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All Forum Posts by: Sharad Peterson

Sharad Peterson has started 1 posts and replied 3 times.

Post: Using state contract when flipping a house

Sharad PetersonPosted
  • Investor
  • Posts 3
  • Votes 1
Quote from @Jason Marino:

Some of these contracts are State specific and have been created carefully using unique provisions of State law. As noted above, there are standard elements to most contracts, but there are usually specific clauses as well. From my perspective, you could either: 1) find a template for Georgia and use that document; 2) find a template for Georgia, review it, and incorporate any additional clauses (if applicable) that it has into your document that you created.

Appreciate this. What I gathered from your response was to basically use the state contracts then? Lol

Post: Using state contract when flipping a house

Sharad PetersonPosted
  • Investor
  • Posts 3
  • Votes 1
Quote from @Michael Dumler:

@Sharad Peterson, I'm not a real estate attorney, but to my understanding, you should be fine using your preferred contract. A valid real estate purchase and sale contract need to have the following elements; written instrument, names of all parties, legal description of the property, purchase price, closing date, etc. Hope this helps!  

Thanks, I just wanted to make sure I’m not violating any ethics by using my own contracts. If the deal were in Maryland (the state im licensed in), I’d definitely use the respective state contract but since I’m not licensed in GA I’d much rather use my abbreviated contract (which contains the basics), as it’s much more easier to review with sellers. It also doesn’t scare off market sellers away (the regular state contracts are very long and most motivated sellers don’t want to spend time reading through them when they can just go with another investor who has a simpler contract).

Post: Using state contract when flipping a house

Sharad PetersonPosted
  • Investor
  • Posts 3
  • Votes 1

Hi everyone, I’m an agent in the Maryland market and I’ve found an off market deal that I’d like to flip in Georgia. 
I’d like to know if I can use my own contract or am I required to use Georgia state contract to lock the house up since I’m a licensed agent (albeit in Maryland). 
I want to use my own contract as it’s much easier to walk the seller through. 
Any feedback?