an off market deal kind of worked out for me yesterday. We set and agreed on a property on a handshake with the property owner. How can I solidify this deal and make it mine in case the seller goes to someone else? Do I draft some sort of a letter and pay the property owner some money? I was only looking listed properties but this pleasant deal came through and now I don't have my guns loaded for this situation. This situation is kind of forcing me to become a wholesaler and I so don't have any experience with that. All suggestions are highly appreciated.
It'll cost me money to start settlement process with attorney's office and what if the owner backs out after 2 weeks?
The easiest way to solidify this deal is to get the seller to sign a contract.
Handshakes are only worth the paper that it's written on.
thank you @Roland Paicely does a contract need fancy wordings as per your opinion? Should I pay the property owner a certain amount to secure the deal?
Yes, a contract of purchase and sale would be your best option. There are downloadable PDF files on the website. Good luck
You can have your attorney draft a simple (key word simple as complex can scare off sellers with items they don't understand) Purchase and sales agreement or you can get a blank one from any real estate agent in your area. If you are unfamiliar with them, you can offer to pay the agent a nominal fee to fill it out for you.
Thanks @Will Barnard . Yes I think I would be okay to pay attorney for my first one. Loved your keyword 😂).
Originally posted by @Lakshay G. :
Thanks @Will Barnard. Yes I think I would be okay to pay attorney for my first one. Loved your keyword 😂).
Yep, keeping it simple is your best bet and once your attorney drafts you one, you can use it over and over and make minor adjustments as needed.
Not sure about Maryland specifically, but you should be able to get some of those forms from the real estate board or online.