Posted by ski on March 12, 2006 at 05:43:37:
And most of those forms are of the CYA type for the broker. We as investors do not really need most of the forms required by the board of realtors.
realtor’s contract and paperwork - Posted by mikes
Posted by mikes on March 11, 2006 at 17:01:30:
I presented a lease purchase offer to an owner through their realtor. The counter offer was presented too me on the phone, with what the owner would take. However the question comes in when the realtor said I must use her company’s paperwork…one is a contract of sale and the other is a rent application (two seperate forms)? I sent my offer on a lease purchase agreement that includes everything in 3 pages not the 10 the realtor said I must use. Is there a law that says I have to use the realtors?
Re: realtor’s contract and paperwork - Posted by Pat
Posted by Pat on March 12, 2006 at 19:30:43:
Good advice in the other posts.
I would add:Get familiar with the forms used by your local “professionals”. Years ago when I got started, I tried using the forms I got with my “course”. All it got me was problems because the “professionals”, the ones who are involved in making things happen, want something they’re familiar with.
To address the situation I use the standard broker’s P$S but I’ve doctored it to what I need. Or, I just take the broker’s form and write it up myself. Learn how to write up contracts, and you won’t have to worry about whose forms you use. There was a time when the “gurus” used to teach this all impotant aspect of investing. Ah, the good old days.
Why would you want to do a lease purchase to buy? - Posted by Equity Hunter
Posted by Equity Hunter on March 11, 2006 at 22:17:48:
That is the worst thing to do. You are obligating yourself to buy. Why would you want to do that? You are playing right into their hands.
Find a better deal. They are out there. Just look.
Re: realtor’s contract and paperwork - Posted by Matt (MPD) IL
Posted by Matt (MPD) IL on March 11, 2006 at 17:57:14:
There isn’t a law that says you have to use anyone’s forms. You could technically write your offer on a napkin and have it be valid.
In this case however there probably aren’t many ways around it. The broker will most likely refuse to use any of your contracts because the ones they use are probably ‘board approved’. As long as you have a realtor/broker in the mix you are going to either use their contracts and have your lawyer make any changes you want, or you just won’t be playing ball at all.
Their contracts are not typically weighted in anyone’s favor as they are generally given to them by their association. If you want/need to make changes to it have your attorney look it over.
Matt