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Updated over 14 years ago on . Most recent reply

User Stats

61
Posts
6
Votes
Larry Simmons Jr
  • Real Estate Investor
  • Texas
6
Votes |
61
Posts

Trying to "Tie Up" FIRST Property! NEED HELP!

Larry Simmons Jr
  • Real Estate Investor
  • Texas
Posted

I am trying to "tie up" a property, actually reaching for two, that fit my buyers list that I have been building before I even found the property. However, being that it is my FIRST deal I want to make sure that all contracts, and documentation I use will have as few flaws as possible. I would hate to put in the hours for it to fall through because I left out something in the contract.

I am in dire need of legit purchase and sale agreement and an assignment agreement. I was thinking about doing the assignment fee for 2-4k, is this too much?

I intend to add the clause of subject to final approval of partner as well as the inspection period (just in case)

I plan to put up the $10 earnest money, because I was told it had to be something of monetary value to make the contract valid.

Sure I am leaving something out, which is why I wanted to post on the forum before I did it but hopefully I hear back soon. Would hate to miss out on the deal =)

Thanks in advance.

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