I wanted to see if anyone has a great attorney they can recommend in California that is familiar with FSBO/wholesaling? The 1-page purchase agreement provided on BiggerPockets is a great resource/start, and I would likely want the attorney to use this as the basis, but before I go out and try to use it, I wanted to work with an attorney that will be familiar with the process and provide their feedback (I am very familiar with CAR forms as I am a licensed agent) but a 1 to 2 page Purchase Agreement is what I am likely looking for.
If anyone has someone they have worked with that they recommend, it would be greatly appreciated. I recently reached out to someone that I know for a referral and the Consultation Price they provided was pretty high and I think they have a strong background in RE but not what I am looking for in particular (RE FSBO contracts).
I live in Southern Cal and coach Real Estate Investors nationally.
A "Letter of Intent to Lease or Purchase" is how I train others to acquire properties.
Then have a lawyer prepare all the docs.
Finding a lawyer that "works for you well as a real estate investor" is not easy.
Try your REIA in Berkeley.
Antelope Valley Real Estate Investors Association (AVREIA) – link
BAWB – Bay Area Wealth Builders Association – link
Bay Area Private Money Lenders Group – link
Elk Grove REIA â link
High Desert Real Estate Investors Network – link
Inland Empire Investors Forum – link
InvestCLUB for Women – Orange Count – link
Investors Resource Center of America, Los Angeles – link
Mt. Diablo Real Estate Investment Group – link
MultiFamily Investor Group – link
National Wealth Network – link
North San Diego Real Estate Investors Association – link
Orange County Investment Club FIBI – link
Orange County Investors Club – link
Orange County Real Estate Forum (OCRE) – link
Prosper Real Estate Investors Association – link
Real Wealth Network – link
Sacramento Real Estate Club – link
Sacramento REIA (SacREIA) – link
Sam’s Real Estate Club of LA – link
San Diego Investment Club – link
San Jose Real Estate Investors Club – link
Silicon Valley Investment Club – link
Silicon Valley Real Estate Investing Group (Simply Do It) – link
Silicon Valley Real Estate Investing Group – link
Solano Wealth Builders – link
South San Jose RE Investment Club – link
The Real Estate Club of Los Angeles – link
Unlimited Wealth Investors Network (UWIN) – link
Awesome - thanks @Brian Gibbons
Amazing timing, I am also looking for a purchase contract to use for wholesaling properties. I have read through the CAR residential purchase form. My escrow officer told me to try and use the CAR form and simply crossing out lines that are not useful.
The perfectionist in me wants a more exact contract (with all agent representation jargon removed etc.).
I would love to hear any advice on this topic of forms to use in our great state of California.
I am not a lawyer so take this for what it is but I did have a call earlier today with one and was advised against crossing out any lines on the CAR Residential PA. My situation may be unique as I am a broker, but that was what I was told.
Also, if you take a look at the CAR forms, you will see that there are quite a few sections that ask for selling/listing agents/companies, etc. If you are targeting off market properties, and the seller is not going to be represented by an agent/broker in the transaction, the CAR form may have some places that are not applicable.
When you have your clients use a "Letter of Intent to Lease or Purchase," have you had the same success as a Purchase Agreement with the right to assign? I imagine that the "letter of Intent to Lease or Purchase" gives you more wiggle room? In the end I am sure that if you are helping solve a sellers problem, they do not mind how the contract part works as long as you treat them fairly, are upfront and honest, and hold up your end of the deal.
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!