Wholesale Contracts

[Kathryn Mould]

I am in Maryland/ Washington DC and I am looking for contracts I can use. There are very few attorneys in the area who deal with real estate investing. Any contract templates I can find online?

[Art G.]

When you say wholesale contracts... do you mean a contract to assign to your investor buyer? or do you mean the contract you acquire the property with from the seller?  They are totally different animals.  

Your assignment contract needs to be short and sweet and totally protect you & your original contract with seller, it also should list the total sale price to investor that comprises principle, assignment fee and down payment. As well as state that payment to occur at time of escrow disbursement.

As for the contract with seller, it should be VERY simple. No strong legal language. Be as concise as possible yet cover every important term of a deal. Like: Parties, address or property, legal description, sale price, terms of price, earnest money deposit amount, title clause, inspection clause, damage to premises, closing date, what closing costs are covered and who pays them, taxes current, date for possession, access prior to closing, and a space to right out any special stipulations. Then signature lines.

Just google real estate contract forms. You can make a new document and mix and match what you like from them. When you are all done, have an attorney look it over to make sure you cover all the important parts and that it makes sense.  Then you are good to go.

Good luck