Wholesaler · Fort Worth, TX · Member since 2010 · 1k+ posts · 1k+ votes
5y
I'd recommend using the standard or promulgated contract rather than inventing or using some wholesaling contract you find off the internet. Nearly every State's contract has a section for special instructions to lay out terms, add extra documentation etc.
The "one pager" contract has its place, but I use the State contract 98% of the time because it offers excellent protection to both seller and buyer, is easy to fill out, and is what everyone is used to seeing. ....God forbid you should ever have to go before a judge, but if you do and your transaction was based off of anything other than the State Contract, whatever leg you had to stand on will evaporate.
You could certainly hire an attorney to draft one if you would like to go to the expense. But the contract your State's Agent's use are standard, simple, easy and will comply with all of the laws of the State. It only looks complicated. In truth, there are very few boxes to fill in and can be completed in a few minutes.
@Paul Welden Why wouldn't a wholesaler share a contract? There is no mystery or magic in them. There are no silver bullets or secret sauce to anything related to real estate. Just best practices....Most of the time I encounter secrets, I run :-)
Their is a "file place" on the site but it is harder to find than it used to be. Thank you at @Mark Pedroza for pointing it out to me again. I have linked it here for you.
No matter what you may find there, same advice as above applies. I recommend you find your State's contract.
I'm in the same boat. Just getting my new business off the ground. Was wondering if you have any suggestions as to how to go about getting the purchase and sales agreement as well as the assignment agreement for wholesaling, current with AZ state statutes/laws?