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Updated over 12 years ago on . Most recent reply

User Stats

361
Posts
75
Votes
Joseph Ziolkowski
  • Inspector
  • Alsip, IL
75
Votes |
361
Posts

boilerplate purchase contract question

Joseph Ziolkowski
  • Inspector
  • Alsip, IL
Posted

Hi all! I just spoke with an attorney refered to me by a wholesaling colleague after faxing him the purchase contract that I plan to use. It is a simple, one page contract that contains all the necessary fill in the blanks, along with necessary contingencies. I wanted it to be one page and simple so that when dealing directly with sellers, there was no confusion. He told me that it was very inadequate. He wanted to draw me up another one before I made my next offer.
But my real question lies here. I asked if he could draw me up a boilerplate contract that I could use everytime I made an offer. He hemmed and hawed, and basically said that he wouldn't recommend it, and that I should present each individual offer to him so he could draw me up another contract for each. Same kind of offers (cash with assignment) on the same kinds of houses (distressed sfh), right? Does this sound right to you guys? Don't you, once you have a purchase contract purchased or drawn up, just use the same one, perhaps with different contingencies for each and every offer? Any help would be much apprecieated :cool:

Most Popular Reply

User Stats

190
Posts
91
Votes
Stephani Davis
  • Real Estate Investor
  • St. Petersburg, FL
91
Votes |
190
Posts
Stephani Davis
  • Real Estate Investor
  • St. Petersburg, FL
Replied

Hi Joseph,

That could get quite costly if you're planning on making a lot of offers.

I had my atty draw up a contract for me when I was just getting started, and then used the same one over and over again.

I would look into finding a different atty.

Steph

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