OfflineMany times I am asked about what contract to use when writing up an offer. There are so many out there and there is even a good one on this site under the Forms and Docs in Student Resources.
I use the state approved contract for offers whenever I can. These contracts were developed by the National Association of Realtors. In most cases the contracts were written with or at least approved by the various Attorney General offices in the various state.
These contracts meet the requirements of the states where they are used. The Realtors continue to keep the contracts updated in conjuction with the various Attorney General offices.
These contracts can be found by calling your state's Division of Real Estate. You can download them usually for free.
Good luck and now go meet your dreams.
Roy Voeks
Official RE Coach
Hi Roy,
Glad to be part of the community.
I am curious about looking for these downloadable "State Approved Contract for Offers".
I am trying to find Pennsylvania's Division of Real Estate to find these forms, but seems to be unavailable.
Maybe I am looking for it all wrong.
I found this forum via search engine looking for "and/or assigns" offer forms.
I am a bit confused how the process of making an offer to closing.
When I make an offer, do I use a specific form (not sure how it really looks)?
If I want to have that "and/or assigns," is it suppose to be in this offer form?
After seller accepts it, we move into "Purchase Contract" and I believe this is the one that have to have "and/or assigns" right?
It would be greatly appreciated with any advice, help, and feedback.
Thank you!
www.PrivateREI.com
It’s not uncommon to be confused, and you aren’t alone. The process can sometimes be overwhelming. Hopefully this little outline will help you as you start making offers.
1- Always run your numbers
2- Submit an offer. If a property is listed by a realtor you can use the listing agent, but I would advise you to have your own agent. Offers on listed properties must be made by a realtor. The realtor will use the state approved contract, and they should fill it out for you. All you will need to give them is the property address, purchase price, name of buyer and your contingency clause.
3- Once an offer has been accepted and is under contract. Contact your buyers.
4- When a buyer says they want the property, that is when you will fill out the Assignment of Contract form. Both you and the buyer will sign it.
5- Both contracts will be submitted to a title company or Real Estate attorney depending on the state.
6- The buyer will close.
It can be confusing, but hopefully this cleared it up a little. Good luck.
@Clarsen,
Thank you for replying to me. That does help a bit, but I guess I am still a bit nervous? lol
I think I will make a new thread to describe my situation.
www.PrivateREI.com
If you are looking for the Offer to Purchase Real Estate form that is used by your local realtors and agents, the easiest way is the next time you make an offer through a real estate agent is to ask for a blank form. You can scan or copy it.
If you are making an offer on a FSBO (non-MLS listed property), then just cross out the areas that do not apply. The legalities in this form will protect both the buyer and the seller.
1- Always run your numbers
2- Submit an offer. If a property is listed by a realtor you can use the listing agent, but I would advise you to have your own agent. Offers on listed properties must be made by a realtor. The realtor will use the state approved contract, and they should fill it out for you. All you will need to give them is the property address, purchase price, name of buyer and your contingency clause.
3- Once an offer has been accepted and is under contract. Contact your buyers.
4- When a buyer says they want the property, that is when you will fill out the Assignment of Contract form. Both you and the buyer will sign it.
5- Both contracts will be submitted to a title company or Real Estate attorney depending on the state.
6- The buyer will close.
It can be confusing, but hopefully this cleared it up a little. Good luck.
This is a good step by step. I would like to add on #2, be sure your realtor puts your name and/or assigns as the buyer. Usually when I have the realtor do this, I tell him/her very matter-of-factly, "I am not sure yet if I will be buying this property in my LLC name or my personal name, so I want the and/or assigns added." Then I start talking about something else. I never have them question me about it when I say it that way.
Karen
"You're never too old to be what you were meant to be!"
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