1 Page Contract - Legality

[E J]

I created a 2 page PSA to be used when wholesaling deals, but my attorney was concerned there was so much missing from it that's in the standard form. But really, does it even matter if a lot of the specifics are missing?

The fact is (and this has been said on other threads) that the purchase contract really is worthless until the time of closing. As the buyer, I could blow the contract off and I would only lose my $10 EMD. As the seller, they could blow the contract off and I couldn't really do anything about it because I am not going to take expensive legal action- I would rather just move on. Also written into the contract is that the earnest money is the sole remedy for buyer's default, so I'm protected from specific performance.

So, in the event that a murky issue arises that is not directly addressed in my short contract, such as the house burning down the day before closing, or the condition of the home being different than originally agreed on, then I can just back out of the deal! Let them keep the $10 bucks if they won't give it back claiming there was nothing in the contract saying I get it back if something happens to the house.

If the homeowner remains intent on selling, and I remain intent on buying, then there should be no problem with the short contract.

What do you guys think about this? Does anyone have a 1 or 2 page contract that they CURRENTLY USE to do deals? If anyone could share, that would be invaluable to me.