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I am going to submit contract on a home tomorrow. The seller agreed to carry the financing for 5 years if they can get $50,000 when I sell the home. I will shoot for 10 years, but we’ll see. I am wondering what contract I need and how I structure the deal since the owner wants cash when I sell. Where can I go to download and edit the docs needed? I don’t mind paying, I just want to do this right. Thanks for the help.
Travis
HI Travis
There are some simple contracts includes with the Foundations of Wealth workbook. That would be a good starting point. However, every state has different rules and regulations about what needs to be ( or not be) in a contract so you night do a search for the contract that has been promulgated by your state’s real estate commission too and see what clauses you need from there.
It’s a big mistake to take a fill in the blank contract and use it without major modifications. Your paperwork needs to fit the deal.
Another thing you can do it…Get out a piece of paper and write down everything you and the seller agreed to ( both sign it) then take it to a title company or escrow office and they will help you create the documents to seal the deal.
Jackie
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