Linden, NJ · Member since 2015 · 28 posts · 2 votes
Hi community,
I am trying to start my wholesale business and one of the things I have no clear is where to go to get the required paperwork like a purchase/sale contract or assignment contract.
Is this something I need to get from an attorney or itnks can be obtained online somewhere?
Real Estate Solutions Provider · Baltimore, MD · Member since 2014 · 571 posts · 452 votes
10y
@Alfredo GonzalezCWelcome to BP!! Check the FilePlace. If you happen to find something there I would highly recommend having it reviewed by a real estate attorney before using it.
Investor · Terre Haute, IN · Member since 2015 · 55 posts · 8 votes
10y
I used ezlandlordforms.com. I believe that was the name. Just google it and the right site will pop up. They have state specific forms for a small fee.
Investor · Boca Raton, FL · Member since 2014 · 103 posts · 39 votes
10y
If you want a generic purchase/sales agreement, you can generally find those by doing a quick google search. These are the 2 page contracts touted by many gurus back in the day. Personally, I caution against these and never use them. I find that unless a seller is highly highly motivated, these aren't credible or they get rejected (especially if the seller is working with a real estate agent or attorney). It also goes without saying that this would never hold up when purchasing from a bank.
Instead, I recommend using your state's Realtor approved purchase and sales agreement. This way, you know the contract itself is legit and you just need to worry about filling in the proper terms (i.e. your earnest money deposit, specifying your escrow/closing agent, giving yourself a favorable inspection period, etc.).
I firmly believe in controlling the paperwork and filling these in yourself. As an unlicensed person, you can usually Google and find these contracts. Here in Florida, many unlicensed investors fill them out this way without repercussions. Of the thousands of offers I've made, I've only been questioned by a Realtor on this once - He said it was illegal for me to do this since I am not licensed. This is untrue. If you want to do this "by the book" (legally and without violating copyright law), you can lease the Realtor forms and use them as an unlicensed individual. This is my personal preference and I lease my docs from an online company called Altastar for about $129 a year.
Also I personally don't think an attorney is necessary for drafting a purchase agreement and most probably wont understand what you're trying to do anyway.