I got a call today, from a landlord who is trying to get rid of his property. Tomorrow, i will go an assess the property and try to make an offer. The question is what contracts do i need to have the seller sign? I know the Purchase and sales agreement, investor disclosure statement and seller's acknowledgement. But im unsure if the inspection contingency addendum to purchase agreement contract is also needed. If i have left a contract out any suggestions would be appreciated.


Contracts to use

I usually have the seller sign the Purchase contract. I don't put down any earnest money unless if the sellers asks about it. 10 days inspection period and 21 days of closing so you can find your end buyer. I hope this helps!!
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Thank you for the info

Thanks, We're going to try this and see how it goes.

Frankie and Shayna

I would actually recommend at least 14 business days for inspection (by slipping in the word "business" you can sneak in a couple of extra days. But don't put it in quotes) and minimum 30 days to close (40 if you can get it) These are normal, acceptable times.

You don't want to push it too far but the longer you DO have, will give you more time to find an end buyer.



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Hi guys

Dont forget your out clauses,very important.
I would also think about LO/sandwich contracts,they can be tricky but worth it.

You can do it.


Additional Clauses

AllStar Property, you have some great recommendations above, I like especially seeing Aaron-n-Suzy's reminder about Lease Options. A landlord selling a property often is a higher probability for a lease option agreement. If they are, you could control the property for an extended period of time, make more money from it, and possibly eventually convert that control into a property ownership, so it is worth consideration.
If you choose to go the wholesaling route with this seller, here are the clauses I like to add to the agreement, or something similar. You don't have to use them all, but I like to be the one who determines who the closing agent will be and work with my preferred title company.
Also, with the program, we actually suggest that you use the "Board of Realtors" approved purchase agreement because it is very complete, and approved for use in your area by a whole gaggle of attorneys who have micro-inspected it. If you choose, you can use the other forms included in the program, they are legal, just not as complete or tailored for your local area.
1) “Subject to an acceptable full inspection by buyer and/or associates within 14 business days after acceptance of offer.”
2) “This agreement is assignable in its entirety.”
3) “The Earnest Money Deposit shall be $________________________, and shall be due and payable at the office of the closing agent within 72 hours after acceptance of offer.”
4) “Closing shall take place within ______________ days after acceptance of office at the offices of:__________________________________________, located at ____________________________________________________________ (Address).”
5) Time is of the essence. This offer expires at 5:00 P.M. on the business day following presentation of offer to seller.


Dallin Wall
Real Estate Training Team
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