Where can I find good Purchase and sales agreements?

Question

Hey,

Working on my first deal and I presented my seller with a purchase contract I found online. The seller stated he would rather his lawyer contact my lawyer and draft a new contract. Not sure if this is normal, or if my contract wasn't feasible. Has this ever happen to anybody and if so, what was ur reply?

SB: I am currently seeking attorney/tittle company wholesale friendly in NYC

Jay Richmond · Answer

Thanks for the insight fellas.

Scott Wolf · Answer

@Jay Richmond, I don't see anything wrong with the seller redoing the PSA. In NY the seller's attorney usually draws it up, and as @Steve Morris mentioned, the person who draws it up usually does so to protect their interests first and foremost.

Steve Morris · Answer

Forgot, on PSAs, since so much is at stake, you'll (unless your broker has one already) probably need to get an atty involved somewhere.

Am a broker and we usually have an atty review our PSA forms annually in addition to the brokers reviewing it for clarity.

Steve Morris · Answer

I've never heard of someone requesting a brand new document be drafted. I wonder why they would request that.

I've seen it since I've listed properties and got an offer that looked good, but was so p***-poor written that a 10 page long counter wasn't worth it.

I've also had some listings (usually large) where the seller has his own lawyer draft the PSA after a LOI is submitted.

Realize whoever writes the PSA tends to favor their interests.

Jay Richmond · Answer

@Jeffrey Edwards Thanks much appreciated

Jeffrey Edwards · Answer

I've never heard of someone requesting a brand new document be drafted. I wonder why they would request that.

I would reach out to a title company and see if they have a blank standard form that they would provide to you or draft your own with the help of a real estate attorney.

Where can I find good Purchase and sales agreements?

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