Wholesaling Contracts

[Emojevwe Sowho]

I have been doing some research on wholesaling contracts and was hoping someone could better help me understanding. To perform a wholesale deal does the "assign to" contract cover the whole deal or do I need two separate contracts, one for the seller of the house and another for the investor that would be buying the house? Also is it recommended to go through an attorney to formulate the contracts or pull one from the web? Thank you for any help

[Adrienne Bryson]

The first contract is a Purchase and Sale Agreement, that you sign with the seller of the house.  This contract needs to have verbiage that makes it assignable, unless you live in a state where all contracts are assignable.

The second contract is an Assignment Agreement, that you sign with the end buyer.

Alternatively, if you do a double close the second contract would be a different Purchase and Sale Agreement, that you sign with the end buyer.

All of these contracts are available here on BP.  You can also find templates for free online.  BUT don't just use a random contract you find on the internet... Edit it to suit your needs then have it looked over by a real estate attorney.  Or just go straight to an attorney and have them draft you one.