How much would it cost to have a CALIFORNIA real estate contract prepared for me…One that is specific to me as an investor. I recently read a Real Estate contracts book by Mark Warda. Its a great book that comes with a cd of Real Estate Contracts I can use.
The contracts in the book are fine and they work for me…But will it stand up in court because 1.) It wasn’t written by a law firm and 2.) Nothing about it indicate it is specific to California Real Estate Law
Please Help…Thank you.
-Ron
the risk is your contract may not meet statutory requirements of Calif law. That not a problem until you have a problem.
Why not use the standard DRE contracts and then fill-in additional needs/requirment in the latter pages. I’ve been using them for years for many, many dozens of deals without issue.
The problem is having an atty prepare one is you will end up with an excellent contract, but severely one-sided most likely (becuase you are paying for the design). Most people when they see a off-standard contract will either start to negotiate the contract or just reject it out right. In my professional experience (outside of real estate), I’ve seen many cases where people started argueing abotu the contract format instead of the deal itself. Contracts don’t make you money; negotiating a good deal does.
Custom contracts are not the way to go IMHO.