Using the State approved contract

[Michael Gee]

Hi all,

The real estate commission approved contract in my state is 16 pages long and in my opinion, full of irrelevant information needed to lock up a property to wholesale, assign, and use when an investor is using all cash to purchase the property. Also I feel like the seller you are purchasing the property from could become confused by such complexity of terms and provisions that are irrelevant when doing a simple purchase agreement when not using a broker or originating a loan.

I haven't used the state approved contract to wholesale deals but I hear people say to use it because the state recognizes it and will protect you when filled out correctly. The kicker is, I would have to place "N/A" on many terms that are not applicable, which really cloud the terms on the contract that are applicable.

Do investors really use a 15+ state approved contract for a simple purchase agreement with sellers? It seems like the safe route to go but I also feel that a simple 2 page agreement would work also, considering all terms and provisions apply. Simplicity is key right?