Wholesaling and Contract Specifics

[Jeremy Shechter]

I may be looking at wholesaling a few deals in Ohio as I get started out and am interested in a few specifics on how the process works.

The way I understand it is:

1. Get a deal under contract with the seller for an agreed-upon purchase price.

2. Find a buyer who would be interested in buying the property (at purchase price plus my fee)

3. Transfer the contract to the new buyer

I do not fully understand how step 3 works on paper, specifically. Lots of general info out there, but I do not understand how it practically works or what paperwork is involved. Is it another offer contract? some more clarity would be very helpful. Thank you!