wholesale contracts and assignment agreements

[Fremy Rosso]

I am close to having my first house under contract and I've tried to come up with my 2 contracts ; seller to me; me to assignee, I'm having a hard time choosing/making a contract that makes it clear that after a certain time frame(inspection)it will be void, I'm afraid to getting stuck with a property or having anything happen unexpectedly because of some missing clauses. as well as stating in my assignment contract with assignee about having them give there deposit thru title company or directly to me, Im getting really lost with these contracts and I have an opportunity to get my first deal this week. HELP PLEASE! Don't really know how to get my hands on the 2 agreements that i can use with confidence

[AJ Randle]

Fremy,

Search bigger pockets for purchase and sale agreements, you'll find copies there. Also on the TREC (Texas Real Estate Commission) website you can find the One to Four Family contracts. These are the most commonly used. Read thoroughly through this document. For questions, visit local Title Companies and sit with an Escrow Officer to help explain it.

When you are assigning your contract, you do want to make sure that you are using the correct verbiage in the contract. (BUYER:John Doe and/or his assigns)

As a wholesaler, you are selling your equitable interest, your right to purchase the property at a certain agreed $$$ amount for a fee ($1,5,10,15,20K) to your end buyer. You are not selling the property itself, unless you purchase the property itself, and then resell the property (Research the 'Double-Close Method'.

Be sure to do some reading, don't just jump into it. There are mentors out there in your area who could assist you to keep you from some pitfalls and traps. The last thing you want to do is get into trouble from moving to quick from the starting line.