Real Estate Purchase Contract…Undressed (Free Download, Plus Video)
By JP Moses on Nov 14, 2008 in Featured, Free Real Estate Investing Forms
You remember the free option agreement form and video I gave out recently? Here’s another one for you…
Today it’s my “Quick N’ Dirty” buying contract — specifically the one I use for wholesale/quick flip deals…and even more specifically when going “belly to belly” with an individual seller (i.e. non-listed property)
I think you’ll be glad to see it’s about as simple, plain-English and non-threatening as you can get.
Granted, it may not be the most comprehensive real estate contract around — but for that you can go to your local board of Realtors. And from time to time you probably will.
But I like this one a lot because it’s notably lacking in bloat, but I find it gets the job done real nice for me.
1) Start by downloading a copy of the contract for yourself…
To do this, right-click here and select “Save Target As…” from your Windows menu.
3 quick things:
1) Here’s a quick screen-capture video I made demonstrating how to download the doc in Internet Explorer on a Windows computer.
2) If you’re a Mac user, then instead do whatever it is you Mac folks do to download stuff.
3) The form is in MS Word (.doc) format. If you don’t already have MS Word on your computer, then Open Office should do the trick for you (and it’s open-source freeware).
Oh, and I’m giving you a personal license to use this document in your own real estate business. But please don’t sell it or give it away yourself. If you know of someone else who would benefit from this, please send them a link to this page so they can come here and get it themselves.
Why? Because I’d like to give them the chance to become an REI Tips subscriber…just like you. 
2) Then watch the “how to” videos…
Here’s my short, 2-part video walking through this form, how to fill it out and how I use it specifically.
I hope you find it useful, and I’d really appreciate hearing any comments you may have if you could please share them below.
Thanks.
http://www.vimeo.com/2242058 http://www.vimeo.com/2242086
Technorati: Real Estate Investing, Free Real Estate Purchase Contract
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15 Comment(s)
By Peggy (3 comments) on Nov 14, 2008 | Reply
Wow, is that ever a simple contract!!! Thanks…
By Lloyd Rupp (1 comments) on Nov 14, 2008 | Reply
I have an error on page message!
HELP!
By jp (4 comments) on Nov 14, 2008 | Reply
Lloyd, it seems to be working great for me. Have you tried rebooting your browser? Maybe it was just a momentary hiccup…try again???
…jp
By norm (1 comments) on Nov 15, 2008 | Reply
The purchase agreement form will not download. When you openit goes back to thepage of instructions on how to download. The video works great.
By JP Moses (53 comments) on Nov 15, 2008 | Reply
@norm - Norm, here I made a quick video demonstrating how to download it: http://screencast.com/t/2cecJXQZQk
Hope that helps,
…jp
By Jeremy (3 comments) on Nov 16, 2008 | Reply
If you find yourself not able to assign this contract or close on it yourself. What is typically the way you go about “exiting” this contract?
By JP Moses (53 comments) on Nov 17, 2008 | Reply
@Jeremy - Jeremy, it’s got an “out” clause (the final inspection) but I really try not to use “weasel clauses”. They have that name for a reason.
If I’m not sure if I can flip it, I’ll lock it up with an Option Agreement instead. Or I’ll let them know it’s contingent upon my partner and/or contractor doing a full inspection withing 7 days, then give myself that 7 days to lock in a buyer. If I don’t, then I tell them my partner didn’t approve of the deal…that’s a way to give yourself some wiggle room without stringing them along unfairly.
Make sense?
By Jeremy (3 comments) on Nov 17, 2008 | Reply
Yes it does make more sense. Thank You!
It seems as when your starting out, your more likely to be unsure if you can flip the contract. Therefore you should use a option contract. The more deals you do, the more comfortable you’ll be in knowing how quickly/ likely you can flip a contact. Therefore you can start to use the Purchase to Sale contract more often.
By real estate millionaire (1 comments) on Nov 26, 2008 | Reply
You have really simplified the contract process down to easier to read layman’s terms. Very helpful to those who are looking to to not have a “strings-attached” approach to selling their house or real estate. Good work here!
By Grace Stroup (2 comments) on Nov 26, 2008 | Reply
JP,
I have a dumb Qtn. is the Contract/Purchase Agreement. is that an Offer Contract also?
Thank you,
Grace Stroup
By Taylor (3 comments) on Nov 26, 2008 | Reply
Thanks JP!
Your content never fails to deliver! We had another closing last week, netted $15k. A direct result of the Preston Ely call that you did in June 07. I can’t thank you enough.
Have a healthy & happy holiday season.
Keep ‘em coming!
Scott Taylor
Arroyo Grande, CA
By JP Moses (53 comments) on Nov 30, 2008 | Reply
@Taylor - That’s awesome, Scott! Knock ‘em dead, bro!
…jp
By JP Moses (53 comments) on Nov 30, 2008 | Reply
@Grace Stroup - Grace, if I understand what you’re asking, then yes. The Purchase & Sale Agreement I put out here is the contract I use to make offers on when I’m buying. (i.e. my “offer contract”).
…jp
By Ray (3 comments) on Dec 9, 2008 | Reply
Hi,
Whats the difference between the RE Purchase Contract and the RE Assignment Contract. They both seem to do the same thing.
From JP: Ray, there’s a big difference actually.
You may want to watch both videos back to back. That would probably clear it up for you.
My best,
…jp
By Ray (3 comments) on Dec 9, 2008 | Reply
ok, so both work hand in hand….got it Thanks