I am fairly new to flipping houses and will be making an offer on a single-family project. Is there any language on the offer and, or purchase and sales agreement that I should absolutely have?
@France Maillet Your Realtor will have access to the standard state forms. We all have that access through our membership in the Mass Association of Realtors.
In case you don't already know, we're a 2-contract state. I'm also licensed in Maine, which is a 1-contract state - they go straight to P&S.
In MA, contract 1 is the "Offer to Purchase Real Estate". That pops open a 10 day window for inspections.
If inspections are satisfactory, we execute the 2nd contract, which is the P&S. The two sides negotiate the terms, but they're informed by the terms of the offer. Once the P&S is fully executed, the offer dies and the P&S is the governing document.
Yes, makes sense. I figured the home inspection was my opportunity to back out of the deal if something wasn’t right but didn’t know if there was anything else I need to know pertaining to a flip scenario.
There's quite a bit. I would recommend either using a realtor's standard agreement if you are going through an agent, or getting a standard purchase and sales agreement you can find on various website (specific for your state) and then updating it with anything you think you should add and having a lawyer look it over if you intend to offer on your own.
Sounds good, thanks for the feedback Andrew!