I want to first state that I am not an attorney and absolutely nothing I prepare or say should be treated as legal advice. Remember to contact an attorney before making any legal decisions.
When doing any kind of property investment deal it is crucial that you’ve quality real estate contracts. Whether you are purchasing foreclosures, buying from bankruptcy or even any of the other dozens of home buying investment strategies, quality home buying contracts play an essential role in your success.
Quality real estate contracts are going to help to ensure that you, the home buying investor, are absolutely protected within the confines of the law. You want property contracts that will protect yourself and the small business of yours to the greatest degree whether you’re the seller or even the customer.
If you’re the customer you would like to use real estate contracts that allows you to easily walk away from the deal when necessary while at exactly the same time provide the stiffest penalties if your seller should decide to walk away. Plus the converse applies when you’re the seller.
There are specific real estate contract clauses that will enable you to do this when used correctly. You can use inspection clauses, mortgage contingency clauses, appraisal clauses, default clauses…the checklist can go on and on. The critical thing to remember when utilizing these clauses is you use them correctly.
You need to make sure that your “Defined Terms” are congruent throughout your real estate contracts.
You have to ensure that the contracts that you use don’t conflict.
The real estate contracts that you use will immediately impact the success or failure of your real estate company as they are able to either protect you from lawsuit or even leave you prepared to take folks who’d rather sue you to get rich than strive themselves…not to point out that your real estate contracts can identify the success or even failure on a price to deal basis.
I’d recommend that you use contracts that originate from one source because property contracts which come from one source is able to help to eliminate the problems above and a lot more.
Whether real estate marketing get the contracts of yours from your attorney, a book, a guru, or perhaps a program including the REIFormsGenerator it’s necessary they come from one source and you generally have your property contracts reviewed by an attorney within your investment state.