Real Estate Contract For Locking A Pre-foreclosed Property
I am interested in purchasing a pre-foreclosed property in maryland but I need a contract that I can exclusively lock this property down without any other investors trying to go behind my back and take the deal. Does anyone have a contract i can use that has this type of clause?
I don't know about Maryland, but in NY you can just use a standard RE purchase contract with any stipulations you want such as Sub-2, L/O etc. Just make the length of the purchase contract how long you need it for 60-90 days. I use this method all the time. Never seems to cause a problem. Check with your attorney.
Ok i got it, so just use a standard real estate contract and use what ever stipulations i want. Would a notary work as well?
Not sure what you mean by would a notary work as well. As far as I'm aware a notary was a person who you sign the docs in front of. I've never locked up a property under contract in front of a notary - it's not necessary.
Ryan J. Schnabel
A notary seal would show that person made a legal binding contract in front of them. Most sales agreements have a witness, this witness is registered for your protection.
I have seen sales contracts notarized and not notorized.
Good Luck
Lori
[addsig]
I've never used a Notary Public to acknowledge a sales contract. I've never used a witness. Neither of these things items is generally necessary ,but neither of these practices would hurt. It's just sort of like adding a pair of suspenders to the belt you're wearing.
When writing the contract make it clear. Keep the sentences short and simple. Clarity is essentilal.