Where is the best place to get sales and L/O contracts from? I know probably having an attorney in you back pocket is ideal, but is it necessary ? Is there some standard fill in the blank type forms available?
I heard the ones at the stationary stored are poorly written and do not cover all the bases at times…
So what do you pro’s recommend? I don’t have a specific deal in mind this is just a question that I was curious about…
Thanks for your time!
Howdy NEWtoREI:
Realtors have forms and title companies and a lot of attorneys too. I get mine on line at the Texas Real Estate Commission web site. Your state probably has a similar site as well. Most deals are done with these blank forms that Realtors are required to use.
LOL
The standard answer here is “get them from an attorney.” However, you’ve also asked the grand prize of “why?”
So here’s your answer. If you’re going to be in this business, you need to protect yourself. As you’ve already stated, most of the generic forms, whether in the store or online, are poorly written, and thus, leaves you poorly protected. And whether you use one of these, one you’ve written, or something from a book/course that you purchased, you still need to have it reviewed by a knowledgeable real estate attorney to make sure that it a) is legal and acceptable in your state and b) protects you as it needs to be doing.
Even if you buy a contract from an online store that says that it’s legal in all 50 states, or legal in NC or TX, or wherever, you still need to have it reviewed by an attorney. If you happen to find yourself in court, the judge unfortunately, won’t let you use the “but they said it was legal,” defense. If you’ve got to go thru all of that, why not go ahead and let the attorney draft you a contract?
Don’t get me wrong. If you go to an attorney, you’re not going to get a fully custom contract. They will probably have a standard contract and you can have it customized from there to fit your needs.
If you can get access to your state Realtors forms/contracts as Ted has suggested, that would be a good start for at least your first property or two. With them, you know at least that it is state certified and approved. The only thing about standard REALTOR forms is that they are pretty equally laid out between buyer and seller or landlord/tenant, which is not necessarily a bad thing, but something that you ought to be aware.
Personally, I’d recommend using the standard purchase and sale agreement that the REALTORs use because almost everyone will be familar with them. Most people have seen them and sellers or buyers will be less intimidated by them as opposed to a custom purchase and sell agreement. I always recommend getting a lease and option agreement customized to fit your personal needs.
Roger