I am finally getting ready to make my first steps into a larger world. I am tired of sitting on my hands doing nothing. So I am gathering the list bits of information I need so that I can start my marketing campaign. But, first I need to get a contract put together.
I have not had too much luck finding an example of one, but I have also found a lot of BPers saying that you need to get one from an RE attorney. Is that only way to get one? What questions should I ask/expect to answer? Also about how much do think it will cost me to get them setup?
I plan to work in the Huntersville, NC area (the area I like and know best, northern Charlotte) if that was something you wanted to know.
In my area, I use my state Purchase/Sales Agreement. You could try reaching some BP members in your area and see what they use and instead of having an attorney draft one for you, you can have your attorney review one for you.
If you need the one I use as reference, send me PM with you email and I will send it over to you.
Welcome! Good for you getting off the bench!
I just wrote a post on this today. I use a MLS Purchase & Sale contract in Washington state. Full disclosure: I use a RE agent to draft and they receive 1% of sale price.
You can use a local RE lawyer to draft a P&S agreement which is legal in your state.
hey man I am in Charlotte, NC as well. Anyway I hate to give the shameless plug of my self but if you go to my blog and submit your email address into the box. It will automatically send you a my contract & assignment for FREE.. mY BLOG IS www.realestatedoru.com. In full disclosure my contracts never been tested in courts so you might want to get them reviewed. That is totally up to you. I have closed 25-40 deals with them in Charlotte though. When I was a newbie I had no money for contracts so I could not go to attorney to draft me one up. I did form some relationships at my local reia and a fellow investor sent me a contract I used... Hope that helps man
@Nasar Elarabi Thanks, I will check it out.
@Britt M. And @Sharad M. Thank you for pointing me in the right direction.
Can someone who has done a double closing tell me what happens in this scenario. Do I just have the seller fill out a purchase and sale agreement with me as the buyer; then I have the buyer fill out another purchase and sale agreement with me as the seller. The two being identical with the exception of the names and price. Does that sound right or did I miss something?
Do I just have the seller fill out a purchase and sale agreement with me as the buyer; then I have the buyer fill out another purchase and sale agreement with me as the seller. The two being identical with the exception of the names and price.
@Steffan Daus That's correct. That's how I set up my back to back double closings. Or you can always assign your contract to save on the closing cost if you don't mind your buyer finding out your purchase price.
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