I'm new to BP and I am starting my wholesale marketing and would like to get a copy of wholesale purchase contract and subsequent assignment contract for Utah or any state and have a lawyer look it over before putting it to use. If anybody has these items and could help out, it would be greatly appreciated. If you have a link that I can follow to a good one online that would be great to. It wouldn't have to be a free site, but not to expensive. (Starting on a specific budget)
Isaac T. Garner
Hey @Isaac Garner PM me and I'll get you pointed in the right direction. Welcome to BP. :)
Remember section 19 of the standard UT contract is called "NO ASSIGNMENT", so when you plan on assigning or wholesaling a contract be sure your original offer includes an addendum that deals with this.
You don't have to use the standard UT contract - but almost any agent is going to ask you to.
just my 2 cents worth, but as a courtesy I feel it's best you let any agent you're working with know you're planning on assigning contracts prior to them going out on the hunt for you - or find an agent that is okay dealing with assignments. You need to have a very solid plan on getting that contract assigned to a buyer who will perform - otherwise you'll quickly burn your bridge with any agents you work with.
I too am looking for a Utah wholesale purchase & assignment contract if anyone can send me one, I will be forever grateful.
If you use a licensed agent in the State of Utah then we have to use the REPC approved by the state. Which has the non assignable clause previously mentioned.
Are there wholesalers using agents to find deals? Is the state approved REPC required if you aren't using an agent?
@Danny Jewkes I can assist here. Feel free to send me a colleague request and we can get it taken care of. I have a couple of great contracts and addenda I've used. They were originally drafted by a wholesaler who used to be a real estate attorney, so they're perfect.
8013623392 | http://www.fig.us | UT Agent # 9091938-SA00, CA Agent # 01916521
Hello everyone. First day here and a new investor. Grateful for the collaboration. I'm looking to do some wholesales, and am having trouble finding an assignment contract for such. What are the laws here? Do I have to completely purchase a property and then re-sell for higher or can I assign a REPC and if so, where can I find an approved contract for that?
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!