Wholesaling contracts & agreements

[Monica Caliber]

I'm just getting started with wholesaling and wonder if the contracts/agreements offered for free by Jerry Norton are good?

I'd love to connect with wholesalers who focus on the FL market :)

[Don Konipol]

Real estate is a state specific business.  Laws and regulations differ significantly depending on the state the property is located in. A contract is a legally binding document.  Although many use generic documents meant to cover all states, or contracts put out or modified and available for free on line, it can prove costly for the parties involved as provisions may not be enforceable, or unintended obligations agreed to.

The solution to the above is two fold.  First, many states Real Estate Commissions have promulgated contract documents such as Purchase Contracts and amendments, Listing Agreements, Disclosure Notices, and many others.  These usually if not always pertain to residential property.  If your state has a Purchase Agreement approved for use you can download it and use it in a “fill in the blanks” manner.  These contracts tend to be “fair” to both parties, so they are not the one sided “nothing down, nothing risked, tie up your property with no obligation on my part” contract the wholesaling gurus provide.  In other words they have an actual shot of standing up in court. 

The second solution  is to engage an experienced real estate attorney licensed in the state in question and engage them to create an offer template specifically designed to meet your needs and to be legally compliant.