Contracts and Offers

I'm looking into getting a commercial lot under contract. My question was, would the standard agreement to purchase or a contract similiar to that one suffice for this transaction? Or is there another type of contract that would be better suited than the ones typically used for purchasing residential property?

Last week I spoke to an Oklahoma attorney regarding the business we are all getting into here through Deans course. There are no barrings in Oklahoma law, at present, regarding this type of real estate work. However, there is a fine line between wholesaling and what an actual real estate agent does.
The attorney that I spoke to advised that I use an attorney to carve out ANY contracts that need to be drawn up just to keep the wholesaler out of legal trouble.

I am in the dark about closing costs. Who ususaly pays them? When the buyer asks the seller to pay closing costs, do they mean all of the closing costs or just the sellers portion (does the seller have a portion?). How about the agents comision?
Is my understanding corrrect that the closing costs are paid usualy by the buyer and agents commision is usualy paid by the seller, BUT these are negotiable?????

Also I have heard it stated that closing costs are 2-3% of the purchase price....Is the 3% just my portion or is it the portion of every one??

When you use a real estate option contract you tie up a piece of property without revealing who is buying it. It was good enough for Walt Disney, who did not want to pay big bucks that would have been necessary if people held out for a bigger check, knowing that Disney could afford more for the land that is now Walt Disney World. Donald Trump also uses this method to tie up properties, in fact, he controls more properties than he owns! Everyone knows Donald Trump as he is the Real Estate Mogul of New York! There are more reasons. For more go to the link below:

http://nationalreihomes.com/real-estate-news-blog.html

I would like to know what the difference is between a bird dog and an assignment? I understand that for a bird dog you get a small fee for finding properties for other investors or wholesalers. I also understand that with an assignment you are tying up a property and flipping the contract for a fee. My question is how do you justify to an investor the difference between lets say a $2,000 bird dog fee and a $10,000 assignment fee? Is there something I"m missing?

Okay I just spoke with another attorney and she was very helpful and nice, and please note she was not trying to turn me away, but, big but. Here is the info I got:

1) Free consultation is only if I retained them. Okay so it is only $175 dollars, but to me that is a lot right now.

2) She says using forms from the internet or from the stores are blanket forms and does not recommend using them, because she says that is the bulk of their business to litigate contracts.

3) It is about 500- 1000 dollars to have them draw up a contract
aGain a lot of money to start.

And if this wasn't bad enough; the whopper was:

Hello DG family. I have a few questions about preforeclosures, hopefully you guys can help... in the event a person allowed me to put their home under contract and I planned to assign it to another investor obviously before the foreclosure date would it be best to pay their past due balance to buy me some more time? Does anyone know a way to find preforeclosures months before the foreclosure date? Also, is there a contingency I would put in the assignment contract if I could not assign the contract before the foreclosure date or at least pay the past due balance before the date? If I was unable to do so is there a way to back out softly with minimal damage to my reputation? I know I asked a lot but all help is greatly appreciated.

I need some help and advice. I found a realtor who is willing to work with me. By the way, I'm gonna be investing in Southern California. I'm about to submit offers and use Matt's 25:1 System. Am I obligated to use the brokerage's purchase contract? Each time I submit an offer do I have to sign the contract? Or can I sign it after the seller agrees to my purchase price and contingencies and signs it?

The earnest money has to be given together with the offer in a form of a check, right? Does that mean I have to give 25 different checks for the 25 offers I make? Any So Cal investors out there? How much earnest money do you usually offer when submitting offers through the MLS here in So Cal? $1,000? $2,000?

Any help is very much appreciated. Thanks in advance!

The number one way to flip real estate is through assigning real estate contracts. This is the best way to flip real estate without buying or owning property, and without closing escrow. For more see link below:

http://nationalreihomes.com/real-estate-news-blog.html

Hello,

Anyone know where I can find an Assignment Fee contract? I want to make sure I have everything in writing. I'm working with an investor and he said he'd split his assignment fee with me when once of his properties closes if I bring him a buyer.

Thanks!