Purchase Agreement too long?

[RyanW]

Hey guys I wanted to see if you guys were running into any of the same things I’m coming across. I’ve had multiple people agree to sell their parks at reasonable prices in the past few weeks. The problem happens when I send out the purchase agreement (Frank and Dave’s). I’ve had 3 people tell me the agreement is way too long and there’s no way they will sign it. I’ve even had one lady just put it back in the mail and send it back to me without so much as a phone call on her end (I obviously called her when the return receipt came through). I’m wondering if you guys run into this and if so how you combat this. Is there a short form purchase agreement that offers similiar protections but is easier for the seller to digest? I don’t know if it’s something I’m doing or maybe no explaining properly or what the problem is. Thanks for all of your help.

Ryan

[Marvel_Equity]

Ryan, while I have had this issue come up, my guess is that if you are having it on 3/3 cases, you are having some type of issue trying to get to the P and S stage. Have you met with all of these sellers? Have you visited any of the properties? Any additional info on the rapport you might have with the sellers?

[tmperrault]

I’ve had the same issue. Many mom’s and pop’s freak out when they get the 19 page agreement even though it’s very fair to the buyer and seller. You can remove a lot from the agreement and still have plenty of safeguards (in my opinion). I suggest you have an attorney review it and have them make suggestions on what to remove. I got mine down to 8 pages (not including the exhibit and signature pages)