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Updated about 9 years ago on . Most recent reply

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Bee Canyon
  • Investor
  • Irvine, CA
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Do I need to use a different contract for probates?

Bee Canyon
  • Investor
  • Irvine, CA
Posted

I live in Southern California, do I need to use the California RE contact to get a probate deal under contract to be able to assign it as a wholesale deal? Since these transaction are all cash, could I use a regular one to two page wholesale contract? Would the attorneys have problems using the 2 page contract? thanks.

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Rick H.#4 Marketing Your Property Contributor
  • Lender
  • Greater LA/Orange County area, CA
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Rick H.#4 Marketing Your Property Contributor
  • Lender
  • Greater LA/Orange County area, CA
Replied

There is no statutory requirement necessitating the use of one contract form versus another. 

There are judicial council forms used in conjunction with the Purchase Agreements depending on whether Full, limited or special administration powers. You don't need to be concerned with the judicial council forms; this is the attorney's responsibility.

While there may not be a statutory real estate contract, you do have the issue of familiarity by attorneys, title, escrow and lenders. You could just create your own forms and first, as I do, but if starting you'll probably draw unwanted attention to your "personalized" version.

Now here's the bad news: CA probate courts make it difficult if not almost impossible to assign a sale requiring court confirmation.

And the good news is that most sales are full authority sales which do nit require court confirmation. 

Here's the easy solution: look up the closest real estate board, go to the local office, and purchase all the firms you want, even if not an agent, for a few bucks.

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