Whole sale contract

[Account Closed]

Is there a site online where I can have a lawyer write up my wholesale contract so I can make sure I am fully covered.? Also I am just starting out. So I do have a few questions if anyone would like to answer. One- when I find an investor to wholesale my contract to, do they pay me or pay the person who's house it is?

Two- Do I have to tell them how much I got the contract for?

Three- Do I have to tell the seller how much I wholesaled it for?

Thank you to anyone who can help me with these answers.

[Account Closed]

It depends on if you are actually buying the property or doing an assignment. My method is if I'm making more than $10,000 on the deal I do a double close. This means that I contract with the seller and close, then immediately sell the property to the investor. The title company takes care of all the transactions. Yes this costs a little more because of the two closings but it is worth it for me because I don't want either the seller or investor to know how much I'm making. I may want to use the investor again for another transaction.

But if the amount is less than $10,000 then I just do an assignment. in this method you get a contract with the seller and you basically sell the contract to an investor. All you need then is a 1 page Assignment Agreement and the investor closes directly in one transaction with the seller. The title company pays you for your assignment fee out of the closing.