Offer to Purchase vs. Purchase & Sale Agreement

[Sebastia H.]

Hey guys,

Which one is better to use in wholesale contracts? I feel it's the offer to purchase but want to make sure I'm on the right track here.

[Mary B.]

Originally posted by @Sebastia H.:

Originally posted by @Mary B.:

The P&SA is used to make an offer to purchase. Doesn't matter if your strategy is to wholesale, lease/option or whatever to secure profit. They are one in the same. Maybe you meant to word your question another way, idk. Perhaps you meant to ask about Option to Purchase Contract vs Purchase & Sale Agreement...

Kudos,

Mary

 I was on http://www.legalcontracts.com/contracts/usa/ and there are 2 separate documents under the Real Estate section:

- Offer to Purchase Real Estate

- Real Estate Purchase Agreement 

Ok, when I visited the link you've enclosed and I sought out the two specified contracts mentioned above. I ran my cursor over them and learned per legalcontracts.com it gives the explanation in variance of what they are servicing when utilizing these contracts. The following is what's quoted for the two:

"the offer to Purchase real estate is set out to terms and conditions between a buyer and seller in a real estate transaction".  

"A real estate purchase agreement is a sales agreement for completed homes. legalcontracts' real estate sales agreement deals with new houses(construction completed). It contains additional disclosure forms if required."

From what I can tell one is used for completed fully rehabbed homes and another is for the opposite type of house, per the description. 

When you are using contracts from various websites you will often receive a variety of agreements stating a variety of things. I'm no attorney and this isn't legal advice. You can find a real estate attorney that's licensed in your state or the state that you choose to do REI business in to draw up contracts to your specification or you can find a general contract befitting the legalities of your state / the state that you choose to do REI business in and use that. legalcontracts.com offers templates and it may be ok to use but you need to know if its up to date on the current real estate laws in the state that you are doing REI business in.

Kudos,

Mary