New California Investor
Hi,
Im new to investing and I need help with contracts. I need to learn how to fill them out, which ones to use etc. Can someone refer me to a good source to learn or is someone willing to mentor me with contracts? Thanks and God bless.
What type of contracts? Purchase contracts?please see my profile [ Edited by johnnyloans on Date 06/15/2005 ]
Right.
IS the closing handled by a lawyer where you are or a title company?
$5k is tough to reference without a purchase price.
House is $125k & handled by a title company..
[ Edited by telebroker on Date 06/13/2005 ]
Most people will defer to the closing price and factor 3-4%.
However, here are just some of what is added up.
1. 1 year of insurance + 1 Q
2. 4-6 months of state tax
3. any broker fees
4. apprasial (if not paid prior)
5. several certificates (flood etc)
6 title insurance
to name a few - so you can see taxes and insurance play a significant factor in the closing costs - broker fees can add 1-2% of sale price.
You can have the seller pay some of the closing cost if agreed upon in the contract.
I know there is a good club in your area with a lot of investors. I would join that if I were you to get some information.