When to have a contract prepared?

[Andrew Quinn]

I have a few contract templates that I think may be useful for my business but I am not for sure. When is the best time to get your contract in order... right before you start marketing for deals? or after you have found a deal? I can see pitfalls to both. If you get the contract before marketing, parts of your contract may not apply to the particular deal you end up finding. If you get your contract done after finding a deal, then your time to submit an offer takes longer because you have to have an attorney draft up the contract. Also, is it ok to use a template contract if you feel that you are in good understanding of it and have an attorney ammend it as necessary? Or is it absolutely foolish to use any contract without an attorneys approval even if you feel you understand the terms of the contract?

[Kerry Baird]

I'd call around to a few title companies and ask if you could have a copy of a contract that is used in your local area.  You don't want a contract that is slanted towards you, because if there is litigation for some reason, you want to be seen as even-handed and fair vs. taking undo advantage of someone.  The local Realtor's contract is approved by the local Board, and the title companies would be accustomed to seeing these, and may give you blanks.  While you are calling, ask if they even do doubling closings, as you need an investment friendly title company to work with.