What I mean by fill in the gaps is to bridge a sensible connection between clauses that all sound so different on samples I've received up to this point, so that I can not only word my clauses in layman's terms, but also fully understand them. For example, here's the "Damage" clause from two different wholesale purchase agreements I've collected:
RISK OF LOSS, DAMAGE: All risk of loss or damage to said property by fire, theft or other casualty until delivery of deed shall be upon the Seller. In the event of loss or damage independently appraised at more than $5,000.00, Buyer shall have the option to receive any insurance payment on account of said damage and take title, or rescind this agreement and receive back all deposit money paid. In such case all rights and obligations of the parties under this agreement shall terminate.
DAMAGE TO PROPERTY: Seller shall maintain property in its current condition and keep it insured against all loss until closing in the event of destruction covered by insurance, Buyer may elect to close and collect the insurance proceeds.
See, they're basically the same concept, but very different.... So I'm looking to compare clauses to make sense of the best verbiage to use.
I'm also trying to avoid the lengthy and intimidating CA BRE's contract (I'm not licensed) and use a simple 1-2 pager. I'd like to cover my buns with great clauses, but be more user-friendly to homeowners. So reaching out to fellow wholesalers who don't mind sharing. Thanks!
