Buying from a wholesaler. Would appreciate contract help
Hi BP Community,
I have found a deal from a wholesaler in the Chicago area (First time buying from a wholesaler). We agreed on price. The wholesaler sent me a one page contract with basic information (Standard contract). Basically it's saying seller has to deliver clear contract free of back taxes and liens. It also has an agreed upon closing date, Ernest money deposit. But there are three lines in the contract I need help with.
First line:
In consideration of the sum of $ ______as earnest money due upon acceptance. Earnest money is non refundable with exception to seller not delivering free and clear marketable title.
(Question: Is the closing date the date the seller has to provide clear title?)
Second line:
Closing date shall be on or before XX/XX/XXX . Seller grants any extension needed to clear title or to
complete closing documentation.
(Question: Does this mean seller can say I am making a one year extension without me agreeing to it? Do I get my Earnest Money back if I disagree with extension?
Third Line:
The Buyer agrees that this sale is conditioned upon Seller acquiring property from the current fee owner.
(Question: What does this mean? Is it possible seller who made deal with wholesaler does not own property yet? and seller can make extension to contract until seller gets full title rights? and from the lines above, does that mean seller can create an extension until he/she gets title and if I don't agree could I potentially lose my earnest money?)
Anyone has seen a one page wholesaling contract.
Any help will be very very much appreciated.
Thanks.