Bought my First House! -- BRRR & Wholesaling (Contractual Issues)

[Craig Thom]

Hello my Fellow Real Estate Investors and Wholesalers,

I am a commercial real estate salesman and investor in the Philadelphia Area.  I just put my first house under contract on La Salles Campus. I am in the very early process of planning and getting all my professionals in order and will be closing on the house at the end of January. The learning process already has begun! When we put the house under contract the seller sent us a very simple and vague assignment contract.  My partner's mother in law who is a lawyer looked it over and wrote up another assignment contract which we sent back to the seller.  He obliged, and signed. We also found out that we were paying an assignment fee of 15 K which seemed extremely high. But we bought the house for 65K with anticipated repair costs of 10-20K depending on rehab with comps on the street at 120-140K.

Then we realized when we walked the house that 1. it was 3/4 of the way already rehabbed and 2. there were a lot of materials that we could continue to use to lower the price of our rehab. This sparked us to send the seller an addendum to sign over all materials and appliances to us in the house. He reluctantly obliged, and signed. We instantly learned that for the next purchase we needed that addendum to be in the purchase agreement. With all that being said, I have three questions and would be very appreciative if anyone could help me with my requests.

1. Does anyone have a blank simple 2-page assignment contract PDF that would work well in Pennsylvania?

2. Does anyone have blank simple2-page purchase agreement

3. Does anyone have blank PA REALTOR Purchase Agreement PDF

4. Is the simple assignment contract the seller sent strong enough or binding?

5. Finally, is 15k a lot to pay for an assignment fee and how can I avoid paying such a high assignment fee in the future?

Thank you so much in advance for helping a first-time investment property buyer!