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Updated almost 9 years ago on . Most recent reply

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Taneka Nesbitt
  • Wholesaler
  • Newnan, GA
13
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45
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Wholesale Contract between the Seller and Me

Taneka Nesbitt
  • Wholesaler
  • Newnan, GA
Posted

Can anyone clarify what am I to use when I have a seller that is motivated to sell and I want to get the contract with them so I can then in turn sell  it to a buyer? ANY help would be great, I am in Georgia

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630
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Matt Lefebvre
  • Real Estate Broker
  • Manchester, NH
420
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630
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Matt Lefebvre
  • Real Estate Broker
  • Manchester, NH
Replied

Congratulations on starting your first deal @Taneka Nesbitt! An agreement made between a buyer and a seller is known as a "Purchase and Sale Agreement".   Standard Purchase and Sale agreements available by your state real estate commission, normally don't include an assignment clause, so that's something you'd have to add in separately.  There are some examples available in the FilePlace for BiggerPockets, but if this is your first transaction, it might be in your best interest to work with an attorney to walk you through the paperwork and staying within the law.  It is well worth the money spent... even if you breakeven on the first deal, it'll save you in the long-run if you ever run into legal trouble.  

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