Contracts
I am new to real estate investing. I have my first appointment with a seller in two days and I really need to know the exact types of contracts to use. I am planning to assign the contract to another buyer. I'm not sure if it makes a difference or not but I live in Houston, Texas.
is the seller motivated? does it look like you'll get this deal? if you don't know what contracts to use or are a little unsure of your market your best bet would be to use this opportunity to "bird-dog" this deal to an investor who can show you the ropes......or, you can use a purchase and sale aggrement and then use a basic assignment to assign your interest to someone else....
shar,
Glad to meet you.
Well, yes it does make a difference when you start your real estate career what type of contracts you use.
Your contracts should be State Specific, which means they are acceptable and lawfully written to conform with your State Statutes (the law in Texas).
I know we all want to go out there and do our first deal, but if you use the wrong forms it could be your last deal.
Try a Title Company in your area tell them what you want to do, maybe they will help you with the forms you need, and when you progress in your career you will use them for your title work. It is always preferable to have an Attorney review the paperwork, but I imagine money might be a little tight just starting out so try the Title Company.
Welcome on board this board, keep us posted on how your deal goes.
John $Cash$ Locke
Actually, I'm probably more motivated than the seller is at this point. I've had to wait five days to meet with him after all. I'm just hoping that once we talk in person ( he did not want to go into much detail on the phone) we can strike a deal. I've read that you should always be prepared with contracts so I did'nt want to miss this one in case he proves to be really motivated. I will definately go to the Title company tomorrow to be sure that I do'nt get into any legal trouble. Thanks.
Hi,
I am in process of getting started with wholesaling as well. I am just not sure what to include in the purchase contract and what not.
I was wondering how much earnest money I should use when flipping and how long should I give myself before I get out of the contract .... any advise?
thanks, Louis
hi,
I was wondering if it is a good idea to mail the purchase contract to the potential seller and have them mail it back signed? do they need to get it notarized before mailing it back to me?
how about the affidavit to cloud the title so the retailer does not go behind my back? does that also have to be signed and notarized by the seller or does the seller actually have to come with me to the court house?
Thank you in advance for shedding some light on this,
thanks, Louis