Posted by Brent_IL on October 01, 2003 at 13:47:56:
The majority of the time, when you read posts on this site about making offers, we’re referring to offers that are made directly to the owners of record, i.e., FSBO’s.
There is a very restricted exception, but to be enforceable a real estate contract must be in writing. It?s called the parole evidence rule. Verbal sparring is simply negotiation. You can use any kind of written contract that fits your needs and meets the legal requirements of your state. The best thing to do on your first deal is to get a real estate contract that is used in your area and take it to a qualified REAL ESTATE attorney to modify it so it reflects what you want to accomplish. Ask the lawyer to explain what?s going on. On your next deal with identical circumstances, you can scan the contract and change the names and the figures at minimal expense.
If you are wholesaling, it might be good to check with the folks to whom you intend to flip to find out what they’ll accept.