Rush will make introductions to the Title company handling the closing. Buyer agrees to promptly deposit earnest money unless it was already deposited with a reservation agreement. Buyer also agrees to cooperate with Title and provide their lender contact information to Title within 24 hours of opening escrow.
Property Rush will introduce the Buyer to their Property Manager, and Buyer agrees to a 15-minute phone call with the Property Manager to review the Property Rush Management Process.
Special terms and conditions
The Statement of Work attached in Exhibit A is an estimate of work to be performed.
Both parties, understand and agree that the SOW can change as construction begins and property conditions are discovered. All repairs as outlined will be attempted, as needed, to provide a quality finished product. Any items deemed “not required” may be eliminated from the SOW, with all copies of change orders being provided to the Buyer prior to close of escrow.
Changes to the SOW does not change the purchase price or contract terms. If additional work is needed outside the SOW estimate attached in Exhibit A, both parties will review the cost and determine how to proceed. If adjustments need to be made to the purchase price, both parties must agree in writing to any contract changes, including, but not limited to, purchase price and close of escrow date.
In the event that Seller is unable to procure or purchase the materials called for in the SOW due to shortages, work stoppage, manufacturer’s delays and other like causes, Seller may substitute other and different materials in the place thereof and Buyer hereby expressly agrees to accept such substitution if said substitutions are reasonable and of comparable quality.
In the event that the Residence shall not be fully completed on or before closing, the same shall not be deemed an objection to closing provided the lending institution is willing to close and fund the mortgage commitment. If any items or work or supply of materials are then incomplete, Seller agrees to give and the Buyer agrees to accept a written statement setting forth the items that need completion or repair (“Punch List”). Seller shall further provide a statement setting forth the date by which the Punch List is to be completed. The Punch List and written statement shall survive the delivery of the deed.
Buyers are required to have a home inspection and sewer scope conducted prior to closing. The cost will be incurred by the Buyer.
Any items found during the inspection and/or sewer scope that are outside the scope of work agreed upon will be up to the Buyer to decide if they want to have done at their own expense. Property Rush is willing to coordinate and arrange the work, however, the cost will be incurred by the Buyer.
By signing this agreement, the Buyer represents that they understand the property is being purchased “AS-IS” and understands Seller has disclosed everything currently known about the property. The Buyer understands that there will most likely be issues Seller cannot foresee that will occur and Seller is not liable for those repairs.
Warranties and Guarantees
The Seller makes no implied warrant or any other warranties, express or implied, in connection with this Contract or the construction of the Residence and all such warranties are hereby excluded, except as provided in the Limited Warranty annexed hereto. The express terms, conditions and provisions of the Limited Warranty are incorporated in this Contract as if fully set forth at length and there are no other warranties. The Buyer hereby acknowledges receipt of a written copy of the terms of the Limited Warranty and Seller hereby affirmatively states that Buyer has received such copy and reviewed same before executing this Contract. Seller warrants that the Residence will meet or exceed the standards of workmanship and materials relative to the industry now existing in Tennessee or Georgia.The Limited Warranty specifically excludes those items set forth in the Limited Warranty documents and further excludes the Seller’s responsibility for the following: (i) nail pops and ridging on sheet rock surfaces; (ii) sticking of doors due to weather; (iii) warpage of doors and closet shelves less than ½”; (iv) adjustments of bifold doors; (v) bath tile grouting; (vi) slight separation in the joint of tiled floors; (vii) slight separation between the wall base or base molding and floors; (viii) normal settlement or deflection and any consequential damage resulting therefrom; (ix) normal noises from plumbing, heating, fans, vents and ducts; (x) partial or total death of or damage to any plantings provided by Seller or existing prior to construction; (xi) nonstructural or settlement cracks in walls, foundation, walks, terraces, patios, retaining walls, curbs or spalling of concrete walks and terraces; (xii) nonalignment of kitchen cabinets; and/or (xiii) moisture and/or condensation in basements and/or crawl spaces. Seller will not be responsible, subsequent to the closing of title, for paint touch-ups, repair of dented appliances, repair of chips, scratches, breaks or other blemishes in windows, sliding glass doors, screens, mirrors, electric fixtures and globes, interior painted surfaces, sinks, tubs, basins, kitchen cabinets and countertops, vanity tops and cabinets, medicine cabinets, ceramic tile floor and base and marble saddles, resilient floor tile, carpeting, kitchen appliances, air conditioning units, dryer vents, woodwork and doors, wrought iron, rubbish enclosures, other similar items, replacement of fluorescent light ballasts or any other lights or light bulbs, maintenance due to normal wear and tear. Seller’s warranty excludes those items that are a result of the Buyer's or tenants' negligence or willful acts, including any repairs or work the Buyer has done to the property outside of the Property Rush Statement of Work.