Residential real estate structuring & contract drafting

Asked about 1 year ago - Raleigh, NC

Residential property purchase contract draft in Raleigh / Durham area

Additional information

Say the sellers asking price for a certain property is 300k; for some reason, the contract price has to be below 270k and the seller won't sell below his asking price; can an attorney draft a contract for the property with a sale price of 270k, and the buyer pays the additional 30k in the form of a contingent contract in which the seller sells 10k worth of furnitures at 40k to the buyer. Looking for an attorney to draft such contract in the Raleigh area.

Attorney answers (3)

  1. Kenneth Love Jr.

    Contributor Level 18

    2

    Lawyers agree

    Answered . Speak to a real estate attorney in the Triangle before you even attempt what you are pondering.

  2. Celia R Reed

    Contributor Level 20

    2

    Lawyers agree

    Answered . First, why go through the charade of a second contract when the end result is the same? Second, I am assuming the contingency in the second contract is based on acceptance of the first contract, but if they are not signed simultaneously, the buyer could elect not to sign the second contract. You might find an attorney to draft these agreements, but I am not sure I understand the purpose behind them.

    Please note that I am answering this question as a service through Avvo but not as your attorney and no attorney-... more
  3. Shawn B Alexander

    Pro

    Contributor Level 20

    1

    Lawyer agrees

    Answered . I agree with both previous answers and if you are buying furniture for 30K and the house for 270K then yes . However this deal will be scrutinized by taxing authorities and the value should be reasonable.
    Good Luck

    If this answer was helpful, please mark as helpful below. Please be sure to indicate the best answer Only If and... more

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.

 

Ask now

24,987 answers this week

2,945 attorneys answering

Ask a Lawyer

Get answers from top-rated lawyers.

  • It's FREE
  • It's easy
  • It's anonymous

24,987 answers this week

2,945 attorneys answering