What's a good Wholesaling contract to use in CA?

Question

Hi all!

I'm a real estate agent out here in California and am looking to take a dive into wholesaling! I have written offers on homes before for clients but never for myself. I need to know what's the best items to include in a wholesaling  contract (ex time frame, terms, escape clauses, ect.)

Thanks and have a great week!

Joseph Lane · Answer

Hey @Michael Dumler and @Brenden Mitchum

I appreciate the info. Being a licensed agent I had a feeling this could be a problem. I should have refraised my question better. More or less asking if there's anything in specifc I should include in the RPA that would be better for a wholesaling contract? I.e time frame, escape clauses ect. What exactly would a Flipper like in the terms for when I assign over the contract tho them?

Thanks again!

Mark Pedroza · Answer

I am in no way affiliated with this company but try this webpage. They're local to you as well:

https://journal.firsttuesday.u...

You should be able to find the real estate form your seeking...

Good luck

Steven Leandro · Answer

@Joseph Lane hey man I'm looking for the same thing you are!!  a reliable contract that is legal in California and assignable do you wanna meet up and talk real estate sometime? I still have a W2 so I'm mainly only free on weekends but iv been building up my list of distressed properties here in Corona focusing on Corona opportunity zones!

Brandon Carlson · Answer

@Joseph Lane I believe the new CA RPA has a clause for wholesaling..

Michael Dumler · Answer

@Joseph Lane wholesaling while being a licensed agent can get dicey. You need to check with your state's licensing commission to determine that you're not in violation of any licensing laws. Brenden's right, you would use your state's purchase and sale agreement with a stipulation in the offer indicating that the contract may be assignable at the buyer's discretion. There is also probably a separate form that can be used for a contract assignment. Hope this helps!

Brenden Mitchum · Answer

Hey @Joseph Lane

You already have access to state approved forms. Why would you need to go out of your way or pay extra to create contracts you already have access to?

Plus, then you make it easy to assign contracts to other agents who might be against using a non-state approved contract.

Maybe I am missing something here?