Contracts im using for Wholesaling
Well I've built a small buyers list of 6 cash buyers and 9 investors, my other forum shows the steps I took to build even this small list. Now im on to step 2 and I realize I have no idea how to find a property much less put it under contract, after much searching on this site I have yet to actually find an example of any contract that can be used for wholesaling. While searching the internet I found a flex option contract which i've listed below, those experienced take a look and let me know if its legit to use. Any beginners like me can atleast get an idea of what the contract looks like. Can someone share an assignment contract, what I would have the new investor sign to take over the deal, and a straight option contract? If you have examples that would be great thanks
Example of flex option contract:
Option to Purchase Real Property Agreement
Date: ______________
This option agreement is entered into between the Parties, Seller(s) and Buyer(s), below in consideration of and subject to the following terms and conditions.
1. Parties: XYZ LLC. and/or assigns as Buyer and as Seller
2. Property Address: __________________________________________________________
3. Offer: Buyer has the option to buy the property at $75,000
4. Period: 35 days
5. Provisions:
- Seller understands that Buyer’s intention is to find an End-Buyer and assign this Option Agreement to that End-Buyer for a fee (paid by the End-Buyer).
- Seller understands that Buyer is acting as a principle in the transaction and is not working as a licensed real estate broker representing anyone in the transaction.
- Upon Buyer’s decision to exercise this option, both parties agree to move forward with the necessary standard purchase and sales agreement.
- Seller may cancel this agreement at any time if they find their own buyer.
- Seller agrees to allow Buyer to put a sign in the yard, advertising the property for sale.
- If Buyer does not acquire an End-Buyer to assign this deal to within 35 days of acceptance of this Option Agreement, this agreement becomes null and void.
- All parties agree that property is being sold in “as is†condition unless noted otherwise.
6. Seller Added Comments:_____________________________________________________
_____________________________________________________________________________
Buyer: __________________________________________________ Date: ___________
XYZ,LLC
Seller: _________________________________________ Date: __________________
Seller: _________________________________________ Date: __________________