contracts from internet

[Jason O.]

Does anyone have experience with US Legal forms.com? I'm looking into this.

[Bill Gulley]

Hi, I used "go-by's" in the beginning. I collected various contracts and reviewed each paragraph for it's content and benefits. Then I took that information and compiled the type of contract I wanted. Actually, I had many other issues than were found in standard contracts and I simply wrote covenants to address any concerns. Then I took my finished rough draft to a good real estate business attorney. I asked him to review the contents not only for content and form but also as to the enforceability of each issue and how those issues might be resolved locally using that contract. This is a comprehensive request to my attorney, not simply asking him if the contract is "O.K." to use.

After I had my documents blessed with legal water, I began using them. Over time you learn to adapt and overcome. Many of my contracts were drafted for specific deals. Your contracts should have some flexibility in them to fill in the blanks to meet the needs of a particular situation. I'm not advocating that investors write their own contracts! I feel comfortable in doing so and have for years without any problem and they have held up in court just fine. A principal party to a contract may draft a contract for themselves to use, doing so for the use of others may consitute the unlawful practice of law!

I suggest that all new investors simply view their contract files as an investment in doing business and have an attorney review the documents as I mentioned above. A good contract is an asset.

As to internet contracts I have found the sme thing as Don mentioned, they lack specific covenants to address common issues and can be vague. Use them as a starting point in my opinion, not as the final agreement.

In Mo. we are free to use any contract, rather a real estate contract for a residential property does not have to be approved by the Real Estate Commission. In thoses states that have such rquirements, I would suggest incorporating the covenants and agreements of special provisions as an addendum to the standard contract, taking care not to amend or modify any requirements in the basic contract. Then have the contract reviewed by an attorney. From there, you can implement the same addendums or modifications as you need to. Good Luck, Bill