One time I have to disagree with Jim… - Posted by SCook85
Posted by SCook85 on January 19, 2001 at 07:10:21:
I believe in keeping things simple. Many beginning investors get so hung up on contracts that they never get a deal done. A contract needs very little in it to be legally binding in any state. There are certain things that if they are not spelled out in your contract that are assumed from state to state, but in most instances it isn’t going to be something that comes back to bite you.
At the convention in Dallas (2 years ago), Scott Britton had everyone in the room participate in an exercise where we wrote up a contract to purchase a home that he was showing on his overhead projector. Handwritten the contract was a half a page long and contained everything necessary to be legal and binding in any state.
As far as I’m concerned, if you have 2 people whose intent is to get the deal done, you can write your contracts up on napkins and do the deal. The contract gets you to the settlement table.
I hope this helps.