Contracts used by agents when buying property direct from sellers

[Jon Keeney]

Hi all,

I was wondering if any real estate agent/investors could give me some insight into the contracts they use when purchasing direct from a seller.  I recently passed my real estate exam in Pennsylvania, though I have not hung my license with a broker yet.  I understand that when I'm doing transactions with a buyer or seller that I'm representing, that the Pennsylvania "stock" agreement of sale must be used.

That said, like many investors I have a much shorter and simpler two page agreement that I have used up to this point when purchasing properties direct.  My question is, if I am the end buyer in the transaction and not representing anyone as a real estate agent, can I continue to use my simplified agreement?

Any insight from experienced agent/investors would be welcome.

Thanks!

[Mindy Jensen]

I am a licensed agent in CO. We have to use the Real Estate Commission approved forms as agents. Since they were drawn up by attorneys for the state of CO, my using them does not constitute practicing law. If you write up your own, you are practicing law, which is expressly forbidden once you are an agent. At least in CO. But probably in PA as well.

There should be state approved contracts online. I would use one of them. It would be awful to spend so much time and effort to get a license, only to lose it because you didn't follow the law.