I'm sure this is a recurring question but I've searched through the forum and can't seem to find any specific answers. I'm new to wholesaling and I'm wondering what are all of the forms/contracts that you actually need to wholesale a property from start to finish. It seems like there is a lot of confusion on where to get the contracts, but I'm not even certain what all forms I even need, contract to purchase, assignment of contract, etc...? I found a Utah real estate purchase contract on the state's website but how do I specify that the contract is subject to me finding an investor and how do I reassign the contract? Is that a seperate form or can I write it right into the contract? I would appreciate any advice on this subject. Thanks
Make sure to check out the "FilePlace" for downloadable forms, files, contracts, etc.
I'm sure someone else with more experience will chime in here. But for Utah I believe it will already have that included in the contract, and btw unless you are a licensed agent you don't have to use that contract you downloaded from the states website. You can even make your own contract. Really all you will need, is to make sure that you include a clause in your contract that's contingent upon finding a 3rd party assignee. You will also need an Assignment of Contract addendum.
look on this site in the resources tab and look for file place. click then look for the contracts section. from there you will see a contract wholesale purchase agreement that is the contract you want. that is the contract you use to get a property under contract. to assign you will need a second contract to. look for assignment of contract (wholesale) in the same section you found the previous one. you will use this to assign the original contract to your investor. check your state laws for any clauses that you may need to put in there and make sure you understand it enough to be able to walk any seller threw anything they don't understand.
Make sure you put it in the contract you are not the buyer, and that you will tie up their property for 30 days or so hoping to find a buyer and be 100% honest with the seller and tell the seller, here are five bucks for letting me tie up your property... I bet if sellers say I need my lawyer to look over the contract most wholesalers will run like a scared rabbit.
Thanks for the great tips! I looked in file place and found what I needed. Seems pretty straight forward so far. I will definitely look up my local laws and make sure I am not missing anything. I agree that there are probably many wholesalers out there that would not be too keen on having a lawyer review their contracts but I want to make sure everything is legit.
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