OfflineWe used the Real Estate Purchase Agreement we found here on the DC site. However, the lawyer the siblings are using for the estate settlement wants to use a different form.
We would like to get your thoughts for this form. I have attached a copy for your review.
We are not so sure we want to use it as it does not give us - the buyers - much flexibilty. It seems the whole thing is difinitely for the Seller.
PLEASE check it out ASAP, they want to set up a meeting for tomorrow with the lawyer to try and finalize this deal.
Thanks for all your input.
Marcus
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What was your original agreement with the sellers? Are you assigning and that's why you don't like the looks of it? It seems normal to me, I'm no expert however. What part didn't you like? If you were to fill in the blanks with your info, what part is restrictive? Good luck with your purchase.
Cathy B
Follow my progress at:
http://www.deangraziosi.com/real-estate-forums/investing-journals/44397/...
In our original agreement there was a clause that gave us 14 days to come up with financing (with terms outlined). And if we were UNable to obtain that then we got our deposit back. No harm, No fowl, we all walk away. This form does not provide that clause/option. Also I do not like the CAPITAL letters used to provide statement of further legal rights. But since a lawyer for the estate is drawing these up, I should not be surprised.
Since we are willing to buy the property "AS IS", and they have had no other offers in 120 days we felt this was fair. This is a "FIXER", that we are getting at about 48 percent of ARV. That we intend to FLIP. Since we are contractors and will be doing 80 percent of the rehab ourselves, the #s will be very good.
Wish us luck. We have our appt at 2PM this afternoon at their lawyers office to get this agreement re-written. I'm being VERY positive that we can get this hammered out for the good of all involved!!
Marcus
Well.........that went VERY good!!
The seller never mentioned, at least to me, who their lawyer was. Turns out he is the "City Attorney".
Bottom line is two clauses added, one was for the 14 days to obtain financing per terms!! The other was to give the seller until Sept 20 to close. Since they will need to clean out all personal effects from property.
Win / Win.
Now on to the financing........
Marcus
Good job, firstclass. Keep us informed throughtout the process.
Brian