Hi, Everyone, I have looked everywhere for some time now and I can’t seem to find enough information on the paperwork process from getting the offer presented to the owner, and then, getting that paperwork to the title company. I don’t want to go back to the owner and tell him I need more paperwork (it would be unprofessional).
What is the minimum paperwork I need to present to the title company? Does it differ with each type of deal, Sub-to, Lease/Purchase etc.? Will a simple real estate contract with all the agreements listed be sufficient to get the ball rolling? Where can I go to get the education I need to start flooding my market with offers? Where can I go to learn how to fill out the proper papers for the particular deals? This question has been a long time in coming and I would appreciate all the input I can get. Thanks. :-\
Hey boss,
Ask your title company what they want. Usually a properly executed purchase contract is all that you need to get the ball rolling. Ask your title company (if you don’t have one or two, get one) what they need and expect.
A simple contract can literally be written on a napkin, if it sufficiently conveys the price and terms of the agreement and has the proper signatures and perhaps is notarized (check your state’s laws). Of course, a napkin contract leaves a lot of details to the imagination. I recommend you find something that’s successfully being used in your state.
There is more paperwork involved in the buying process, but it’s rare that it’s all prepared at the time the contract is signed. Some of the paperwork (inspection reports, disclosures, etc) are prepared and delivered during escrow. If you’re providing written releases of contingencies, these are also papers you’ll sign during the escrow period. Most of the paperwork is prepared and delivered at the closing. It’s not unprofessional to ask for other paperwork during the escrow period, provided it isn’t necessary to clarify the price and terms of the dea.
I’d suggest you study your state’s Realtor contract. It’s usually more than you need, but it covers all the essentials and some things you might not think of. The standard Realtor’s contract is the one most used, most accpeted and easily recognized. If you use an agreement other than the Realtor’s contract, it will take real estate professionals and title companies more time to get things going because they’ll have to read it and figure out what it says before getting things rolling.
You should also ask other investors, attorneys and title companies for other contracts they recommend. Also ask for addendums and riders that they use for purchasing different types of properties and different situations. Make sure any paperwork you use is tailored for your state. For example, an addendum to my Florida purchase contract that has a clause requiring certain hurricance insurance deductibles is useless in Oklahoma.
Now, if you’re buying foreclosure deals and properties in other extraordinary situations, you’ll want additional paperwork. For example, on a pre-foreclsure deal, I’d ask for a limited power of attorney and release of financial information form to allow me to deal with the lender on behalf of the seller. Some sellers like to request the seller sign an affidavit of option or interest that they’ll record at the courthoues to could the title and prevent someone else from stealing their deal. These are advanced topics and more than we can cover in a simple post.
Hope this helps.
Jimbo
Thank you, Jimbo. That’s more in one place, than I’ve been able to find anywhere. Maybe you would consider writing an informational article. 
Thanks again!
Hot doggies!
My laptop died while I was writing and I thougt I lost this post.
Glad to hear you it helped.
I actually do write (books) about career, finance and money. I’m sure I’ll eventually write on real estate. But aren’t there enough books, seminars and gobbly gook to out there already? 
However, I’ve just offered to write for one of the local REI clubs. (I better check my deadlines) Yikes!
I’ve just become a regular poster on reiclub forums. It does take time–time away from answering the phone and deals. However, I really enjoy helping people out. I’d be happy to post up articles, if that’s appropriate for certain ares and topics.
I’d say for now, just look me up and find my other postings. Perhaps you’ll find more useful stuff.
Jimbo