| Question:
What Purchase and Sales Agreement or 'contract'
should I use? What about the contract that
real estate agents use--do I have to use
it?
Answer: There are many,
many Purchase and Sales Agreements (PSAs)
available in the world of investment real
estate. Each investor needs to find one
that deals thoroughly with the circumstances
surrounding the transaction, and that, most
importantly, one that he/she understands!
Many investors use one PSA if they are purchasing
a property and a slightly different PSA
if they are selling a property. Obviously,
the differences are such that the investor
is most protected. However, we certainly
don’t recommend that you treat the
other party unfairly, particularly if they
are uneducated in the real estate process.
You can be a smart business-person and still
maintain a high level of integrity throughout
your transactions.
If you are in need of
a good PSA, we’ve included one that
we like in our Quick Start Guide (along
with many other forms)--click here to learn
more
If your purchase/sale
involves a real estate agent either on the
buying or selling side, you will likely
have to use the GAR (Georgia Association
of Realtors) form. It’s a long, complex
document, so please read it carefully and
know what’s being promised and what’s
not being promised.
Click
here to learn more about our Post-Bankruptcy
Report!
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