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Updated about 9 years ago,

User Stats

89
Posts
51
Votes
Dan Kelley
  • Rental Property Investor
  • Leander, TX
51
Votes |
89
Posts

Purchase Contract- Realtors or my own?

Dan Kelley
  • Rental Property Investor
  • Leander, TX
Posted

When purchasing real estate, do you guys usually use the standard contract that the Realtor uses (working with a Ruhl and Ruhl agent right now) or do you use your own contract? I have a contract that I got at a Rich Dad training that my attorney said looked good, but the realtor wasn't too thrilled about using it. 

My main concerns are that I want to make the contract assignable, have a finance contingency, an inspection contingency, and partner approval contingency. I'd like to develop something that I can use on every offer..

Something else I'd like to know: Let's say I make an offer on a property right away just to get it under contract, but I later find out the owner was inaccurate on his figures for utility expense or rental income or can not provide proof of the income- Am I able to rescind the contract due to the inaccurate or insufficient information? If so, what clause in the document would allow that to occur?

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