language in Wholesaler contract

[Julie Groth]

I just had this happen which is why I'm posting this. Had a house under contract with seller. Then, had my investor buyer under contract. Seller backed out. My buyer understands. BUT...made me think that I needed language in my contracts with investor buyers to the effect "...this property is under contract for me to buy. If the purchase does not go through, then I'm under no obligation to sell it. And, buyer assumes responsibility for any costs that they incur: appraisals, title work, etc? 

Does anyone have language to that effect that wish to share?

[Guy Gimenez]

@Julie Groth

I would review your purchase contract to see why it allows a seller to terminate it...that should be reserved for the buyer, not the seller.  

If you're assigning your purchase contract, a properly drafted assignment agreement should terminate your obligations and liabilities upon the assignment.  If not, you should have an attorney draft a solid assignment agreement and not try to muddle through language yourself as the consequences can be severe. 

Don't step over a dollar to save a dime...know when to get the proper legal counsel so your documents will withstand legal challenges.