Contract Type for wholesale

[H J.]

Hello,

Hope this finds everyone having a fantastic weekend. I made the following offer to a seller and she accepted:

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A - $75,000 in two months

$35,000 down, $40,000 in two months.

There is no downside/risk for you. If we were to become unable to pay the remaining $40,000, you keep the $35,000, and you keep your house. And you can sell it to someone else in two months.

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Now I need to create a contract. My intention is to wholesale the property. Question: would this be a Contract for Deed? Or is there a better contract for this? Thanks.

Hassan

[Jansen Jamielyn]

Sounds like you got the verbal agreement but need to get a purchase agreement signed.  If wholesaling is the end game in this scenario, make sure you have your assignment clause in place, then simply assign it my friend.  It sounds pretty straight-forward.

@H J. Close can happen immediately if your end-buyer is prepared for a short close... granted you have buyers and a list ready to rock!  Hope that helps.