purchase and sale agreement vs. legal contract from lawyer
hi,
i'm about to go on contract with a seller who is willing to sell me his house for no money down. I had him read the purchase and sale agreement that i downloaded from a reliable website, and he liked it. Will this be sufficient enough for me to have the right to buy the proprety and hold it until closing, or should i still go to a lawyer for a legal contract ?
thanks guys, this will be, by far, the first property i might be able to go on contract with..... 
All contracts are "legal" contracts, unless there is something that is actually illegal about them.
It is always a good idea for "green" investors to have their contracts first reviewed by a lawyer. Unless you are very familiar with local P&S procedures, and know exactly how to protect your own best interest, pay the bucks to have your attorney okay it or tell you how it needs to be changed. Once he does this, you should be able to use the same form again and again.
By taking this conservative approach, you may save yourself a river of tears, or you might just end-up spending some dollars needlessly, yet cement a valuable attorney/client relationship. You need to have a good attorney, even if you only use him/her infrequently.
If you don't have an attorney, you need to find one who welcomes working with independent real estate investors. If you call around, be sure to ask this of the ones you talk to.
Just say to the receptionist that you are looking to start an ongoing relationship with a good real estate attorney who is open to working with independent investors, and could the attorney please call you back to discuss your needs and how he/she may be able to help.
Often times, especially if you call earlier than 8 a.m. you will get right through to the attorney. If not, the receptionist may put you right through (after all, ongoing client accounts are tantamount to money in the bank for attorneys).
wgheisler
Shouldn't all contracts be state specific? If I am not mistaken there are necessary elements in each individual state's real estate code that must be applied to every contract. Generic forms that we find online are good examples. But they are in the simplist form.
So yes, I think you should have your contract reviewed by an attorney. Everyone seems to be getting on the pre-paid legal plan (www.prepaidlegal.com). I haven't had any experience with it. But I know that it's inexpensive and can come in handy with small tasks such as looking over documents.
Ervan
edickens82@yahoo.com
Thanks for that web address for legal prepaid I'll check it out
Hi again fria,
Just came across a good article on-site that gives some excellent questions for screening an attorney; thought it was worth a another posting.
http://www.thecreativeinvestor.com/modules.php?name=News&file=article&sid=174
wgheisler
thanks wgheisler and ervan for your earnest reply. I actually rushed to the nearest RE atty as soon as i got your messages. He reviewed the P&S agreement i had prepared, and said he's never encountered anything like it, since he's been using the conventional contract. He eventually OK'd it and said it should be sufficient enough for my purposes. So, i'm meeting my seller tomorrow to finally go on contract (hopefully), then quick flip this to a prospective buyer.
Thanks a lot guys for your input and advises.... I knew i could count on this board
fria