Newbie Real Estate Flipper Needs Purchase Contract Template
I am interested in flipping properties to real estate investors. I have an assignment contract,
but I don't yet have a purchase contract. Would anyone be willing to let me use the purchase contract that you use? Would you be willing
to share it with me? If so, please let me know. It would be greatly appreciated. Thank you.
Deposit Receipt and Contract for Sale and Purchase
Longwood Investment Group LLC Paul McConnon Manager or assigns of P.O. Box 180804 Casselberry , Florida (407) 435-6743 hereinafter called Buyer, and
________________________________________________________________________________________________________________________________________________
hereinafter called Seller, hereby agree that the Seller shall sell and Buyer shall buy the following described property UPON THE TERMS AND CONDITIONS HEREAFTER SET FORTH ON THIS CONTRACT.
1.
LEGAL DESCRIPTION of real estate located in Seminole County, Florida.
Parcel ID __________________________________________________________
STREET ADDRESS: ________________________________________________
PERSONAL PROPERTY INCLUDED: Carpets, drapes, light fixtures, ceiling fans.
2.
PURCHASE PRICES IS $ ____________
Deposit $ ____________
Balance at closing to Seller minus pro-rated taxes $_____________
3.
Special Clauses: This offer is subject to buyers approval of home inspection report to be paid for by buyer. Home inspection to be performed within 7 days of effective date of this contract. Buyer to notify Seller in writing within 3 days after home inspection if he intends to cancel contract. This is an “AS IS Sale”
4. CLOSING DATE: This contract shall be closed and the deed and possession shall be on or before _____________________________________________________
unless extended by separate agreement. Taxes to be pro-rated as of the closing date.
5. TITLE: Seller shall provide to buyer a satisfactory title commitment no later than 3 days before closing date.
6. Sellers sole and exclusive remedy for a default by buyer is to retain the deposit as full liquidated damages.
Longwood Investment Group LLC
__________________________ ______________________________
Paul McConnon Manager Seller
_______________ _______________________________
Print Name
Put that in your pipe and smoke it.
The above contract is nice, but it is too simple, offers little to no protection, and does not cover a lot of unforeseen legal complications. It is a start!
I would suggest two things. One go to your local board of realtors and purchase there contract and read it. It will give some basis on where to begin. It also gives you some ideas of what you should cover on your contract. You can even get a purchase contract from any local stationary store for a few dollars.
Two, since we often deal with foreclosures and distressed properties, search on the web for state requirements when dealing with distress properties. In California we have very specific rules and requirements that will often lead you into hot water if you fail to follow the guidelines and put the correct wording and size of font size in your contract.
Good Luck.