Hi everyone. I'm new to the wholesale game. I'm in new home sales and trying to redirect my career to becoming a wholesaler . Can anyone direct me where or how to find Maryland wholesale contract. Thank you in advance.
FYI....This is a great site and as soon as I figure out things, I will be able to help others just like me....
Use two agreements, an option to buy and a master lease agreement (Cover the assignment clause here). I would hire a good real estate attorney to review the agreements and close all future deals (shady folks stay aware from lawyers like the plague). Once you secure a good deal, simply sell the assignment for a nice spread, but not too much. The key to wholesaling is making realistic offers backed by an attractive option fee. Don't try to hit gold from one deal, multiple well crafted deals will pay off better in the end. Good luck!
Welcome to BP @Ashley Robinson . Maryland real estate law is fairly complicated. I would suggest that instead of putting your trust in some unknown contract you find on the internet, that instead you consult a real estate attorney. A few hundred bucks spent now consulting a professional makes it a little less likely you are going to get yourself into trouble down the road.
Thanks @russell brazil. That's what I was thinking. I just wanted to get a look at what one may look like. Thanks
thank you @jameshudson
Originally posted by @Ashley Robinson :
thank you @jameshudson
Very welcome! Now get out there and write those deals (Smiles). Wishing you the very best success!
A well written contract of sale is a Work of Art, it is a Picasso, a creative document that will speak to sellers, their lawyers, the court and maybe a jury, it will tell on you, your desires and what your attentions were in the transaction, it will speak for you even when you are not present.
What you write in your offer will follow you words are important, use the right words in your offer). So make sure your so called wholesale contract is written to protect you and is enforceable. Make sure what you offer is real and you can deliver without deceptions, don't try to get over on the seller, if you do, it will hurt you in the end and cost you the profits you expected.
Make a mistake in your contract offer, use the wrong words or contingencies clauses and you will not reach your desired goals.
This is why it is so important to be transparent, to make full disclosures, to be honest and fair. If you are not, the jury of your peers will not agree with your position and you will leave the court room with nothing (you will leave with nothing, but you will be smarter when making your next offer).
Sellers often change their minds about selling to you and may want to find a reasons to get out of the contract, especially when they see the profit you are making.
Lawyers are very good and trained to find reasons to circumvent you, to make you go away and to intimidate you, they are pros at killing your deal; their argument could be; you are acting as an unlicensed agent, your profit is unconscionable, your contract is not legal, your deposit was not confirmed, your deposit was too small, any other reason to muddy your position. They know if they can make you spend money to defend your position, the chances are that you will go away without a profit!)
As an investor, you need to understand that sellers at times will try to get out of your contract offer. This is why full disclosures and contract clauses and are important.
Disclosures and clauses to consider:
- profit disclosures (It is understood that the buyer's intention in this transaction is to earn a profit by short term assignment)
- assignment clause (If a third party assignee is not found before the settlement date, this offer is subject to cancellation)
- Principal ( it is understood that the buyer is acting as a principal and does not represent the seller by written or verbal agreement)
Anticipate that your accepted offer will not settle, that you may have to defend your offer (otherwise you may not get paid your equity or cash you expected)
The wholesale contract that you are referring to is not available from agents, office depot or on the internet!
That contract you want to use is a custom designed creative work of art that you will need to create to fit your needs in you area and will be understood by all concerned.
- your contract should be skinny, one page and easy to understood without legal jargon.
- use delayed clauses
- use and understand an hybrid offer
- build in an extension before it is needed
- use banking days
- consider "check funds"
- right of possession
- right to market by private or public treaty
- delayed penalty clause if seller defaults
Wishing you good luck creating your WHOLESALE CONTRACT OFFER
Wholesaling in Baltimore
not to hijack the thread but does anyone have a good real estate attorney in MD they'd recommend?
Hi Ashley, I have a contract I can share with you, but I second what others have said, and would recommend you have an attorney look over the contract and be sure it fits your needs. I am still learning how to use BP, lol , but I'm going to try and inbox it to you.
Hi Kimberly, I am new to BP. If you are willing, may I receive a copy of the contract as well? Many thanks, Christina
@Ashley Robinson hows business
@Kimberly James Hey, I hope all is well. WOuld you mind sharing your MD Purchase agreement with me as well?