wholesale/assignment contract questions in Oklahoma

4 Replies

Hi,

I noticed that users have put contracts (such as the 2 below and many more) under the tools/filesplace.   I wondered how we know how accurate these are?

I need some guidance on current and legal contracts for the state of Oklahoma that we can use for:

Wholesaling

Assigning

Does anyone know when wholesaling a deal if we can just do a standard purchase agreement and put a clause in there that says something like "purchase is pending for 30 days, contingent that the buyer can sale the property for an undisclosed amount, but enough to pay seller his asking price. If this isn't done, contract is null and void"?

There are several properties we've found locally on our own, but not comfortable on the process! 

Any input you can give me would be much appreciated!

Thanks, Kim

OK Distressed Properties

I used one that I had created on law depot. I felt uncomfortable not knowing exactly how binding/legal it actually was. My next one will be written or approved by a practicing Oklahoma real estate attorney. It’s the only way that I would feel comfortable.

You should also understand that according to Oklahoma law, Wholesaling is illegal unless you have the means and intent to actually purchase the property even if you are unable to reassigned. However, contingency should still be written into your contract.

@Rocky Griffin - I thought the laws just weren't user friendly based on this below article that another Oklahoma investor share,

http://www.andrewsdavis.com/wholesaling-real-estate-in-oklahoma

?

http://www.andrewsdavis.com/wholesaling-real-estate-in-oklahoma

This is the article I have referenced as a resource for my practice.

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