contracts.

8 Replies

  • My name is Onika and ( you can call me "O" I am a newbie at wholesaling real estate ...I need a mentor to help me through my first couple of transactions.. I got 2 leads  now and one of the persons has 10 properties all 11 properties are in the Illinois area.  I am willing to split 50/50 with any transaction that closes with the help of a seasoned Wholesaler.. Could a seasoned Wholesaler please email me a wholesale purchase agreement and assignment contract strictly for illinois. and anything else you think I may need ...Thanks in advance...

O,

Have a purchase contract yet? Check out the file place under the "Resources" tab--you may find one there as well as an assignment contract--but have your lawyer review anything you're about to use to be sure you are protected. Which leads to a better question: Do you have an investor friendly title lawyer/company? If you do, contact him/her and ask them for the legal advise. They may even send you contract(s) that they prefer to use. If you don't, start making calls local to you to find one. As he/she might tell you, you can use a standard contract, but be sure it has an inspection contingency that allows you access for you and partner(s) to review property for a specified period of time. This way, you can be sure you have a good deal before committing. If you review property further and find that it is not the deal you thought it was, you can get out early without anyone getting hurt. Further, you'll have a default stipulation (as is standard) that specifies your earnest money serves as compensation if you happen to default, in case something happens before closing and you or your end buyer can't come through (which is never the goal!). If you still need help, please contact me. I am not as experienced as some others, but I can refer you to a great title lawyer/company and whatever else, however we are in Chicago, so you'll need someone more local to you most likely. Hope that helps!

Originally posted by @Mike Nickles :

O,

Have a purchase contract yet? Check out the file place under the "Resources" tab--you may find one there as well as an assignment contract--but have your lawyer review anything you're about to use to be sure you are protected. Which leads to a better question: Do you have an investor friendly title lawyer/company? If you do, contact him/her and ask them for the legal advise. They may even send you contract(s) that they prefer to use. If you don't, start making calls local to you to find one. As he/she might tell you, you can use a standard contract, but be sure it has an inspection contingency that allows you access for you and partner(s) to review property for a specified period of time. This way, you can be sure you have a good deal before committing. If you review property further and find that it is not the deal you thought it was, you can get out early without anyone getting hurt. Further, you'll have a default stipulation (as is standard) that specifies your earnest money serves as compensation if you happen to default, in case something happens before closing and you or your end buyer can't come through (which is never the goal!). If you still need help, please contact me. I am not as experienced as some others, but I can refer you to a great title lawyer/company and whatever else, however we are in Chicago, so you'll need someone more local to you most likely. Hope that helps!

 Hey Mike, thanks for the great info you posted. Do you mind providing me the info for the title lawyer/company you were referring to?

@Mike Nickles

Thank you for the helpful info you listed above - would you mind sharing the info for the title company/lawyer? I've been trying to figure out what type of contract to use as well, specifically for Illinois. I'm interested in buying REO's, and not sure what type of contract I would use to sell the property to the end buyer after the A-B transaction between me and the bank is completed. I've read that the bank will not allow me to assign a contract, and I would have to do a double closing.

Also, from your experience as a wholesaler, do you find that you need both a lawyer and title company to close deals?  Or just one of the two?

Thanks!

Glad Bob chimed in. Thanks for reaching out. I allow the deal to dictate, and right now with real estate I am focusing on my agency game. If you have cosmetic jobs in the SW burbs to WS let me know tho - I have one or two people looking for a fix/flip opp. Thank you, sir.