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Paperwork

There are no oral agreements in real estate. Everything must be in writing. Once you have written a contract, you have to present it to the seller. By presenting your offer correctly, you have a better chance that your deal will be accepted.

We will show you how to write an offer that will get you a great deal while, at the same time, protect you from winding up in a lousy deal. We will show you how to present your offer in such a way that the seller will see the advantage for him- or herself in accepting your offer.

Writing Your Offer

Technically, you can agree to buy someones property, and they can agree to sell it to you without a written agreement. But if a dispute arises between you and the seller and you wind up in front of a judge, the case will be thrown out as soon as the judge discovers there is no written agreement.

Every state has a statute of frauds that says for a real estate contract to be valid it must be in writing. If there is no writing, there is no validity. If there is no validity, there is no contract. Especially in the foreclosure arena, protect yourself by having everything in writing.



CoCa CoLa Besides the requirement that for a real estate contract to be valid it must be in writing, the contract must meet four other requirements. We call this the CoCa CoLa test. We are not promoting or advertising a soft drink but are using CoCa CoLa as a memory aid. Once you understand the four requirements for a valid contract, you will always use the CoCa CoLa test to make sure all the requirements are present.

Consent: There must be mutual consent between the parties to the real estate contract. The parties have to agree about the wording and conditions written in the contract.

Capacity: The parties to the real estate contract must have the capacity to enter into the contract. This means the parties have to be of sound mind (competent) and of legal age (18 in most states). There are some exceptions to the age requirement, such as being married, or being married and then divorced, being in the military, or being an emancipated minor.

Consideration: This is anything of value that influences a person to enter into a real estate contract. It could be money, a deed, a service, an item of personal property, an act (including the payment of money), or a promise (including the promise to pay on a loan). If the consideration is an act or service, that act or service must be performed after the parties enter into the contract. Typically, consideration accompanies the contract in the form of a promissory note or check. Without consideration, the contract is not valid.

Lawful: For the real estate contract to be valid, the promises made between the parties and the consideration given must be legal.

Types of Contracts There are many types of real estate contracts. We are going to show you the four contracts we use for our own real estate investing. The purpose of the contract is to communicate. We believe the simpler the contract, the better the communication between the parties to the contract.

Letter of Intent A letter of intent is our homage to the original one-page real estate purchase contract. You can write anything you want to convey your intent to the seller that you are interested in purchasing the property. A letter of intent is not technically a valid contract, but it does meet our requirement that a contract communicate.



To The Owners of 711 Lucky Street, Oceanside, California: 3/11/05

We intend to make a cash offer on your property within the next 24 hours. In the event you receive another offer before we have had an opportunity to present our offer, we request you give us the first right of refusal and allow us to present our offer before you accept any other offer.

Sincerely,

Chantal & Bill

Option Contract An option contract goes beyond a letter of intent. More than conveying your intent to buy a property, an option contract says you are buying the property within a certain time frame. Also, you will commit funds in the form of an option fee or option money-basically, a deposit-to keep the option open.

Once the option has been agreed to, only the buyer can exercise the option.The seller cant back out of the deal if the buyer exercises the option. The buyer can back out of the deal and not be sued for specific performance.

Purchase Contract A purchase contract is the basic agreement between you and the seller for purchasing the property. Many variations of purchase contracts exist. You can check with local Realtors or title insurance companies to obtain a copy of the type of purchase contracts used in your area. We have included a standard purchase contract in Appendix C

Purchase contracts have been designed to have standard writing- a boilerplate-to be used in all types of transactions.The blank lines and spaces in the contract are to be used by you to customize your particular deal. We recommend you always stipulate that your offer is contingent on the approval of your money partners.



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