The Gritty Details Of Flipping Contracts
Hello all,
While I feel that I understand how it all works in concept, I feel that I do not have enough know-how after reading books, posts, and how to articles to actually draft up a contract, include all of the right terms, and then transfer that contract to another investor. Can anyone offer advice on how I can go about doing this, or simply know where I can find more detailed information?
Thanks a million,
My recommended starting point for you is to hire a REAL real estate attorney (one who practices real estate primarily or exclusively). Would not recommend that you (or anyone else) draft contracts on their own the first time around.
[addsig]
If you have some legal experience and are comfortable with it, take some of the contracts out of teaching books, take the local board of realtor form, and take the state document from an attorney. Go though all of these and compare. Make sure to get the state specific information needed but you can use the contracts from the teaching books to get more creative and useful. Once you are done take this back to your attorney and have him/her review it and make changes as needed.
I do plan on taking any contract I put together before an attorney, however If I construct it before hand they will then just have to fine tune it (they are payed by the hour). But I am having a problem finding and contract that gives me the legal right to sell the property before I close on the option to purchase it.