Wholesaling Basics/Contracts

[Chris Coughlan]

I'm currently focusing on short sales, but would like to try some wholesaling. Does anyone have any contracts for me to view?

A Realtor friend of mine dropped off a "Contract to Purchase" and a sample "Purchase and Sale" agreement. The Contract to Purchase has 4 copies and has "North Shore Association of Realtors, Inc." printed on it. The Purchase and Sale agreement looks like it is a MS Word document.

Is the Contract to Purchase basically just the initial offer, and then the Purchase and Sale is the final agreement used at the closing? The P&S has a lot more detail.

The Contract to Purchase does not have anywhere for me to put "and/or assigns". Should I be using my own Contract to Purchase? Should I make one in MS Word? Is there a standard one available for download somewhere?

Is using the "and/or assigns" phrase still what people are using to assign contracts? Are there any other contingencies I should be adding to protect myself? I know a lot of people use the inspection period as an "out" if they are unable to find a buyer.

Say I'm able to get an offer accepted by a seller. Do I need a Power of Attorney in order to start marketing the property to other investors? Would a Power of Attorney protect me from investors trying to go behind my back? Or should I record a notarized affidavit/memorandum at the court house to cloud the title?

I'm in Massachusetts if that helps.

Thanks,

Chris