Contracts
My goal is to flip properties. I'm having my lawyer prepare contracts and he advised that I put a provision in the contract that protects me in the event that I cannot find a buyer or in the event that my intended buyer backs out or delays the sale of the transaction.
However, I do have a provision that allows me to delay the closing.
If I add this provision then it would reveal my intent to flip the property to the seller. Should I add this clause?
Why are you hiding the fact that you are flipping. I tell people that I am a private investor and do not intend to live in the house. I never have a problem when talking to people. If they don't want to deal with investor's (me), then I would probably have a tuff time with them. I only deal with people who want to deal with me and I have no problem disclosing that.
I am upfront with people. Therefore, I do let them know that I'm a private investor and that I do not intend to live in their house.
However, if I put a clause in my contract "subject to finding a buyer" I think that will discourage the seller.
You want to protect your interest. If you feel you need that in there, put it in. If they don't want it in there, cross it out. You can always cross something out if they don't like it.
some people won't care, others will.