I'm starting a real estate wholesaling business in Indiana and I'm looking for an attorney to review two contract templates I've drafted. One is a purchase agreement with an assignment clause and one is a separate assignment-of-contract agreement. I want to make sure they comply with Indiana's wholesaling disclosure law (IC 32-21-16.5 / HB 1068) and any other requirements or suggestions before I use them on a real transaction. Please let me know if you can recommend anyone for this
Good instinct getting this reviewed before your first deal. When you sit down with the attorney, bring both documents: your purchase contract and your assignment contract. The review that matters covers three things. First, that your purchase contract clearly gives you the right to assign. Second, that your marketing language sells your equitable interest in the contract, not the property itself. Third, that your inspection window and earnest money terms actually let you exit if the numbers die.
Finding the right attorney: ask at your local REIA meeting who the active wholesalers use. The names repeat fast. You want someone who closes wholesale deals regularly, not just a residential closing attorney. Ask them directly how many assignment deals they handled in the last year.
One more thing. Do not market the house. Market the contract. That distinction is the whole game in wholesaling, and your attorney will tell you the same.
I'm starting a real estate wholesaling business in Indiana and I'm looking for an attorney to review two contract templates I've drafted. One is a purchase agreement with an assignment clause and one is a separate assignment-of-contract agreement. I want to make sure they comply with Indiana's wholesaling disclosure law (IC 32-21-16.5 / HB 1068) and any other requirements or suggestions before I use them on a real transaction. Please let me know if you can recommend anyone for this
Thank you
@Peter Phillips, I think you're making a good decision by having both contracts reviewed before using them. I'd look for an Indiana real estate attorney who's familiar with wholesaling transactions, especially the state's disclosure requirements. One thing I'd also ask them to review is how you're communicating with sellers, since compliance isn't always limited to what's written in the purchase or assignment agreement.
I'm a real estate attorney, broker, and investor based in Maryland, and I work with investors on contracts and property transactions. I've seen how important it is to have clear agreements from the beginning, especially when more than one party is involved in a deal. It's much easier to address potential issues before signing than to deal with disagreements later.
I appreciate that you're taking the time to get things right before your first transaction, @Peter Phillips. Real estate contracts are a big part of my work, so your post caught my attention. I hope you find a good local attorney, and I'd be happy to stay connected!