Posted by Brenda on March 30, 2002 at 24:40:34:
Thank you!! I found one and have the offer drawn up–now just have to hope for the final acceptance!!
HELP–Need help Very Very Fast - Posted by Brendak2000
Posted by Brendak2000 on March 29, 2002 at 24:59:29:
We are in the process of purchasing a house
I think we have made an amazing deal but we have to act very very quickly–
I live in BC(Western Canada) The owners of this property are very elderly and have moved back to Ontario–(Eastern Canada)
Their son is in town and has been trying to sell the house since December but hasn’t done so yet–He Needs to go back to Ontario on Tuesday.
The house is assessed at 103,000 and FMV is probably around 90,000 (The almost identical house next door sold for $100,000 last summer but the area has had a few major plant closures since then and things aren’t selling as well)
This is the deal I think we can make with him: Purchase price of $82,400 payable as follows: $2000 down, $600 per month for 24 months-- this whole amount will go towards the purchase price and will show as a down payment when we go to the bank in 2 years for a loan. The final buy out in the end will be $66,000.
My question is this–It’s a long weekend and Nothing is open here and he has to leave on Tuesday!-- What kind of contract can I do up to make this deal binding??–Can I use a standard purchase agreement and simply write the following in the blanks.
Purchase Price: $84,400
A. Paid as: Deposit $2,000
B. Cash on Completion: $66,000
C. Balance, if any, as
inticated below $14,400
Balance, if any, as per paragraph c. above shall be paid as follows.
$600/month for 24 months beginning May 1, 2002
I would then do a completion date of April 1, 2004
Would this be a legal contract even if completion is not till 2 years away??–Should I do up a lease option proposal instead??–I own Bronchick’s lease option course but am not very familiar with the contents plus I am in Canada not the States so I don’t know if everything in there is completely workable in Canada or if I need to go to a lawyer to make some changes to it.
Please somebody help me close this deal!! 
Re: HELP–Need help Very Very Fast - Posted by Brent_IL
Posted by Brent_IL on March 29, 2002 at 17:30:20:
There are two RE option contracts in the “Free Forms” section at www.dealmakerscafe.com
Canadian law may differ so get to a lawyer.
Re: HELP–Need help Very Very Fast - Posted by JFinke KC
Posted by JFinke KC on March 29, 2002 at 15:33:45:
Try Real Estate Fors at www.kaktus.com. They have several free and purchase forms on this site. I know they offer a “Full Lease with Option to Purchase Contract” package for $14.95, but I have never used it. Lots of other forms on this site too.
Sounds like a pretty good deal if rents will cover that $600 monthly payment. Hope it works out for you. Let us know.
JFinke KC
Re: HELP–Need help Very Very Fast - Posted by Tim Fierro (Tacoma, WA)
Posted by Tim Fierro (Tacoma, WA) on March 29, 2002 at 04:11:31:
Sounds like a lease/option with your numbers put into the contract. Now get the seller to agree to it.
Re: HELP–Need help Very Very Fast - Posted by Brenda
Posted by Brenda on March 30, 2002 at 24:41:26:
Thank You
Re: HELP–Need help Very Very Fast - Posted by Brenda
Posted by Brenda on March 30, 2002 at 24:43:47:
Thank you!-- I found a form!!
Re: HELP–Need help Very Very Fast - Posted by Brenda
Posted by Brenda on March 29, 2002 at 12:51:09:
But I don’t think I have the correct forms–is there anything I can draw up and have him sign until we can get to a lawyer on Tuesday to make it legal?
Re: HELP–Need help Very Very Fast - Posted by Tim Fierro (Tacoma, WA)
Posted by Tim Fierro (Tacoma, WA) on March 29, 2002 at 13:07:40:
You can ask a local real estate agent if you know one that can give you the documents for l/o, or you can hit a stationary/office store and they may have them.
Shy of that, you could go to Yahoo and search for;
“lease” and “option” and “form”
From there you can see if there are any freebies you can use for your state or even generic ones might suffice. You could purchase on-line forms from one of the sites found. I thought legal.wiz sold forms, but I just checked quickly and did not see any purchase of forms menu options. If someone reads this, they may be able to reply other places on-line to get forms.
Those are some suggestions for getting forms on the weekend when you have to get them to sign before Tuesday.