Maryland Purchase Agreement

[Joemade Scott Carter]

Hi Investors,

Anyone has a one page purchase/assignment agreement for the state of Maryland that I can use?

Thanks in advance.

[Russell Brazil]

Hire a real estate attorney to draft one. Maryland real estate law is fairly complicated. Do not trust a free one someone from the Internet gives you

[Justin Lenk]

My attorney told me it would cost a lot more for him to draft one from scratch rather than adjust an existing contract.

-Justin

[Account Closed]

• As an investor representing yourself, there is NO need to worry about conforming your offer to any state you are investing in as long as you don't violate state law. 
• And honestly, what law would you violate? You should check local laws related to foreclosures however.
• Agents, yes if they are representing others for a commission.

I have been using a one page contract for years, I call it a "skinny" agreement. It was designed to simplify the process of communicating my offers and getting them accepted. I keep it simple and in everyday language, easy to understand what we, the seller and me, the buyer want to accomplish.

As for getting an lawyer to design one for you, I believe you need to know what you don't know about creative offers and the goal of the written document you want.

It is up to you to tell the lawyer what you want that contract to say and do for you (I prefer to call it an "agreement").

When you ask a lawyer to write an agreement for you, he will and it might be 20-30 pages. He'll put so much useless stuff in it to protect you, contingencies, and many "what if's" that it will delay the acceptance by the seller. I believe your goal is to make long term or very short term cash flow profits. With this in mind, think about what you want your agreement to communicate. 

Keep it simple, you only need one out clause.

Maybe these are some of the questions you want to ask your lawyer to build into your offer:

• An agreement that you can use to flip, joint venture or hybrid properties
• Terms and process to collect your assignment fees 
• A nothing down clause, check funds clause with non-negotiated funds
• With a build in extension
• One that allows you to control the property for an extended period of time
• With full profit disclosures
• With one easy to understand out clause
• With right to assign, right to market, right of possession

Ask your lawyer to write an offer based on those terms and you'll have a written work of art.

[Ryan Lee]

A standard purchase agreement is okay.