I think I'm ready to put together my first deal

2 Replies

Hi folks, 

Brand new wholesaler here,  keeping it simple for my first transaction assignment might be my best option. 

Here is where I am at: 

Found motivated seller and agreed on a price but haven't signed a contract yet as I'm not sure if the sample contract I have below is valid to use in MD. (Got it from an online training program) 

Found a motivated Buyer with funds ready to go. 

Anyone know if the below contract is good for Maryland?  Thank you in advance. 

Copy of contract 

Agreement to Assign Contract for Sale and Purchase

Subject Property: ________________________________________________________________________

Legal Description: ________________________________________________________________________

This agreement is made between ____________________________________ (ASSIGNOR) and ____________________________________ (ASSIGNEE) regarding purchase of the above referenced SUBJECT PROPERTY.

Whereas ____________________________________ (BUYER) has entered into a Purchase and Sales

Agreement with ____________________________________ (SELLER) for the purchase of SUBJECT PROPERTY, and whereas BUYER wishes to assign its rights, interests and obligations in the Purchase and Sales Agreement, it is hereby agreed between ASSIGNOR and ASSIGNEE as follows:

1.ASSIGNEE shall pay ASSIGNOR a NON-REFUNDABLE assignment fee of $________ (payable $_______ with signing of contract and balance at close).

2. Assignee’s inspection period shall expire upon execution of this Assignment. ASSIGNEE accepts all terms and conditions of the contract for Sale and Purchase between BUYER and SELLER in its entirety.

3.ASSIGNEE acknowledges receipt of legible copies of the original Contract for Sale and Purchase in its entirety including all Addendum(s) associated with this transaction.

4. Additional terms and conditions of this Assignment are as follows:

a)This assignment contract is non-assignable without the express written consent of the ASSIGNOR. No changes to the Purchase Contract can be made without written Consent of BUYER.

b)Disclosures and Acknowledgement:

i)ASSIGNOR and affiliated associates make no warranty, expressed or implied, regarding inspection reports or other reports provided to ASSIGNEE by ASSIGNOR or third parties concerning this property.

ii)ASSIGNEE acknowledges they are conducting a transaction dealing directly with ASSIGNOR for the purchase of SUBJECT PROPERTY. ASSIGNEE is not relying upon or being represented by a REAL ESTATE BROKERAGE in this transaction.

AGREED AND ACCEPTED

______________________________ ___________ ______________________________ ___________

Assignee Date Assignor Date


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Print Name Print Name

______________________________ ___________ ______________________________ ___________

Assignee Date Assignor Date

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Print Name Print Name

This is a question for a lawyer not an internet forum, also you might want to make sure that the buyer is actually interested in the specific property you have before you sign the contract because if they aren't you could be stuck holding the bag.

Congrats! I hope it all works out. Can't wait for my first deal. Also, I am a newbie, but I think you can contact a REI Company in your area to either get a contract from them or have them look over your current contract.