My names Ian. I'm new to biggerpockets, my day job I'm a firefighter/paramedic. I've predominantly done some investing in the stockmarkets and other facets, but am looking to get into RE. I've been actively listening to various podcasts and combing the internet for info, and believe I may have found a home purchase.
Is there a purchase agreement that you might have that's not too abbreviated and is iron clad or one that you can direct me to (for California) . This purchase will be direct from seller/trust to me with a possible FHA loan attached. I want something that's not too abbreviated and will protect both me and the seller.
Go to the realtor association near you and purchase a copy of the California Residential Purchase agreement. If a realtor gives you a copy their are legal ramifications of something happens in your transaction.
ok, do you have any idea how much they charge by chance? do you use the CAR form?
Welcome to the vibrant BP community. Ok, now that you have taken your initial step, below are some quick links to get engaged.
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- How to Use @Mentions on BiggerPockets
https://www.biggerpockets.com/real-estate-investing (Ultimate beginner's guide to REI)
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REI books suggested by BPers
https://www.biggerpockets.com/renewsblog/2015/11/13/7-real-estate-books-beginner-investors/ (7 absolute must read books for beginner REI)
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I would probably check with the seller/trust company first and see if they utilize their own version of a purchase contract, otherwise you may end up spending money on something that won't be accepted.
That said, I would probably recommend the CAR forms simply because (1) every item on the form is probably there as a result of some litigation, and therefore to use a form that doesn't have those clauses is subjecting yourself to risk (2) the CAR forms are battle tested, and they hold up to the California supreme court (3) it is a fair contract that protects both buyers and sellers.
I'm sure you can purchase them at the Ventura Association of Realtors. I'm not sure how much they charge for them. Here's their contact page:
Just keep in mind, the RPA may not be the only form you need to purchase. For example, if you get a counter offer, you'd probably have to go back and buy some counter offer forms.
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