purchasing off market properties as a licensed Real Estate agent.

[Matt Mitchell]

We are in the process of drafting a purchase contract for properties we find off market.  We will primarily be holding these properties for our own use,  but may on occasion sell (wholesale) ones that do not meet our criteria.  That being said we have a couple of questions to help make sure we are doing everything by the book:

1. If my wife or myself are also licensed Realtors is it required that this be disclosed in the contract?  If so what is the best way to do this?
2. Is it required that this also be disclosed in any marketing that we do to potential sellers? What is proper procedure for this?
3.  As mentioned we are marketing to, and purchasing these properties primarily for ourselves, and are not really interested in wholesaling, but there may be the occasion from time to time we do want to wholesale a property...that being said do we need a clause in our contract stating the contract can be assigned...etc.?

We will have our attorney review, and edit this contract prior to utilizing it, but I wanted to check and see what recommendations others with experience in doing this had in order to make certain we don’t miss any important key items that we should be including. 

Thanks in advance for any advice or input, it’s much appreciated!!

Matt