Purchase agreement please
Hey all. I'm meeting with sellers. Do we have any purchase agreements to use?
I'm a realtor, but I don't really want to use a long purchase agreement.
I'm trying to get this/these property off market and under the market.
Please advise.
#1 Wholesaling Contributor
- Wholesaler
- Tampa, FL
Hire a lawyer to draft a brief purchase agreement for you
My 2 cents are your best bet is to use the standard FAR-BAR as is contract. It has all the language you want in it to protect everyone. Not sure why you wouldn't want to use it?
All the best!
Randy
Quote from @Randall Alan:
My 2 cents are your best bet is to use the standard FAR-BAR as is contract. It has all the language you want in it to protect everyone. Not sure why you wouldn't want to use it?
All the best!
Randy
Thank you. LOL on the investor side...I just want it to plain simple and to the point of ME buying THEIR property. The End. Lol. But yes you're rright.
@Pafoua Vang Xiong things are in a contract for a reason. What if a hurricane comes during escrow and your short contract says you are buying it as- is. Now you have a flooded house with no roof but you are buying it as is.
You should be able to explain the contract and how it protects both of you. If you can't explain it and make them comfortable work at it till you can.
It may be long but it protects you and your client. Use the FAR BAR contract - and if you don't, you'll need your Broker's approval as the firm as liability on every contract for five years. Bottom line: don't practice law. Don't take short-cuts with other people's money. Use what is most protective and that is customary should the deal go sideways.
Quote from @David Ramirez:
Hire a lawyer to draft a brief purchase agreement for you
Honestly why should she have to hire a lawyer when the community should be able to give her a purchase agreement for her state. After all we are here to network and help one another.
Is the reason you said to hire a lawyer instead of using sample assignment of assignment because every state has their own rules and regulations? Also, a wholesaler should insert additional clauses that are not stated in a sample contract to protect themselves, correct? Thanks David.