I've taken some points from various sources and attempted to generate a decent purchase contract on my own for my first MHP deal. I have several "outs" built in, including a 30 day due diligence period, and how the offer is contingent upon me obtaining financing at terms acceptable to me...However, I'm worried that there is some clause that's being left out. Does anyone know of a good source for a purchase contract template without having to pay an attorney to draw one up? If the only option is an attorney, does anyone know the going rate for this? Many thanks.
Buying a commercial property / deal is MUCH more complicated than a SFR. When does earnest money go hard, due dillengency period, what you need to get from the seller in due dillengence on and on.
Folks engage Attorneys who sepcialize in multi family or parks or ... typically.
For parks I recommend buying Dave and Frank's 30 day due dilligence kit that includes a P&S contract template. We use this contract for all of our offers.
Mobilehomeuniversity.com look up the 30 day due dilligence kit.
The MHU purchase contract itself would cover what the cost of the package. Parks have a lot of specific items and by going with their contract on the buy side, it will be a tremendous advantage to you.
Thanks for the info guys. I'll look in to buying the 30 day due dilligence kit.