Hello to all, newby here:
Can any one tell me what forms I should use…
with the seller?..what about to my end buyer?
Or would it only be just one???
Thanks!
Hi,
Option to purchase?
Use option to purchase agreement! - Seller A - B
Use assignment of option agreement! - Buyer Assignment B - C
Use contract for sale and purchase of real estate! - Buyer Purchase w / seller using transactional funding to close A - B then B - C!
GR
Yes, I would definitely recommend using different contracts for each transaction, each more suited to that transaction and each structured in your favor and for your protection. I would suggest getting your hands on any contract you ever can and searching for clauses you may not have considered and adding them to your contracts. My grandma has been investing for nearly 45 years and her contracts have greatly evolved over time and her attorneys that review them are usually pretty impressed.
do you need to hire lawyer to use these contracts
John, this has been answered in your post, but no. You do not need a lawyer to draft any of your contracts. Maybe my last post was confusing. My grandma chooses to have some attorney’s she knows look over them (rarely) to make sure they completely protect her from every imaginable thing. This is definitely not a necessary process, and I’d say a large majority of investors do not do it and are most likely equally as protected.
How about if I buy a 2family for $122,000 asking price before i sign any contract do i have at least 30 days to come up with down payment, find enough time for me to search for buyer, can it be done, basically i don’t have a pot to p#ss in to put down.