Purchase agreement question
I searched but couldn't find anything....
When wholesaling, do you have to sign the purchase agreement with a title company or attorney or can this be done just between the seller and wholesaler?
I don't know laws in New York. However, I sign the purchase agreement with the seller.
Originally posted by @Roland Paicely:
I don't know laws in New York. However, I sign the purchase agreement with the seller.
Thank you, that's what I was thinking. The assignment though is with an attorney or title company, right?
You sign the purchase agreement with the seller, BUT you absolutely should have an attorney review first, especially in a wholesale situation, or there's a fair chance you are going to have your deposit on the line when the assignment provision or some due diligence provision or something wasn't properly negotiated and you can't get out of the contract without forfeiting your deposit. A title company shouldn't be involved at that juncture.
You sign between the seller and wholesaler.
Why would you sign with the title company? The title company isn't selling or buying anything.
In New York you need an re attorney.
You can sign with the seller but as @Jessica Zolotorofe has stated, in NYS you will use attorney's to oversee real estate contracts. While title companies are involved with the process, it is the attorney's who will close for you. On the west coast title companies are used-you just need to know what is procedure in your state of business.
Hi Pablo,
I'm in NY also and looking for a Title Company that can do Double Closings, and Assignment of Contracts. Which ones have you found that can do these types of deals?
National Granite is really good. The attorney really guides the process and the title company typically follows their lead, but if you choose not to use an attorney, they can definitely handle.
Contracts are between buyers and sellers. Title companies are typically not parties to sales contracts or assignment agreements. The only time a title company would execute such an agreement would be to acknowledge receipt of an EMD or some specific terms related to escrow/conditions of release of funds.
Everyone talks about getting contracts reviewed but I rarely ever see people actually do it.
And a "Wholesale transaction" isn't this super dangerous activity like some would make it seem on this site.
Consult with someone who has actually been apart of real estate related litigation, just any old attorney won't do any justice.
But to answer the question I can't name a single time a contract was signed by anyone but the buyer and seller.
Maybe on Mars?...