The more I read books, articles or blogs and listen to podcasts, the more I hear and read about assigning contracts, double closings, or buy and hold wholesaling but I haven't heard exactly what contracts are needed between the seller, wholesaler, and buyer.
To my understanding, there is a selling agreement and a title transfer that has to occur, but this area is still grey to me and I would love to bring it to color.
My ultimate question is "what legal documents are needed to perform a wholesale, and how does it work when the deal is in place?"
Generally if you are doing an assignment deal you will need a Contract to Purchase Real Estate that you sign with the seller at the price you agree to pay.
Then you need an Assignment Contract that you will sign with the end buyer for a higher price. You keep the difference as your assignment fee.
Then you take both contracts to the title company and they generally handle the rest of the closing. Make sure you have a title company who understand assignments and wholesaling so they do the process right and don't screw it up and not get you paid.
If you need documents, click Tools - FilePlace above. Many BP members have shared a lot of useful documents and you can probably find what you need.
Generally if you are doing an assignment deal you will need a Contract to Purchase Real Estate that you sign with the seller at the price you agree to pay.
Then you need an Assignment Contract that you will sign with the end buyer for a higher price. You keep the difference as your assignment fee.
Then you take both contracts to the title company and they generally handle the rest of the closing. Make sure you have a title company who understand assignments and wholesaling so they do the process right and don't screw it up and not get you paid.
If you need documents, click Tools - FilePlace above. Many BP members have shared a lot of useful documents and you can probably find what you need.
Where exactly do I get the contracts for wholesaling? And how do I explain wholesaling to a real estate agent so he understands because i would like to partner with one
a title company for the most part is recording everything with the county/state and making sure everyone gets paid. The first part is their main job though. You're basically putting the deal together and they're handling it so all legal entities are in the know of what has happened. that's what I understand them to be