This Agreement is entered into between JCB Properties, LLC, a Tennessee limited liability company doing business as Property Hound Investments (cumulatively "Principal") and the undersigned individual (referred to herein as the "Subscriber") who desires to join Principal's private member only access to information of potential Property investments.
Principal has built a website on which can be found various houses/townhomes/condos ("improved property") and lots or land ("unimproved property") (improved property and unimproved property are hereafter referred to simply as "Property") which are available for purchase. Most,ifnotall, of the Property found on Principal's site is already bound to an assignable Contract.
Subscriber acknowledges that to be a member of Principal's online service there is a recuring monthly fee in the amount of One Hundred Dollars US ($100/mo
Subscriber agrees that some of the information found on Principal's site is not public information but was gathered through direct interviews or in-person inspections. Subscriber agrees that all of the information found on Principal's site shall be considered private and confidential and shall not be shared with any third parties, or any persons or entities who are not also Subscribers to Principal's site.
If Principal has reason to believe Subscriber is sharing information from Principal's site outside of the scope of persons allowed herein then Principal reserves the right to cancel Subscriber's access to information at any-time without notice and without refund of any monthly fees.
If a Subscriber desires to pursue a purchase opportunity on a Property found on Principal's site then Subscriber shall advance into the position of an Investor and shall contact Principal using the means provided in the Subscriber materials, and agrees to work only through Principal as the procuring source and primary contact for the Property and the Property's owner ("Owner"
Subscriber acknowledges that a condition of moving forward as an Investor is financial disclosure of available funds. All purchases of Property through Principal shall require a minimum Earnest Money Deposit equal to the greater of $5,000 or Five percent (5%) of the agreed Purchase Price. All purchases of Property through Principal shall be in immediately available (cash) funds only, and Investor must be able to provide good funds by wire transfer to the Settlement Agent on or before the morning of the scheduled purchase ("Closing" Requests by Investors to delay Closing so that funds may be obtained or cleared shall be a default of all agreements and shall result in immediate forfeiture of earnest money paid by Investor.
Principal provides information and services to Subscribers and Investors for their convenience and as a tool for their evaluation but makes no guarantee of value, marketability, Property integrity, mechanicals, or rehab costs. Investor assumes all responsibility and all financial risk on every transaction and Property. By signing below, you acknowledge and agree that Principal bears no risk associated with purchasing a Property presented on the Principal's site.
Subscriber agrees to indemnify and hold Principal and the Property Owner(s) harmless from any and all damages, actual, consequential and compensatory, including but not limited to attorney(s) fees and court costs, along with all expenses for defense and all damages claimed or unclaimed by any party due to any act or omission, public dissemination, libel, slander, fraud, negligence, misrepresentation, deceptive business practices, or failure to disclose, concerning any Property or Owner introduced through Principal's site
Most closing costs, settlement fees, recording fees, title insurance, opinion letters, agent commissions, property taxes, home-owners association dues, and all other fees and expenses related to a purchase or sale of real property are non-negotiable in amount, but which party pays specific costs or fees might be negotiable under the purchase and sale agreement for the Property; provided, however, most of those negotiations will have been made prior to Investor having an opportunity to purchase a Property and therefore may be non-negotiable to Investor. Principal shall not indemnify, reimburse, compensate, or otherwise fund any cost, fee or expense which Investor incurs and which was discernable in the materials or is typical, usual or customary for the location and means of the purchase of the Property. Market conditions and governmental regulations are constantly changing and fees that did not exist, were less, or were paid by other parties in the past is not a defense to payment in the present or future.
Each Investor acknowledges and agrees that (i) the Investor fees associated with each bid submitted via the Principal's site are binding and thus due and payable to Principal in accordance with this Agreement, and (ii) Investor is responsible for all applicable government fees and taxes for Properties purchased. If you decide to bid on a Property that has been listed on Principal's site, you acknowledge and agree that your bid constitutes the first non-binding step in expressing your interest in the listed Property and does not in and of itself create a formal contract between you as the Investor and Principal or the Property Owner. It is the responsibility of Investor and Principal to negotiate the terms of a binding transaction and enter into a formal contract. This contracting is outside of the scope of this Agreement and the Principal's site, neither of which bind the parties to
INITIAL FINANCIAL QUALIFICATION
Must be completed and submitted with a Financial Statement by a Subscriber in order to pursue any opportunity as an Investor on any Property found on Principal's site.
By my signature below I hereby certify that I am interested in pursuing real estate opportunities. I certify that I meet one or both of the income or net worth requirements set forth below and thatI have significant and substantial experience in business, finances and investment.