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Updated almost 6 years ago,

User Stats

43
Posts
5
Votes
John Clark
  • Bentonville, AR
5
Votes |
43
Posts

What's the best way to get a pre-sale contract?

John Clark
  • Bentonville, AR
Posted

My builder/partner and I are buying multiple lots to develop on too sell/rent on our own once they are built.  One parcel needs to be split into two lots.  In order to close on time, the bank suggested one person buy the parcel as is and we enter a pre-sale contract between the two of us that when the building is complete, my builder sells it back to me.  We have agreed between us that this is the best route to go, but I'm not having much luck finding anything to use, and our agent doesn't have anything at his disposal to use either.  

Is this something we can just simply write up between the two of us or do we need to get a lawyer involved?  

We have also talked to the city and based on their zoning they will approve the lot split no problem, we just have to go through the processes and don't have another month to push out the closing.