Jackie in Dallas question - Posted by Patricia


#1

Posted by Stacy (AZ) on February 23, 1999 at 16:39:30:

…although it wasn’t very long ago that I would have asked the same question. I’ve since realized how important and “proprietary” contracts are to each investor. Once you work and pay to perfect your contracts, you don’t feel as though they are something to be handed out for free. Not only do you work at understanding and molding your contracts to fit your investing preferences, you also realize that each state and each investment activity requires a different set of requirements and contingencies. What works in my state may not be adequate for you.

This isn’t meant to put down Patricia, but more to explain why investors don’t normally hand-out their contracts to anyone who asks. I am still new enough at this that I continually watch for ways to improve my contracts.

Stacy


#2

Jackie in Dallas question - Posted by Patricia

Posted by Patricia on February 23, 1999 at 11:25:11:

Hi Jackie, I wrote before regarding trying to get a real estate contract. I did what you suggested in your “how to article” I went to the title co.(only 2 in my city) and the receptionist told me that they do not give out re contracts.
I also called my states (NC) real estate commission office to try to acquire one and I was told to go to the local office supply store. I know that you advise against that in the article. Where should I go to try to get a contract or agreement? I emailed you about the contracts and I figured you might have been to busy to send them to me I understand how busy you are. I just wanted to make sure that I am doing the right thing. Should I drop by any realtors office and ask them if they would kindly give me a real estate contract? What should I do? I am very eager to get started.

Thanks
Patricia


#3

Re: Jackie in Dallas question - Posted by jackie in Dallas

Posted by jackie in Dallas on February 23, 1999 at 20:26:02:

Patricia,

I thought I sent them to you via e-mail last week - I’ll do it again.

Joe is absolutely right! I highly recommend that you take the forms to a real estate attorney. In every state there are laws and regulations that must be followed. Many things from state to state are the same - but there are also many differences.

It’s much cheaper if you take in some contracts for an attorney to “review” and make recommendations for changes than to walk in empty handed and ask the attorney to draft new contracts for you to use.


#4

Re: Jackie in Dallas question - Posted by Joe Kaiser

Posted by Joe Kaiser on February 23, 1999 at 15:00:35:

Please . . . don’t ask for contracts. If you can’t figure out where to get one, then you probably won’t be able to figure out what to do with it once you do.

Whenever you’re just starting out, you MUST budget a couple hundred bucks for a meeting with a real estate attorney and you sit down and discuss exactly what it is you’re hoping to do. You also bring with you a contract or two you may have located in the office supply store, in a real estate course, or (big hint here) down at your local recorder’s office.

Your attorney then drafts a sample agreement or two which you can safely use in your local marketplace. You’ll be confident knowing you’re working with a first rate agreement that serves your precise needs and keeps you out of trouble.

Imagine how cool that is to be armed to the teeth with your “killer” docs.

You should also plan on having your attorney review your accepted agreements the first few times through as well. He can build that contingency right into the agreement and now you’re all set to go out their and make things happen without fear of really screwing things up.

That’s power.

Joe