e-z legal forms - Posted by victor

Posted by E. Timmes on August 24, 2000 at 17:03:03:

Hi Victor,
You should know the maintain benefit of notarizing your sales agreement is “it can be filed.” I’m not a lawyer, but I do know that a contract is only as strong as your ability to enforce it.

Consequently, an unfiled sales agreement does nothing to prevent your seller from selling the property to someone else. At which point, your only recourse would be to sue. Since the cost of legation makes lawsuits impractical, most people don’t bother. So an unfiled sales contract really exercises little biding power over your seller.

On the other hand, a sales agreement filed in the real property records division of your county clerks office does offer greater enforceability because it deters the seller from backing out of the deal because he can’t convey unblemished title to some one else.
Once it’s filed, your sales contract acts like a “cloud” against the title.

Title companies will detect your sales agreement when they research the title and generally won’t insure until you release the sales agreement. Correspondingly, banks and prudent investors generally will not collateralize real-estate loans against property that lacks title insurance. To this end, a “filed” agreement of sale will do the job!

Bryan Wittmeyer offers an excellent book that covers the effective usage of sales agreements: “The Hidden Secrets of a Real Estate Technician” You can reach him at bwitt@nni.com.

I hope this helps!

e-z legal forms - Posted by victor

Posted by victor on May 26, 2000 at 18:34:33:

I am new at this and I am not quite sure how to use an offer to purchase legal form that I bought at office depot. Can anyone help me out? Am I using the correct form? At the bottom of the form it has a place for a brokers signature. Does a broker need to be present at the time of offer to purhase or do I fill out the form with the seller and take it to a broker or invester? Confused in N.Georgia.Anyone have any advice, please post a reply. THANK YOU

Re: e-z legal forms - Posted by William, Columbus, OH

Posted by William, Columbus, OH on May 27, 2000 at 09:28:33:

Victor: You can fill in the form and have both parties sign in the presence of a notary (you can find one at your bank or in the phone book). Since you don’t state specifically whether you are purchasing a note or real estate one can’t offer much more.
If your’re purchasing R.E. then post on the Main News Group, please, as this forum is for notes. If you are purchasing a note then you will need more forms than just an offer to purchase to do your deal correctly.