my partner gave me the sheets material to review. he also ordered the coaching for 5 large.
I’m getting through the material, I think it is quite educational.
How can we use the forms that come with it, ie sales and purchase contract etc.
The Problem as I see it is not how to use the forms. As much as are they Legal and binding in your State?
I recommend looking for the forms for your state Here is a example site where the legal and binding forms are FREE for Colorado.
http://www.dora.state.co.us/real-estate/contracts/CONTRACTSII.htm
In almost every OTCC (over the counter Contract) There is at least 1 loophole. I recommend using only contracts given out by your State.
The Sheets forms are useful but generic. I have incorporated parts of them into my forms.
The lease with option stuff is good because it has language that benefits the lessee/buyer.
The purchase contract is best from your local board of realtors but cross out the assignment clause so you can assign it.
There are many other forms that are quite useful for researching properties like the cash flow and the property repair estimate forms.
The move in, move out form is good for tenants.
It’s like a little goody bag. Some of the stuff is good, some is better.
I went through the coaching course. It halpe me get started. They didn’t hold my hand but they gave me a foundation that built my knowledge and confidence.
Good luck.
If he paid $5K for coaching and they don’t walk him through every single line of every form or contract you use, he got ripped off.
Forms may be helpful but use caution because the purchase and sale agreement governs all transactions and there are different requirements in different states. There are a lot of loopholes for buyers and sellers and different provisions favor different circumstances. You want to be causefu not to coner yourself or limit your options and pay attention to default provisions. Every word on those contracts matter. Making friends with and using a competent real estate lawyer in your state makes good sense. Use one that can also do your title work and you can save on legal fees because they can usually charge less in fees if they handle the title work.
Hey,
For my money, you can’t beat pre-paid legal (Disclaimer:I have no monetary connection with pre-paid legal other than I pay them each month).
Peace,
Richard
Prepaid legal is not a bad choice but beware of the fine print - you often have to pay extra for transactional work that does not match exactly with their defined services. Just remember - you get what you pay for. The insurance companies like Prepaid still have a say in how far their attorneys go with the client as they have a financial relationship with them. There are other legal networks as well. Do not be afraid to shop around for a reasonably priced attorney that is willing to work with you. The networks are certainly fine for the basics.
Hey Dirtlaw,
I am a South Florida RE Attorney too! Welcome to the forum. I just became a member myself.
Thanks…just joined myself. Interesting discussions. Just reviewed your website - I do not know any of your colleagues. I am in Ft Lauderdale.