The MLS (Multi Listing Service) contract is the sales contract used by real estate sales agents. This being so a ton of money has been spent in making it perfect to serve the agents that use them. Whenever you do business in a state where an attorney is involved in the closing of a deal, the attorney always bark at every sale contracted presented to them other then the MLS sales contract. Not that other sales contract aren’t relevant, its just the attorney always bring up points with the contract so that an entire new contract is written up. To avoid this time lag and terms you want to get across, I use the MLS sales contract to do all my business.
Nick what about the loop wholes and all the escape clause in these special contracts? If you have to many escape clauses in a contract typically by the time it gets to an attorney, he/she will see this and throw it right out. Simply said, to go under contract with a seller you need to be aware of how to confirm to what is normal to the real estate society. So stop using these special sale contracts and fancy escape clauses because they really aren’t real. Sure you can get away with it in states where attorneys are not involved in the sale but it doesn’t mean you are a true investor. True investors understand how to work in any environment, attorney involved or not. Point is… its not that difficult to begin with so why not right?
– Want to know all the escape clasues I have in my contracts?
– Want to learn how to make MLS contracts assignable?