Question about Flipping Paperwork - Posted by Shawn (OR)
Posted by Shawn (OR) on February 13, 2002 at 01:00:12:
I’m getting closer and closer to making the plunge into contract flipping. I just purchased some legal forms and had a few questions.
First off, after I’ve found the property, made my offer had it accepted and all that jazz I put down earnest money of say $500 that I will purchase it within 30 days (subject to my partner’s approval. Are we entering into an Option to Purchase contract now or an actual Purchase Agreement? Which of these two contract am I wanting to have and therefore be able to transfer to my investor?
Can I fill out the necessary paperwork or do I need an attorney or title company? Should I be working through an attorney or title company? Is there an advantage to one or the other?
I feel like I’m to the point that I understand the process of hunting for properties and lining up qualified buyers, but I’m not sure how to put the attorney part of the equation in. I’ve heard you need to put a team together and the lawyer is part of that, but I’m not certain how exactly.
Thanks for your help.