Posted by Bill Bronchick on October 27, 2003 at 11:53:26:
It’s amazing how many people look for free forms around here. They cite price as a factor - they aren’t willing to spend to get good forms or pay an attorney to review their own forms. A few people even suggested on this site that this was a waste of money because it eats into profits.
A lawyer spoke at my real estate club meeting on Sat. He does a lot of evictions, particularly on failed lease/options and land contracts. He said that 9 times out of ten, the biggest problem was poorly drafted agreements. He said that the client often has to pay THOUSANDS EXTRA because of the poor paperwork. What could have been a clean eviction ended up in long, drawn out hearings before a judge to determine the meaning of a particular contract provision that was vague.
In short, take the time and expense to get good forms. And, to make sure they are properly filled out (a mistake many investors make, even with good forms), pay an attorney to review the paperwork on the first few deals.
This is a reposting to try to get a bit more attention and hopefully the contract as I need it today if possible : )
Right now, just in need of a basic (or IL specific) contract for deed actual contract/paperwork. I know there’s not much to it but the reason for all these requests is I lost some old software I had that contained all the basics… If anyone could email my way a basic contract for deed contract I would be again and as usual, very grateful.
A huge thank you to both Mr. Bronchick as well as our very own in house JohnBoy for their time and great pointers in both posts. The only thing I suppose is necessary to be clear about is the fact that in regards to having the paperwork, I’ve got probably 3 different Contract for Deed forms in other courses I’ve ordered via this very site, the only problem being that I recently moved and have most all the materials still packed away.
I only needed a basic form to help a friend who simply needed to use the contract for deed form to help them finalize the refinance on their house (the lender would be happy to refi a contract for deed, but was unfamiliar with the lease-option which was originally used).
As such the contract is only needed to exist and doing so mirroring the original basic lease-options terms, for about 1-3 weeks while the refinance finalizes and then would fade away and decend into the great expired real estate contract bin in the sky.
Anyway I have found some old software and am no longer in need of the form, although I felt the need to clarify that I wasnt about to just enter into some brand new 3 year scenario with a basic unprofessional contract = )
Re: Contract or Deed or Land Contract paperwork? - Posted by JohnBoy
Posted by JohnBoy on October 28, 2003 at 07:23:39:
There is a lot more involved than just using a “basic” contract for deed form in IL. Get a good real estate attorney to draft one up and make sure you have all the other forms to go with it. Otherwise you will end up paying thousands down the road should something go wrong, just like Bill has described.
If you can’t afford the $200 - $400 for the attorney, then the last thing you can afford is to even consider doing a deal like this!