Wholesaling Purchase Agreement/Contract

[Sean Segers]

Hello Bigger Pockets Community, I'm looking for a simple 1 to 2 page wholesale purchase agreement that is specific to Georgia that contains the assignment clause and other pertinent information. I checked the archives, but not able to find exactly what I needed. I'm trying to get my 1st property under contract, so I'm hoping someone may be able to assist me or point me in the right direction. I've also read that REA's and Lawyers can draft an purchase agreement specific to your needs.......is this a better approach? Finally question, does the title and escrow company hold the contract & earnest money until close or is the closing agent determined by the buyer after the assignment is made? Thanks for all your help in advance. Sean S

[Rashad Nelson]

Hi Sean, 

Just a heads up for your protection, any contracts you download online, please be sure to forward them to your trusted real estate attorney for review.  Nine times out of ten, they will add some legal jargon that gels with the local state laws to better protect you and your interests.  

Yup, title company holds the contract and EMD until closing. As a buyer, I don't like it when wholesalers ask for an EMD to be made out to them directly (it's shady). The title company is a neutral third party.

In traditional purchase transactions - FSBO, real estate agencies, auctions - buyers have the option of using their own title company. With transactions with wholesalers, the wholesaler normally has his trusted title company already in place to ensure a clear title (along with evaluating the deal) before it's brought to a buyer's attention. As long as it's a legitimate title company buyers that can do their research on for the warm and fuzzy, it should be fine.

I hope this helps man.