Contracts & Protection
I am in the process of learning the business, and I'm looking to wholesale some properties.
Question: What are the specific details that I need to write into the contract, and should I have an attorney look at it before I submit it?
Any other coverages & angles I should be watching to protect myself?
Thanks in advance.
Tim 
tbud,
Glad to meet you.
My recommendation to any one just starting out is to get advice from an Attorney. It can save you miles of heartache and money later on in your career. Every State has it's own set of rules and law's so what is good for me may not be good for you.
Most Attorneys will charge a minimul fee because they want your business later on.
A warm welcome to you, hope to see your posts again.
John $Cash$ Locke
Thanks John for the info. I will be sharing and asking things as the months go on.
Tim
Ditto on getting specific state advice from attorney. This past Monday I happened to be in Magistrates court and witnessed an investor who lost the case to a deadbeat sections 8 shister(pardon me, my personal opinion is showing). The judge told him very compassionatley that she found in the tenents favor because his contract was not worded correctly for the state of Georgia.
Met with my attorney today just to check some of my forms.
Good investing and tread wisely.
Thank you MsPeach,
That is the exact reason I have previous posts on this site to go to your local Law Library, legal forms store, and RE brokers offices for forms and then to your attorney for approval, BEFORE using.
Thanks for the info
John
I would also add to talk to a realtor friend before the lawyer. Sometimes they can give advise cheaper than a lawyer.
Joel,
When I am standing before a Judge because my paperwork was wrong, do you suppose my realtor friend will represent me?
Or would I be better off with the Attorney I paid to make sure my paperwork is correct. If the paperwork isn't correct then the Attorney is responsible to explain to the Judge at his expense not mine.
I will say it again "I am not fond of Attorney's, but not crazy enough not to use one."
$Cash$
I think tbud is talking about a purchase contracts and offers not sealing up the deal.
Lawyers in my experience don't even deal with that, they deal with deeds, and closings, etc.
Realtors on the other hand deal with Purchase agreements everyday, plus he will find out what is needed in his area. Fer,instance, here in NC it is Kosher to have a Seller Disclosure Form filled out during purchase time. At this time, the seller tells the buyer about the lead paint, termite damage, etc. on the Seller Disclosure Form.
But, I didn't find out about this after I had already had two houses and two closings.
I was referring to an Offer to Purchase contract.
I think that both of you are correct; the more people you consult with the better any how.
Do either of you have any special tactics or additional information that you suggest I put into the contract?
Thanks in advance!
TBud
A lot of what happens depends on which judge you wind up in front of. And you better check compliance ie all dates the same signatures the same no mixing of company and personal names all of these can wind you up in trouble. Find a experienced investor teacher that teachs in all states AND does business nationwide he can help