Contract

2 Replies

Hi! My name is Shawn, i'm new to BP and real estate. I know i should be in the intro forum introducing myself, but I have this question first please. I'm scheduled to meet with a lovely lady at her property this weekend. This is my first time doing a deal. I have all detailed comps in her area printed out so that she can see. We did a walk through, and she had it appraised. But i need to go over there this weekend with a contract in hand. Should i go to a closing attorney  and ask for one??? What should i do??? Thx in advance...

What kind of deal is this?  I assume you are looking to wholesale the property.  You are on the right track in that it is best to have an attorney draft up the contract for you.  

At its core a contract need the subjects name, property address, purchase price, EMD (equitable interest) of some sort, and a closing date. "Technically" with those details in place you have a binding contract but whether or not it will hold up in court is a different story.

The key detail with wholesale contracts is making sure the contract is assignable and the seller understands this.  See how the walk through goes and in the mean time meet with your attorney and explain exactly what it is you are trying to do.  Pay him so you have all the necessary contracts at your disposal.    

@Andrew Michael  I truly appreciate the feedback and you clearing that up for me.

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