Putting myself in the position of a seller, I would view your “Special Clauses” as a sign of someone who is looking to cut and run and would probably counter your offer in my favor,if I considered it at all.
Clauses 1) 3) and 5) are typically addressed in most standard RE P&S agreements used in most states.They are included in such a way as to not raise flags by referring to them as “Special”.
Clauses 2)and 4)sound like more "guru’ issued claused designed more to make the student feel like a “professional” than to facilitate a deal.
If your concerned about the CYA aspect to this business, there are more subltle ways to do it than by calling attention to deal killing Special Clauses.
I used to use the same approach (particularly referring to clause 2).It wan’t long before the sellers were giving me only a few days to provide written approval from my “partner” severely cutting into the time I needed to work a deal.
I use a standard P&S form used by all the RE agents in my area. I use their clauses to MY advantage. That’s what contract writing is all about. The key is simplicity. The “gurus” and their courses don’t teach simplicity. That’s why less than 1% of their students never get to close their first deal before they give up.
Posted by Steven-UT on March 13, 2006 at 12:29:18:
My questions are at the end.
After being hammered on my four clauses (especially #2), I revamped my clauses… trying to keep it simple (I had to expand a little).
Here they are:
SPECIAL CLAUSES: Contingent upon delivery of clean title, excluding: …lien 1, lien 2, etc (this assumes the deal works with lien 1 and 2 accounted for.)
SPECIAL CLAUSES:This contract is subject to my partner’s approval. (Since my partner is providing the financing)
SPECIAL CLAUSES: This contract is subject to Buyers final inspection to be performed within 10 days of effective date of this contract. Buyer to notify Seller in writing within 10 days after home inspection if Buyer intends to cancel contract. This contract can be assigned. Property is being sold in “AS IS” condition.
SPECIAL CLAUSES: This contract is subject to Seller signing the “Seller Acknowledgement.” See Addendum “A”. (This is Kaiser’s BDD)
SPECIAL CLAUSES: This contract is subject to Seller/Tenant vacating by _______________, 20 _____.
NOW MY QUESTIONS
How else can I keep things simple so my deal gets signed off?
What is the verbiage and clauses you use?
And finally, what contracts do you use for wholesaling?
Purchase and Sales Agreement?
Standard Real Estate Purchase and Sale Agreement?
Agreement for Purchase and Sale of Real Estate?
Real Estate Purchase Contract?
Standard Deposit Receipt and Contract for Sale and Purchase?
Or do you say: Alright “Mr. Seller” I want to buy your property, what contact do you want me to sign?
Here are the Clauses and Addendum’s that I want to use. (And being sure to add “and or assigns” after the Buyer’s Name.)