The Correct Sales Contract For PA??

Comments(6)

• 
  rajwarrior29th October, 2003

  Take the standard form to a local real estate attorney and have it adjusted to for your needs.
  
  As for the standard contracts, you can draw a line thru any part of the contract and you and the sellers' intitial it, thus canceling it as part of the contract.
  
  However, not telling the seller's your intention to quick sell the property is a bad idea. The seller will get a HUD-1 statement at closing and it will list your assignment fee. A lot of sellers will not be too happy to find out that you've made money off of them without their consent. And they can still cancel the deal, even at the closing table.
  
  Roger

• 
  myfrogger28th October, 2003

  Under the buyer's name at the top of it it lacks that field simply sign your name as John Doe and/or assigns.
  
  Thats all there is to it!

• 
  livtrade29th October, 2003

  Myfrogger,
  
  I'm aware that I could just put that clause on a standard contract, but what I am referring to is the form A/S-2K, which is approved by the Pennsylvania Association of Realtors and are used by realtors and lawyers in regular transactions. According to Sec.20,line 470, there is an assignment clause saying "I can't assign it without the written consent of the seller."
  
  I would like not to get the seller involved until the last minute, upon assigning. I don't want him to know that is my intention initially.
  
  What I am looking for is another contract to use that is legal in PA and approved by either PAR or a BAR association, and is not so long.
  
  Let me give you an example: I've done some investing in FL recently and their standard form is 6 pages long, but they have a form called the FAR/BAR which is only 2 pages long and is perfect for any investor it covers all points and is short and sweet.
  
  I'm looking for something like that in PA.
  Thanks for your response.
  
  livtrade

• 
  bryanb6th November, 2003

  Listen to Roger. Let the sellers know that you "may or may not" keep the property. It's better if they are not surprised. If they are really motivated, they won't care.

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  aregpa7th November, 2003

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• 
  aregpa7th November, 2003

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