Wholesale Contract- Questions/ Concerns

[Joseph Quinones]

Hello Colleagues,

I have put together my first Wholesale Contract and need to get my first property under contract.  The seller I am working with has agreed to place his property under contract with me, but I am a bit hesitant about my contract.

What advice can you give me?  I look forward to your feedback.

JQ

[Chris Piper]

@Joseph Quinones, I will have to respectfully disagree with David and Matt. This is wholesaling, not rocket science. You're not running a Fortune 500 company. You don't need a lawyer. You need to put everything in your contract you want to be in it. Plus, lawyers aren't cheap. If you're just starting out, you might not have money to "waste" on a lawyer. 

Main things, closing date(30 days from signing), for buyer put "Joseph Quinones and/or assigns", to be clar upfront in notes or comments section of the purchase agreement, you could say buyer and or agents may rent, rehab, or assign for profit. That way the seller knows upfront you might assign it. Also include in notes/comments "Net to seller - buyer pays all closing costs", "subject to funding partner's inspection" and put in as long of a time frame for that as you can get away with(14 days/21 days/etc.), include "subject to clear title", and you and or your partners, agents, and inspectors will have access to the property via a lockbox or alternative method. 

Other than that, you're good. Any questions, feel free to message me.