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All right, so today’s tip is number 13 have a contract that states disputes should be settled with mediation, then binding arbitration, all. So over the years I’ve developed an amazing agreement and it’s what we call our standard purchase and sale agreement. Now this standard purchase and sale agreement is amazing because it takes care of profits. So it’s got profit centers in there. It negotiates a lot of your transaction for you without each point having to be negotiated by you. And it’s also got a lot of protection in there too. So the purchase and sale agreement, it’s three pages long and it actually goes through, one of the things it does is collect up all the money together on one page so you don’t have to hunt through the document to actually find out what the money looks like.
Today’s tip is number 12 always file a notice of purchase and sale agreement to protect your deal from being taken. Let me speak about that. It’s amazing.
We would like to believe that a seller, when they sign a contract with you, is going to actually go all the way through to closing. But many times the seller has actually talked to other people or after they do a contract with you, they’re going to talk with their next-door neighbor, their uncle, their brother, their attorney, and all of a sudden somebody else says, well, I would have paid you that or I would’ve paid you more than that.
Today’s tip is number 11 have the seller pay all closing costs. All right, so I have a contract that I’ve spent many years putting together in my career. There’s 40 plus years now. I’ve been buying, selling and holding property and a I created something called the standard real estate purchase and sale agreement. Now I’ll just take this one clause and focus on it because I talked about the agreement in tip number 10 so let me tell you about this particular clause.
Today is tip number 10. Always have the right contract with language to protect you and yield all the process possible profits available. Well over the years, of course, I’ve been in this business now for over 40 years and I’ve learned a lot of things in what to do and what not to do. And I can tell you that one of the most powerful things I ever learned way back in the beginning was to have the right paperwork. And I’m not talking about a standard realtors agreement because the realtors agreement first is designed to protect the realtor, second, to protect the seller and third, to protect the buyer. What I found is that I really needed two different contracts. I needed a bine contract and I needed a selling contract and I needed one that had negotiation built into the paperwork and I needed one that had profit centers built into the paperwork.
And so over the years I designed one that was truly amazing and it’s helped a lot of my students. You know, I’ve got clients in all 50 states and 16 foreign countries and they just brag about my paperwork and I say it’s a best in the industry and I’m very proud of that. I’ve worked hard to do that. A figured out what works and what doesn’t. You know, a paragraph, a phrase, a word, it can make all the difference in success in your paperwork.
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