No. of Recommendations: 0
vpotluri: "Do I need an attorney to draw up this offer? Or is there a legal text format somewhere I can copy?"

I am not unbiased, but I I believe that you should let an attorney review the offer. I suspect that in most states there is either a commonly used form or a promulgated form that can be used (whoever prepared the form, however, made certain inherent decisions that may or may not suit your deal).

In Texas, for example, there is a form jointly promulgated by the TREC (Texas Real Estate Commission, which licenses agents and brokers) and the State Bar of Texas (which licenses attorneys), and real estate licensees may use the promulgated form and complete the fill in the blanks without concern about claims of unauthorized practice of law, but the real estate licensees better not start fiddling with the form or adding unauthorized addenda. I am familiar with the form, but thee are a handful or provisons that I dislike and usually recommend that my clients change before submitting an offer.

Hope this helps.

Regards, JAFO
Print the post  


Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.