First Deal, First Contract, Need Advice
Hi all, If this belongs in the legal forum, I apologize. I will be meeting with the seller to sign the contract. He's asking for a deposit of 5k. Should it state in the contract that it's refundable? Let's say that during the inspection there is something terribly wrong with the property (something I didn't catch) and I want to back out. What key items should I be looking for, since it's a contract that he's drawn up, etc. (It's a 2 fam house that I'll be using for renting purposes) Thanks -Ariel
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If you are unfamilar with the legal language in a contract I would do one of two things:
1. Have an attorney review the contract before signing
2. Insist on using the local board of realtors form OR the attorney state supplied form (in Iowa called Iowadocs)
Or use your own...
You make the deposit to a disinterested third party. Ex, Title company,escrow co. or attorney.
sammyvegas said it right, do not make the check out to the seller!!
Thank you all for your thoughts!
-Ariel