I was wondering if anyone had any advice on what type of Contract to use when working with a seller. Is it something specific that I need a lawyer to draw up? Is it something generic that I can buy at an office super store?
See if you can get a copy of the state contract used by Realtors, that's worked best for me. That way if your seller has issues and wants a Realtor friend or lawyer to review it, the Realtor or lawyer will understand it.
We've used other contracts in the past, one page contracts, and have had our deal fall through because of it.
Priscilla is correct. I used an investor's contract for years when buying pre-foreclosure and it worked fine. Typically the seller's did not have an attorney and it was more for debt relief and save credit. When I started more with probate properties I had some complaints and was asked why I don't use a typical contract. I use a contract that was written up by one of my attorneys. This was the one he used for his everyday clients and I added in some of my own verbiage. Just make sure you don't forget the most important thing - "and / or assigns"
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