Hey yall…first I feel really bad asking for help. I always try until I cant get it right by myself, so I have to ask for help now I have been lurking this site for some time now and I am ready to start investing in real estate. Here is my problem I cannot get a lawyer that wants to work with me. I live in a small town in New Jersey and I have been to 5 lawyers and they either charge me a $600 fee or they say that they just work with larger clients. I joined a RE investing association and I have only met other newbies like myself, and I dont have anywhere to firgure this out.
What I am asking is if someone would be so kind to send me a copy of their sales contract for their state. I am willing to pay via paypal or snail mail, whatever you would like. I have looked at all the free ones, and I havent seen any that are for what I want to start out with, which is wholesaling, lease optioning, and subject 2. If anyone would do this and would like some extra money please let me know! Thank you so much and happy new year to all!
Do you know any real estate agents in your area? I am sure you can find one that will give you a blank purchase contract. If you have to, go to your local board of realtors and see if you can purchase a box of contracts from their store.
Hi Dave T! Well, I have a standard real estate contract from a Realtor, but I read it and I didn’t see anything about being able to wholesale/lease option/subject 2. Would the local board of realtor’s have the contracts for wholesaling/lease option/subject 2’s? This first step is harder than I thought
Those Realtor contracts are boiler plate contracts and are pretty standard. If you want one that is heavily weighted toward the buyer I can send you one over. I’ve had attorneys look them over and they’re shocked at how heavily they favor the purchaser. Let me know.
Wholesaling is selling low, buying lower. Use the standard real estate purchase and sales agreement to sell low to your buyer. Use the standard real estate form to buy lower from your seller.
Subject To is buying with the existing financing in place. You can use the standard real estate form to buy from your seller “subject to existing mortgage loan(s) not to exceed XXXXX”
In each case, it is what you fill into the blanks on the standard real estate sales agreement that makes the deal a wholesale deal or a subject to deal.
Lease option is a rental agreement and a separate option agreement. Different forms for each one. Real estate agents don’t typically have these. You can get them if you purchase a course, I think Bronchick has a course that includes the contract forms. If you purchase forms, or get generic forms from the internet, have them reviewed by your attorney for compliance with your state law.
I agree with Dave T. A sales contract just isn’t that complicated. Most courses include contracts that are more than adequate for the purchase and sales of small residential properties. The Carleton Sheets Course has “Purchase Contracts” and “Sales Contracts” designed to give YOU the advantage depending on whether you are buying or selling. All of these contracts can be easily modified to fit your specific needs and desires. I also agree with Dave T that it is a good idea to run any contract by your local real estate attorney to be sure they meet your state laws.
$3,500 for a contract? Maybe if you’re buying the Sears Tower!!!
I use the Carleton Sheets contracts. I think they are the best I have ever seen. The only thing about them is they are SO heavily skewed towards the buyer/seller that sometimes the other party seems like you are asking for the world. But in the end it’s our job to get the best possible contract for ourselves and it’s the other parties job to not let that happen. I have had those contracts signed with no changes (not good for the seller!!), and I’ve had attorneys go through them with a fine tooth comb. If you can get your hands on them, use them, like I said I can send you over a copy if you want. Good luck.
I’m surprised that there is no town in the entire state of New Jersey large enough to contain a real estate lawyer.
You can walk across the entire state in under 6 hours. How far away could a city be from you?
Real estate does involve some physical work. Maybe part of your work that you need to do is to get into your car and go to where the lawyer is.
You can end up in a lot of trouble by using a contract that doesn’t comply with your state’s lws. That $600 to have a contract written for you is going to seem awfully cheap if you end up sued over some minor error in your boilerplate contract from the stationary store.
I remember the day a seller came into my office and wanted to cancel the “Contract” I showed her where on the contract she had the right to cancel as long as she paid me 50,000.00 dollars or 25 percent of the sales price which ever ones more as damages… that unless she did I would be recording the memorandum of contract which she notarized.
Turned out that some %^&* investor was trying to go behind me and buy the house and told her she could get out of her contract with me if she wanted… And she could for a fee.
She however decided to sell me the house…
My contract is 12 pages short… Covers more crap and is extremely easy to explain, also has charactor closes throughout it.
Dave T, you said “Wholesaling is selling low, buying lower. Use the standard real estate purchase and sales agreement to sell low to your buyer. Use the standard real estate form to buy lower from your seller.”
I have been lurking this site for some time now and I am ready to start investing in real estate. Here is my problem I cannot get a lawyer that wants to work with me. I live in a small town in New Jersey and I have been to 5 lawyers and they either charge me a $600 fee or they say that they just work with larger clients. I joined a RE investing association and I have only met other newbies like myself, and I dont have anywhere to firgure this out.