I am a beginner investor and I have an appointment with a seller tomorrow. I need to know what are the steps I need to take to secure this deal (paper work wise etc.), what paper work do I use to cover myself and to give myself an out if I don’t want this deal?
What steps do I take when I assign my deal over to another investor, also when I sell a property to a buyer (paperwork etc.)? What paper’s do I fill out to cover myself when I sell & assign houses?
I appreciate any information you can give me.
Take care and be blessed in Jesus name!!!
Are you working with a realtor? >What state? Paperwork giving yourself an out? Usually (at least in California) the standard (pre-written on the purchase form) for all contingencies is 17 days. They can change that if they write the number of days you prefer in the contract instead of 17.
Well if you let it fall out of escrow the title company will have you sign something saying you are allowing them to let this escrow be terminated.
Selling and assigning houses i’ve got no experience at, sorry.
I hope this rushed LITTLE bit of info helped
You are not a beginning investor until you purchase a property. At this point you are a wannabee investor, and the way you graduate is to have a plan. Know your contracts, your approach, and have an exit strategy. The last thing you should be doing right now is making offers. You don’t run before you walk Take your time, select a niche and learn it. I sincerely wish you the best of luck and it’s imporant that you read, read, read.
Get to know the purchase and sale agreement like the back of your hand. It governs all!!! There are different forms but you need to know how to use them. Also learn about title defects and what should and shouldnt be an exception to a policy. You would be surprised how many title defects pass through to unsuspecting buyers. These are two areas to get a good start on…
Good luck to you.
Thanks so much for everyone’s advice. I really do appreciate it !!!
Good luck. and keep your head up