Contract questions (Long) - Posted by Leon (NC)

Real Estate Investing
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Posted by Leon (NC) on June 25, 1999 at 02:01:45:

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Contract questions (Long) - Posted by Leon (NC)

Posted by Leon (NC) on June 24, 1999 at 01:33:56:

I’m hoping someone here can help answer some questions I came up with while studing my local contract. I’m slowly but surely learning the things I need to know buy studing courses on this site and by reading your posts. If you only knew how good it makes me feel to actually think that I will be successful at this. Thank Goodness I’m on vacation next week (the beach) and not at my JOB. I’ve taken the last month and a half to get ready. I’m done getting ready for now. I’ll be stepping out of my comfort zone and into the game when I return from vacation. I can’t wait! I needed a tune up on my real estate knowlege and I found it here. Thank-you.

  • When making an offer to a bank or REO can I include or should I include a clause that is to my liking concerning breach of contract by buyer? My local contract, the one I will be using states that the earnest money shall be forfeited (I don’t have a problem with this) but it also states that this “shall not affect any other remedies available to seller for such breach.” This I don’t like.

  • When making an offer on a property that I would like to hold and resell after repairs or whatever, can I use the standard language when applying for hard money loans? Where it asks for type of financing would I just put “non-conforming loan” and fill in the blanks for percentage, term, etc?

  • How does a seller make changes to a contract to their liking or do they have to submit a counter offer?

  • At what point do you insert the legal description of the property? If I do this after both parties have signed and it’s only on my contract is this OK?

  • Is there a problem using the standard contract to submit to sellers when not using an agent? When I say standard contract I mean the North Carolina Association of Realtors Form.

  • In my contract under “Inspection” it states that most things will be in working order upon close. If I’m making an offer on a dump, I have an “as is” clause for this when going direct to a seller. But, when making an offer to a bank what should I do? Use the same clause?

  • When my intention is to flip the property, who in the contract should the deed be made to. “To be determined at close of escrow?”

  • Should I add a time frame for acceptance in the addendum? IE. Offer to be accepted and returned to buyer by a cetian time or contract is no longer valid.

Hope you can help with these. Thanks.

Leon (NC)