new to writing contracts - Posted by Melissa

Posted by Laure on March 19, 2000 at 08:10:39:

Well, since you are the seller, I would want the most cash from the buyer I can get, therefore, HIS 5% down as well as the rest of the deal, should be figured BEFORE the credit. It will put the most money in your pocket NOW.

Laure :slight_smile:

new to writing contracts - Posted by Melissa

Posted by Melissa on March 19, 2000 at 24:37:48:

This is my first house i have sold and i’m not using a realtor. Price is 154K with 1k credited for repairs and i’m holding a 15% 2nd. Is the 5% down and 15%2nd figured from the 154 or from 153(after repair credit). When writing this out (just verbal so far) can we just put something like seller to hold 15% 2nd at (whatever terms) remaining 85% cash at closing. Could someone give me some examples of ways to actually word this?

Thanks from a rookie

Re: new to writing contracts - Posted by B.L.Renfrow

Posted by B.L.Renfrow on March 19, 2000 at 10:30:22:


I would agree - emphatically - with JPiper. Contract law can be terribly obscure…even for experienced investors. It is amazing how one word, or the lack thereof, can sometimes make a tremendous difference in the meaning of a clause or phrase.

The money you will pay an attorney to draft the contract is nothing compared with what you could lose if it’s done improperly.

After you gain some experience, and have the attorney-drafted agreements to refer to, you won’t necessarily need one for every deal you do in the future, but at this stage…pay the attorney!

Brian (NY)

Re: new to writing contracts - Posted by JPiper

Posted by JPiper on March 19, 2000 at 09:46:43:

The fact that you are asking this question tells me that you definitely need help. Call an attorney. Remember that the contract is a foundation for your deal…and if something goes wrong it’s what all the lawyers will be looking at.

Your contract should either be something that you simply fill a few numbers in the blanks. If it isn’t, or if there is no provision for seller carried financing, don’t cheat yourself. Contact an attorney. Don’t fool yourself into thinking that you’re qualified to write up language into a contract.


Re: new to writing contracts - Posted by Laure

Posted by Laure on March 19, 2000 at 08:16:26:

I would use the words “Seller will carryback a second Note for $xx,xxx.xx with the property at 123 street used as collateral in a Mortgage”

hope this works for you.

Laure :wink: