Whats everything that ought to go into a contract when i get a property under contract in connecticut, as it pertains to whole saling? I want to make sure i don't miss anything major when i get my first property under contract. Please let me know your horror stories.
A contract is an offer, an acceptance of that offer and consideration (something of value exchanged in the agreement). What should go in your "contract" (the piece of paper) is what you want to offer to be.
If you are asking what makes a good contract that is a book not a forum reply.
Regarding wholesaling the most important thing is that your contract can be assigned. Generally contract law says that a contract can be assigned unless there is a restriction in the contract against it. Make sure what ever "Contract" you use has not restriction against it being assigned.
There are contracts in the FilePlace under the resources tab above. I suggest you download a few and read them.
Ned Carey, Crab Properties LLC | http://baltimorerealestateinvestingblog.com/
@Luis Saez I found some general wholesaling contracts online and in the BP file area. I could send you some if you'd like. However, no matter what contract you get I think the best course of action is to find an investor friendly lawyer that can review them to make sure they are protecting you. Then for each individual deal you can add addendums as needed for things (i.e. dumpster removal before closing, something being fixed, or any additional contingencies).
I'm in the process of having my contracts reviewed to make sure they look okay since I merged a few into two (and I am my NO means a lawyer).
You can could possibly find a lawyer at a CTREIA event or just by looking here on BP.
Shvonne C. MBA, Moot Point Enterprise, LLC | [email protected]
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