A contract is important in every business transaction. In real estate, a contract is a document that contains the agreement between the property owner and the buyer or renter. Kumita by Hoppler makes the creation of contracts uncomplicated; its Prepare a Contract feature can produce real estate contracts fast and accurately. You only need to fill out an online form to generate the document that you can send to your clients.
Here is a step-by-step guide on how to prepare a contract with Kumita:
Step 1 of 2: Log In to Access the Kumita Dashboard
Hoppler Partner Brokers with approved listings get exclusive access to the Kumita Dashboard. However, if you are not yet a Partner Broker but want to have an access to the dashboard, sign up here.
- Click Log In / Register on top of the page.
- Enter your email address and password.
- Click the Sign In button.
Once, signed in, you will be redirected to your My Business dashboard.
Step 2 of 2: Use the Prepare a Contract Feature
- Click Prepare a Contract
You will be redirected to your Clients page that shows the inquiries that have existing LOIs. Click the name of the client you would like to create a contract for.
- Under the Actions column, click the 3 vertical dots menu button.
- Click Prepare Contract.
NOTE: When you click on the menu, other options will appear.
- Click Create LOI if the client wants to have another LOI for a specific property that is on his list.
- Click Sign LOI if the client and owner have agreed to the terms stated in the LOI and want to seal it with their signatures.
- Click Prepare Contract if the client already wants to see a contract that states the agreement between him and the property owner.
- Click Revert to VL if you want to return an inquiry to a viewing status.
- Click Tag as LOST if the inquiry is no longer available or has been lost because of various reasons.
The Contract Form dialogue box will appear. It will ask if there is an existing LOI you could base the contract you will create on. If yes, click Use Existing LOI and the system will automatically copy its details; otherwise, click Create New Document.
For Create New Document
- Click Create New Document.
The Contract Form dialogue box will show.
- Click the property ID of the property your client selected.
If there are multiple LOIs, choose your client’s preferred LOI.
The Contract Form dialogue box will expand. It will display 3 tabs – People Involved, Terms, and Additional Requests. Provide the necessary details in the text boxes.
For People Involved:
- Enter the Title, First Name, and Last Name of the Client.
- Enter Client’s Home Address, Employer, and Nationality.
- Enter the Title, First Name, and Last Name of the Owner.
- Enter the Owner’s Home Address and Nationality.
- Click Next.
The Terms tab will show. Provide the necessary details in the text boxes.
- Enter the Lease Term and Type.
- Enter the Start and End Dates.
- Turn on the toggle switches respectively if the deal is Inclusive of Dues, VAT Included, Inclusive of Parking, and Withholding Tax Included.
- Enter Monthly Rent Price.
- Enter Security Deposit Number of Months and Amount. (The system will automatically compute for the security deposit amount.)
- Enter Advance Payment Number of Months and Amount. (The system will automatically compute for the advance payment amount.)
- Enter Minimum Value of Repairs to be Covered by Lessor in PHP.
- Enter Notice to Renew Contract Number of Days.
- Enter Security Deposit Return Number of Days.
- Enter Name of Property Management Office.
- Enter Name / Location of Court Handling Disputes.
- Click Next.
- Turn on the toggle switches respectively if the deal is VAT Included and Withholding Tax Included.
- Enter the Sales Price.
- Enter Downpayment in Percentage. (The system will automatically compute for the downpayment amount.)
- Enter Reservation Fee in Percentage. (The system will automatically compute for the reservation amount.)
- Enter Balance in Percentage. (The system will automatically compute for the balance amount.)
- Enter Balance Term.
- Enter Registry of Deeds Details and Location.
- Enter Signature Date and Location.
- Click Next.
Whether the property is for sale or for rent, when you click Next, the Additional Requests tab will show. Indicate here additional requests that need to be included in the contract
- Click Save to keep the contract on file, click Save and Print to keep the contract on file and download a Word file that you can print or you can click Previous to go back to the previous tabs and review the details.
- Note: Click the orange Reset button that is always available at the bottom left of the Contract Form dialogue box to remove all the details you have typed in the text boxes.
When you click a command, a dialogue box will appear.
- Click Close to create another contract or click Next to see all your current contracts.
Save time and effort when you use Kumita; through its Prepare a Contract feature, you can spare yourself from the tedious job of creating a contract. Add your clients to your Kumita database to stay on top of every real estate transaction and make the creation of documents trouble-free.
Access Kumita to create contracts anytime, anywhere, and on any device; it is mobile-friendly.