How do I learn how to fill out contracts correctly?

How do I learn how to fill out contracts correctly?

Homeowner · Victorville, CA · Member since 2017 · 28 posts · 13 votes

I just bought a course on "Subject 2", last week and I feel like I have a good idea how to find sellers and negotiate a deal. However when I look at the sales contract,  deed paperwork, limited power of attorney, etc.  I'm confused as to how to fill it all out correctly. The course does not show examples of properly filled in paperwork. I'd like to take action and start talking to people to complete one of these deals, but I feel insecure about the paperwork, forms, disclosures, etc.

On the buyer side, I will probably use lease option. However, even though I have forms from this course and another course for the lease and separately the option, I feel insecure about filling it all out property. Not to mention delivering proper disclosures and such.

I feel like the paperwork is keeping me from taking action.  One more note to mention is that it was suggested that as I'm marketing for sellers, a sweet rehab deal might cross my desk. I might want to get it under contract (if its a good enough deal) and assign that contract to a fix n flipper for a fee if I wasn't prepared to do the work myself. Again, that would require that I know how to properly fill out paperwork for such a deal for not only the purchase, but also the assignment.

I don't have a mentor, I'm not a part of any local Real Estate Clubs. I don't know any real estate investors. I've googled how to fill in contracts, but I'm left with more questions than answers because every contract is different. I wonder if I could pay a lawyer a couple hour fee to sit down and look at the contracts I have, explain what I want to do, and literally have him teach me how to fill them out, and what to do with them once they are filled out.

Any ideas?

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Real Estate Consultant · Camarillo, CA · Member since 2010 · 2k+ posts · 1k+ votes
9y

I think that the time and money spent with an attorney would certainly worth the investment.  The costs of doing something wrong could certainly cost you a lot more.

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  • Real Estate Consultant · Camarillo, CA · Member since 2010 · 2k+ posts · 1k+ votes
    9y

    I think that the time and money spent with an attorney would certainly worth the investment.  The costs of doing something wrong could certainly cost you a lot more.

  • Homeowner · Victorville, CA · Member since 2017 · 28 posts · 13 votes
    9y

    @Jeff Greenberg I just inquired from a couple local real estate attorneys if they would be willing to go through the paperwork with me. This way I can understand the forms and make sure everything is legal. Good advice. Thank you.

  • Mindy JensenPro Member
    BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
    9y

    @Brian V. , I'm an agent, and whenever they change the contract (currently 17 pages in CO - but I haven't taken this year's update course yet so it might be longer) I take an 8-hour class to learn how to properly fill in the blanks.

    That attorney will be well worth the money you spend. Remember, you get what you pay for... 

  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    9y

    When in doubt, use an attorney.  

  • Real Estate Agent · Chandler, AZ · Member since 2016 · 53 posts · 34 votes
    9y

    @Brian V., You're getting awesome advice. When my husband Ben and I first started investing we first invested some money in professional legal advice. We called it "cost of education". Pay somebody to read the contracts, talk to you about state and local specifics, and guide you through the areas you're insecure in. 

    Best peace of mind money can buy you at this stage in the game! 

    Good luck!

    -Patrisha

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