Wholesaling assignment contracts

[Andrew Quinn]

It has been a little while since I have been on BiggerPockets so I think a post is due. I have a question about wholesaling assignment contracts. To my knowledge 2 documents are required and a third is recommended. These documents are a Purchase and Sale Agreement, Assignment Agreement/Contract, and a Affidavit and Memorandum of Purchase and Sale Agreement. On the purchase and sale agreement, I know that you want to be upfront with the customer to a certain extent as to your intentions with the property (to make a profit). I also know that you need to put and/or assigns on the contract just to avoid any future headaches with the assignment legality. I know that you want to put something to the effect of "subject to partners approval" or and inspection contengency. I don't think I need a financing contengency because I will not be the one actually purchasing the property. Other than the and/or assigns, the contengency/partner approval, and just being honest about my intentions with the sellers property, is there anything else I should make sure my purchase and sale agreement includes???

As far as the assignment agreement, I know that you need to state the purchase price of the property and the assignment fee separatly so that they are clearly spelled out on the contract between you and the end buyer. I also have heard that it is a good idea to get double the earnest money deposit from you end buyer than what your original deposit was with the seller. I also know that this deposit should be non-refundable. Is there anything else I should make sure to add to this document in order to make things go smoothly and better protect myself???

Finally, I know that the affidavit and memorandum are used to protect your interests in the property in case the end buyer and the seller link up and try to go behind your back or if the seller trys to sell to someone else while you have it under contract. My only question with this document is that since it has to be notorized, how would this work if you were dealing with an absentee owner and require a fax signiture transmission??

Do any/all of these documents need to be on legal size paper???

Disclaimer: I understand that many of you are not attorneys and may recommend that I speak to one. I already have spoken with an attorney about some contracts I am just interested to hear what other investors have to say on these subjects. I appriciate any feedback that comes in. Thanks a lot BiggerPockets community.