P&S AGREEMENTS CLAUSES NEEDED

[Felix Wisniewski]

Whaddup Bigger Pockets!

Still a newbie investor and looking to see what clauses I need. I have the basic purchase and sale agreements. Actually a few different ones trying to decide which one is better without having to throw down the 600-1000 whatever a attorney would charge to review since I dont have that money. I live in New Jersey FYI! If you have a recommendation on what contracts to you Id really appreciate it or if you have clauses I could use Id appreciate to make sure Im safe incase I cant find a buyer, show the buyer the property and all that jazz. Here are some of the clauses I was thinking of adding to it. Let me know what you guys think.

1. Property is sold as-is. This is a net to seller contract. Buyer pays all closing costs

2. Seller must pay for any unknown liens and taxes. Seller must pass free and clear title

3. If not this deal is null and void. Buyer has the right to assign property. Buyer will have 30 business days to close this property upon sellers acceptance.

Any response would be nice.

[Ned Carey]

I presume you are a buyer in this contract. Contracts as a buyer and as a seller often have different terms.

Note that 1 & 2 conflict. Net to the seller means you are paying any back taxes or liens to clear up title witch is in direct conflict with #2

#3. "If not" what ? What do you mean by "If Not?" Contracts need to be clear and very specific.

If you don't have $600 - $1000 to have a contract reviewed you probably are not ready to do any real estate investing. While I have never had a real estate purchase and sale agreement reviewed by an attorney; I have spent a lot of time reading legal text books. I have also had many other types of contracts review by attorneys.