Question to Virginia (DMV) wholesalers.

[Chinmay J.]

Background information on this post. - I have found a property that I like, but may not want to go all the way through with rehabbing it, and would like to see if I can wholesale it.

Typically, in Northern VA area, we use standard NVAR form NVAR – K1321 – rev. 07/16 to make an offer on the property. However, if you are trying to make an offer on the property with the intent of assigning the contract to another party, will you still use the standard form that realtors use.

There are quite a bit of clauses in the standard contract that I would not know if the assignee will agree to or not. For e.g. Section 2  PRICE AND FINANCING. If I put all CASH here, the subsequent assignee of the contract  will have to abide by the terms that I initially agree to. Is that correct? Another example would be various contingencies like Lead Based Paint and Radon contingency, Termite inspection etc. Assignee might want to have a little bit of say in whether they are keen on contingencies. 

So my question is what contract do you as a wholesaler use, so  it gives your assignee enough flexibility. Should I run the contract by Title/Escrow company before signing off on it to see if they are OK with it or not.

[Chinmay J.]

@Andrew Michael - Thanks for your advice. That's what I ended up doing. Added two addenda and struck out the irrelevant parts. Also got OK from attorney of the Title company that I plan to use that this is an OK method.