A.P.A. Title Page
If you are one of the many A.P.A. representatives who must read hundreds of contracts each year, then you have a job that is in high demand, and there is always more work than available people to do it. Fortunately, A.P.A. contracts for real estate agents and property managers are not hard to find.
This article is a simple explanation of the key facts about an A.P.A. title page. The title page in a contract describes the specific legal and binding nature of the contract and most importantly, protects the interests of the buyer and seller of the property. In other words, the title page ensures that neither party to the contract will be left out of pocket and/or without legal rights.
An A.P.A. title page can be divided into three parts.
Part I. The title page in the contract will usually list the name and address of the property owner or manager. This is the first thing the buyer sees. Even if the name is omitted, it is advisable to include the name of the owner/manager.
Part II. The title page in the contract will include the name and address of the seller. The title page is generally preceded by the phrases “hereby assigns”hereby transfers.” Note that the title is transferred not only from the seller to the buyer but also from the buyer to the seller, so the two parties must be certain to include their respective signatures on the contract in order to avoid confusion in the future.
Part III. The title page also includes the contact information for the seller (including telephone number, email address, or cell phone number).
The section names may vary depending on the type of contract. For example, while the contract for purchase and sale of a foreclosure property is a sale, the contract for lease and rental of residential property is a lease. Likewise, while the lease for residential property is a lease, the contract for lease and rental of commercial property is a sale. Most commonly, however, contract sections that relate to residential properties will include sections for each type of lease (lease-to-own, lease-to-own-with-option, for lease-to-own-with-option, etc.)
Most A.P.A. title pages, including the title page for real estate contracts, include the following four sections. A title page for leases, the information for each of the sections of the title page, and an example of a real estate contract.
Section I. The title page must indicate the legal name of the person listed as the owner of the property. For example, a contract that lists a property name “John Smith” and a given person as the owner should indicate the name and address of the person listed on the title page. In addition, for any other person whose name or address appears on the title page, the contract should indicate the legal name of the person listed on the title page.
Section II. The title page for a lease document should state the start and end dates of the lease. This is so that both the buyer and the seller will know the terms of the lease. In addition, a real estate contract should state all the terms of the lease including renewal periods and rental rates.
Section III. The title page for a lease document should include a description of the basic rights of the parties to the lease. These rights are commonly described as the “Rights of the Lease.” However, the contract will generally also indicate the obligations of the parties to the lease.
Part IV. An A.P.A. The title page should contain the signature of the seller, if applicable, and the signature of the buyer, if applicable.