You need to talk to a lawyer or title insurance company. In the meantime you can make a written offer as long as you have an escape clause. Conditional on partner’s approval is a good one.
Do you know any real estate agents? They will usually give you a copy of the real estate offer form. This will be the one approved by the real estate board and legal in your state. It also has the advantage of being familiar to everyone in your area. You will have to add your own clauses and conditions.
Newbie needs help with contract on first potential - Posted by Roy Grace
Posted by Roy Grace on January 30, 2002 at 16:14:03:
I have found a property that I would like to flip. I am currently tracking down the owners. the problem is I am so confused with writing a contract. What I am looking at is a rehab that I should be able to get really cheap due to the circumstances. When I find the owners I would like to put a contract on the house stating that I will buy the house pending my partners approval. I want to do this so there will be no way I will be legally obliged to buy the house if the partner says no. HELP! Please! I do not want to get burned on my first deal. I have read quite a few books on the topic but they have only confused me more.