Anyone Used These Forms?
I'm here in Florida and different attorneys and title companies have advised me to use their standard "Contract for sale " (FAR/BAR-6S 10/01) for my subject to transactions.(there is a seller financing rider that can be used wiith it ) Has anyone used this with their sub to deals?Or complemented it with Johns$CASH$ Buy offer contract ? (which I already own)
A Purchase and Sale Agreement can be a simple one-page Contract or even hand-written on a napkin (so long as it contains the few base elements needed to make it legal).
[addsig]
Joeyd,
Im a inactive real estate agent in your area and Im interested in knowing that answer as well. I have asked a few agents (which dont know squat about investing anyways) and they have followed up the question with there broker who again doesnt know.
I recently started investing, (got the real estate license for that reason) subject to, as well as rehabs. Im getting ready to unleash the beast so to speak, my advertising campaign I have designed. It would be helpful knowing if the john locke contract can some how be combined with the FAR/BAR or more info on the rider your refering too.
Anyone have any ideas?
-secxces
My attorney drew up a simple sub2 financing addendum which I use in addition to my normal contract. I think this is more efficient and simple because I can use the same purchase agreement for everything. I just add the addendums as I see fit.
I am a Florida and Delaware licensed realtor and have some input regarding the FAR/BAR. The reason Attny.s and Title co.'s suggest you use it is that is has already been reviewed and approved by Fla Assoc. of realtors and the Fla. Bar Assoc., which means they are familiar with it and it will streamline the process. (Even sub to's require title search and deed rec). As for an addendum, the FAR/BAR has a financing contingency clause which mentions "seller financing", you check that (as opposed to FHA/VA/conv), and then in your additional terms (paragraph 21 if I remember correctly), simply state that you will assume title subject to current loan remaining in place, and outline any additional seller financing).
The attached addendum/rider states "Seller agrees to hold a note secured by a purchase money....." .Now if they mean a "note" referring to a promissory note I figure this should not be necessary as for me reassuring to pay the underlying loan the contract alone should do this