Forms

General Real Estate Investing
1

When you find a deal what form would you use first (trying to secure the house for me)? Do I need a letter of intent or a sales contract? Or another form?

Is there a place to find these forms?

Will the form secure the house for me to purchase?

Thanks for taking the time to read a beginner question.

Trae

2

I use the same sales contract the realtors use. Depending on what else you want to do with the house and how/why you are buying it, you could get other forms signed. Here are the forms I always carry in my package and I get only the required forms signed:

Sales Contract
Seller Financing Addendum
3rd Party Financing Addendum
Lead base paint Disclosure
Property Condition Disclosure
Seller Temporary Lease
Instructions to Apply Loan Balance to Escrow
Authorization to Release Information
CYA Disclosure form (I disclose everything to seller to protect myself)
Assignment of Contract authorization form

I always get the following signed:
Sales Contract
CYA Disclosure
Assignment of Contract form

The rest are situational based on how/why I am buying. One recommendation I would give you is look into taking the contracts course associated with your state Real Estate board. I would even recommending getting the license.

3

Thanks for the advise. I want to do mainly rehabs. I understand about the contractor contracts but when buying a home I was not sure which forms are needed.

That answered my question.

Thanks

4

Do you plan to close through title companies, lawyer, or yourself? Are you buying sub2/wrap, hard money or Cash?

5

I plan to use a lawyer to close. I will use cash to buy.

6

Then your risk is minimal in any case, secure the property with a contract. If the seller is a fly risk, then you could file an affidavit that you have a contract with them, but not necessary. ONLY pay them when they move out of course. A Lawyer can have you ready to close in days.

7

Is there a good place to get the sales contract?

8

Which state are you in? I am in Texas and I use the TREC Contract (the one required by Texas agents). Check your state and see the ones they use. The lawyer may not care about the contract as long as you have the terms specified, I’ve closed on 2 houses without a contract. But I do have good relation with him.

If closing through a lawyer as well, ask him if he prefers a cpecific contract, or check with other investors in your city.

9

I am in Virginia. I found a sales contract. I will check it against the sales contract I have from the house I bought.(did that one through a Realtor).

I also joined the local Real Estate Investors club. I will check with some of them as well for what to use in this area.

Thanks for your help.