OfflineI locked up a property for $14000, 2 BR, 1 BA,, needs updating and repairs. The purchase agreement I used had about 7 pages to it.... Was that the correct one? Also, owner wants to close quickly because they want to move out of state by end of month so I made June 15th closing date. I want to assign to a rehabber.
Questions about contract:
1)Property: I listed school district, Lot #, plat book #, page # and Book # and page #. Is that enough information. It was taken off her deed or do I need to attach a copy of the deed to the purchase contract or is this necessary?
2)When I assign the property, does the original contract become a part of the assignment contract?
I let the seller sign her name as purchaser and neither of us noticed until she had already done it. Can I white out her name, put my name in and initial it or do I have to re do the page?
This is my first time filling out a contract. Any help or advice will be greatly appreciated!!!
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First of all congrat's on your first deal Shirley.
1. Let's start with the contract. It's important to keep your contracts short and simple. No more than 2 pages would be good.
2. The legal description is all you really need outside of the property address.
3. No need for a deed.
4. You will have 2 contracts for the deal if assigning to a cash buyer. One between you and the seller and the other between you and the buyer.
- If you are selling to someone needing financing you will have a contract between you and the seller and the other will be made out between the seller and the buyer/ with an invoice backing yourself out of the deal which allows you to get paid. Get Dean's book (Profit From Real Estate Right Now) and read chapter 8 on this topic.
As for as making corrections on contracts, you can white-out if you need too.
I would say your first correction is to find a shorter contract ASAP!
Hope that helps!
Rodney
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look at the date of her original post. I think 2 months have gone by and the deal is probably no longer there.
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