Purchase Contract- Realtors or my own?

[Dan Kelley]

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?

[Wayne Brooks]

No, if it's a listed property the brokerage/agent are required to use the state forms.  You'll have a standard inspection clause which you could use to get out if you don't like the info supplied.  The contract is assignable if it doesn't prohibit it, and you can always alter the contract.  But, if the agent is awake, and thinks you're simply trying to wholesale, they'll likely tell the owner not to sign.  Then again, if the agent "wasn't too thrilled" as opposed to simply telling you "no way" in reaction to your proposed contract, they may not be very sharp.  "Partner approval" always give me a chuckle, as the offer heads for the trash.