Contracts...anyone have any?

Question

I'm new to the wholesaling thing and I am trying to build up my buyers list and just continue to research.

Now, what I need to get a couple of contracts for sellers.  I have one that I got from my RE attorney, but I would like to get a couple more to have more options.  I live in Illinois by the way.

I also am looking for some assigment contracts for when I find a buyer.

If anyone has any that they can send to me either through Adobe or Microsoft Word, I would greatly appreciate it...

Brian Christensen · Answer

The attorney is no problem.  I already have one actually.  He has been a close friend of the family and even though he is primarily a real estate attorney, he has been mine since I got my first ticket when I was 17.

Eric Foster · Answer

Remember the part about having an attorney review them once you do.

It will cost much less for the attorney since they are just reviewing them rather than drafting them from scratch.

Good luck!

Brian Christensen · Answer

Thats actually a good point.  I figured I would need a couple for various things, but I never thought about just taking a couple and writing up my own.  That way, I would deffinetly understand it because I wrote it...thanks.

Eric Foster · Answer

Contracts are very state specific... You should have your own written or at least reviewed by an attorney so you are protected.

Should there be a problem, the attorney that wrote or reviewed them will be in a much better position to defend you.

Also, you should have different contracts for what you are doing. i.e. Buying from a private party FSBO, buying a property in foreclosure from the owner, buying subject to, etc…

I took various contracts, took what I liked from each of them, wrote my own, and then had it reviewed by an attorney, and then made further changes.