Can I use contracts from my RE?

Foreclosures, Short Sales, Tax Foreclosures
1

Hi,

What kind of contracts does everyone use? Do you use your NAR (National Association of Realtors) Purchase Agreements?

I have a RE agent and would it be okay to use her Purchase Agreements in my investing?

Thanks!

2

Hi,

If your making an offer through an agent the state board of realtors requires all agents and brokers to use the state contract!

If your making an offer directly to a private owner you can use your contract! If your assigning any contract you can use your assignment form!

       GR
3

Where did you get your contracts from ? As well do they cover your backside in the deal ?

4

Real Estate 101:

I can get a PDF from agent. Is what is used in the past.

5

Can you? Like most things in life, you can do pretty much anything you want…until you get caught.

So the real question is Is it legal to use them and/or should you be using them?

The legality, I’ll leave to the attorneys. They are approved only for REALTORSr of your state, though. Not for general public use. In fact, if your agent has given these to you to use, then her name is most likely on it somewhere (as is the company’s), which could make them liable for anything that happens in the deal, too (makes it not too smart on her part, if that’s the case).

As to the should you part, I’d say no. In most cases where an investor is buying from an individual, the terms of a standard state NAR approved purchase contract will not work the situation without a lot of strike-outs. Easier to just have an attorney draft up what you need.