Hi everyone my name is Matthew I'm new to biggerpockets I'ma rehabber and I'm trying to gather as much information on wholesaling contracts as possible. I'm in North Carolina now. I'm looking for the standard North Carolina purchase and assignment contract can anyone send it to me. Once I have the contracts filled out who do I take him to a title company any information would be helpful ?
Well first I don't believe you have to take them to a title company just yet. The point of a wholesale deal is to assign the contract to another buyer and then they close on it. But I have never done a wholesale deal so!
@Matthew Hill You would be better served to work with an attorney to create your own purchase contract and assignment contract. As an aside, the 2-T is by default non-assignable. You have to take an extra step to "override" the default language. And, the 2-T is a 13 page document. And, technically, you need to be a broker to use it. And, there is not an official NC Bar Association drafted Assignment contract. And, NC doesn't use title companies for closings. The attorney who helps to draft your purchase contract and assignment contract should be a real estate attorney who would also do your closings. That's my two cents.
@Adam Schneider Found this old thread and have a follow-up question. Let's say if I put my assignment property on MLS and has a buyer who wants to buy it. Would you suggest the buyer use the 2-T or my own assignment of contract that draft by the attorney? Thanks
@Jack Yen . Are you assigning the contract or doing a SDDC (Same Day Double Close)?
@Adam Schneider I am doing double close. but would like to see your opinion on both options. thanks
@Jack Yen If you are doing a double close, you can't use an assignment contract. So, you'll need a purchase and sale agreement (such as the 2-T).