My understanding is to wholesale I need 3 documents:
1) Offer Letter (Is this optional?) for use between ME and SELLER
2) P&S contract with assignment clause for use between ME and SELLER.
3) Assignment Contact for use between END BUYER and ME with wholesale fee included.
Is that correct? and if so, should I have a lawyer draft them up? Or is there a place to get standard Massachusetts State approved files that I can have edited by an attorney?
Thanks for the time BP!
I'm not familiar with that market. If you don't get any responses in BP from your question I'd look into reaching out to local Title Companies/Attorneys in that area. They are the ones that process majority if all sales in Real Estate. So I'm sure they can help. Just give them a call and let them know "your new to Real Estate" and I'm sure someone will help. Also look into joining local Facebook groups and see if someone is in that market that's done a deal and maybe they can send you contracts. Hopefully that helps!
Thanks for the input. Definitely good call with the smaller facebook groups. That is probably a better way to zero in on smaller local crowd than a forum post to all of BP.
I have reached out to a few attorneys so far but not all of them deal with investors and even less it seems deal with wholesalers.
I’ll keep digging but thank you for the tips, take care
We skip number 1 and only do 2 & 3.
Gotcha, thanks @Enis Shehu
There are NO standard MASS forms as wholesaling is not allowed in MASS. Is it done, yes, I am sure it is. Search the previous post on here and you will see what I mean.
@Douglas Snook Yes I have read in some posts that it is illegal but I'm speaking with some lawyers about it right now to make sure I am doing everything by the books.
From what I have seen, mostly agents are saying it's illegal and mostly investors are saying it's not.
I'll be making sure I follow what my attorney says exactly to make sure I am not breaking any laws. Appreciate the heads up.
I just went through the same hunt. One lawyer told me to use standardized contracts, and that it would be simple to include a termination clause. Another suggests drafting each contract individually, and that in MA a written offer is essentially the same as a P&S, so most skip the offer and go directly to P&S.
He was not so confident that we could add any exit clauses outside of your typical inspection period. I'm curious to hear what your lawyers have said about that.
Also, Any deals yet?