All Forum Posts by: Malome Taylor

O,

Have a purchase contract yet? Check out the file place under the "Resources" tab--you may find one there as well as an assignment contract--but have your lawyer review anything you're about to use to be sure you are protected. Which leads to a better question: Do you have an investor friendly title lawyer/company? If you do, contact him/her and ask them for the legal advise. They may even send you contract(s) that they prefer to use. If you don't, start making calls local to you to find one. As he/she might tell you, you can use a standard contract, but be sure it has an inspection contingency that allows you access for you and partner(s) to review property for a specified period of time. This way, you can be sure you have a good deal before committing. If you review property further and find that it is not the deal you thought it was, you can get out early without anyone getting hurt. Further, you'll have a default stipulation (as is standard) that specifies your earnest money serves as compensation if you happen to default, in case something happens before closing and you or your end buyer can't come through (which is never the goal!). If you still need help, please contact me. I am not as experienced as some others, but I can refer you to a great title lawyer/company and whatever else, however we are in Chicago, so you'll need someone more local to you most likely. Hope that helps!

Hi Ryan, I typically use a one page purchase and sale agreement. It's not the standard Illinois real estate contract. I use the and/or assigns when I'm using the contract.