Wholesaling Contracts

[Will James]

Hi, I'm new to wholesaling and am trying my best to absorb as much knowledge as possible and use the sites search function avidly. However, I am having difficulty grasping the concept of having a wholesaling contract and have several questions in regards to it. 

1. I found a wholesaling contract on here underneath the fileplace, is this contract ready to be used? Or does it need to be reviewed by an attorney of some sort to make it officially "ready for use," so to say?

2. Also, as a wholesaler, whenever you get ready to wholesale a deal that you have found and have under contract (Seller has agreed a price with wholesaler), how does the transaction work to then sell that contract to somebody on my buyers list? Do I just print out another contract and write down the slightly higher price that me and the buyer agreed on? Or is there more to it than this?

[Matt Motil]

Here's how wholesaling basically works: 

1. You get the property under contract to purchase with the seller. 

2. You write a new contract between you and the buyer assigning the original contract to them. 

As a rule of thumb, you should always have an attorney review contracts. Second, you want to check local real estate laws in your state to make sure you are operating above the law.