On this podcast episode I talk about how to complete a purchase contract.
You will need to have a standard purchase and sale agreement in order to be able to purchase houses. If you have sent out postcards, made an appointment with the seller and gone on the appointment then the next step is to agree on a price.
If you and the seller have agreed on a price, then your next step is to have them sign a purchase contract and sales contract.
You can use any standard purchase and sale agreement for your State. You can Google the search term "Purchase and Sale Agreement" and you can also purchase them online from legal web sites or you could have your attorney prepare one for you.
The 14 main variables that are components of this contract are:
1. contract date
2. name of seller
3. name of buyer
4. address of property
5. legal description
6. property ID
7. purchase price
9. balance to close
10. closing date
11. Title company (or attorney)
12. Inspection period
13. date signed
Some of the above variables can be prefilled in a contract template that you have. For example, buyers name, title company, # of days inspection and deposit amount could all be the same. The most important are the # of days inspection (inspection period), the closing date and the amount of deposit.
Disclaimer: this is not meant to be taken as legal advice. Please consult with your attorney in your State as to which purchase contract will work best for you. Tip: go to real estate investment club meetings in your area and network with other investors and wholesalers and ask them what contract they are using.
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