help! Need copy of Sheets RE Sales Contract Please - Posted by Keith

Posted by WilliamGA on June 07, 1999 at 22:54:29:

Good point, JB. Does anyone know of a Carleton Sheets contract for use when you are selling a property? I used his course, too, and I didn’t see one in the portfolio.

help! Need copy of Sheets RE Sales Contract Please - Posted by Keith

Posted by Keith on June 07, 1999 at 13:14:36:

I am a new Sheeets investor and I have lost my copy Carlton’s REal Estate Sales Contracts that include all the owner finance area’s. I need to make and offer ASAP and I would really appreciate it if someone who has his forms software could email me a file with that form in it. Thanks in advance!!!

NOTICE !!! - Posted by David S

Posted by David S on June 09, 1999 at 08:49:13:

This is one area that you DO NOT want to have problems with in the future.
I suggest you spend a few bucks and have an ATTORNEY in YOUR state design YOUR contracts pertaining to YOUR business.

David S

Re: help! Need copy of Sheets RE Sales Contract Please - Posted by Rob FL

Posted by Rob FL on June 07, 1999 at 20:51:54:

Just some advice from a Sheets student. I would NEVER NEVER NEVER (LET ME SAY IT AGAIN N-E-V-E-R) use Sheets contract to buy property with.

Now let me tell you why. Sheets contract has some brilliant clauses in it that greatly protect the buyer. I absolutely love his owner finance clause and have used parts of it myself.

The major problem with his contract is that it does not include all the necessary disclosures and legalities of your particular marketplace. Sheets is from south Florida (I believe West Palm Beach or Fort Lauderdale) and even being in Florida myself, the contract is still dangerous. The laws are constantly changing. As a matter of fact tomorrow is the deadline for our governor to sign about 70 new bills into law. I wouldn’t want to use a Sheets contract from 1994 when 100 or so new laws affecting real estate have been passed since then.

In Florida, there are also disclosures concerning lead-based paint (new Federal law in 1996), agency, radon gas, energy efficiency, homeowners associations, coastal construction line, etc. Each one has very stiff penalties if not disclosed. I am sure your state has similar or other disclosures. Sheets contract contains none of the above.

I recommend using your local board of realtors contract with an addendum (and have the addendum use all the protective clauses that Sheets uses). This realtors contract will most likely contain all the disclosures and legalities for your state and locale.

I will be glad to email you the addendum I use if you would like it. It is based on Florida law, but probably could be modified for your own use.

Best wishes.

Re: help! Need copy of Sheets RE Sales Contract Please - Posted by CarolFL

Posted by CarolFL on June 08, 1999 at 07:49:47:

Rob, Can I take you up on your offer of an emailed addendum? I have several contract formats I use, and try to incorporate the required plus the appropriate.
But one of my main beefs with the FARBAR is that I CAN’T READ THE DANG CLAUSES, and therefore, my guess is that many others can’t either.

The clauses are on the back in pale blue ink, or some such, and I object to that.

Yes, I can add an addendum (is that redundant?), but I really hate that contract … talk about ‘fine print’!

REcently I have found my local board’s most active and professional brokers responding well to Bronchick’s basic contract, with my addenda. Thanks for your offer to share.

BTW, that’s an interesting point about the disclosures… it’s the seller’s responsability, I would think. So if I’m buying and writing up my contract offer to buy, why do I need to be concerned with it?

Any insight?
Thanks again.

Re: help! Need copy of Sheets RE Sales Contract Please - Posted by JohnBoy

Posted by JohnBoy on June 07, 1999 at 21:05:54:

Maybe I’m about to learn something new here. I didn’t know the disclosures like lead based paint had to be included in the actual purchase contract. I thought having all those disclosures signed on separate documents where ok. In my state the realtors contract is just a basic purchase offer agreement. Once that is accepted the buyer and seller use a real estate attorney to draw up the actual purchase contract. The realtors don’t supply any of these contracts. At least in my county that is.

I use my own purchase contract that IS the actual purchase agreement and if I’m buying I don’t need to disclose anything. The seller is the one that has to disclose everything. If I’m selling I use separate documents that have all the disclosures required.

Also I think the Sheets purchase contract was originally drawn up in Illinois, not Florida. But I could be mistaken on that.

But as far as selling a property goes the Sheets contract isn’t something that I would want to use since it does favor the buyer. I never seen one of his contracts that he uses when your the seller.

Re: help! Need copy of Sheets RE Sales Contract Please - Posted by Rob FL

Posted by Rob FL on June 08, 1999 at 08:32:07:

I will get you a copy of the addendum I use.

The whole thing with disclosures is that despite it mostly being the seller’s responsibility (however there are several disclosures that the buyer is at least partly responsible for – condo, homeowners, agency, foreign persons, lead paint, etc.-- at least in Florida), the law usually requires them to be in the contract or in an addendum to the contract. Thus if you submit a contract without the proper legal wording or disclosure info for the seller to fill out, the contract either has to be revised because of the missing disclosures, rejected by the seller (especially when they get another offer from someone who actually has their paperwork together), or accepted and risk a lawsuit.

An example of the buyer’s responsibility, on properties built before 1978, Federal law requires buyers to acknowledge receipt of a brouchure that addresses and describes lead-based paint. The buyer must sign a disclosure that they have received this and that they will or will not have an inspection done.

One caveat (and it is nothing against Bronchick because his stuff is awesome) but Bronchick is located in Colorado and unless your addendum makes the contract comply with all the Florida laws, it still may not address issues specific to Florida.

I will say I am not a lawyer, just a realtor/investor. I am just stating my opinions so if your lawyer tells you different, listen to him.

Re: help! Need copy of Sheets RE Sales Contract Please - Posted by Redline

Posted by Redline on June 08, 1999 at 11:33:40:

Here in NJ a lead-based-paint document must be initialed and included with all listing agreements. Upon a purchase, the buyers lawyer will request a copy of it and it will be included in the closing docs. It is a separate amendment from the purchase agreement but the purchase agreement also mentions lead paint disclosure.

I don’t know if this helps any.