Rental Property Investor · Nashville, TN · Member since 2017 · 8 posts · 2 votes
Just starting out as a Wholesaler. I have two questions? I have 2 Motivated Sellers and a bunch of different types of Assignment Contracts, Purchase Agreements, etc. However, I don't know exactly which Contracts to use. I think based on my research to use an Assignment Contract, but it doesn't have a place for the purchase amount so I naturally thought a Purchase Agreement would be required as well. Since, I wasn't sure what contracts to use I haven't identified a Title Company that works with Wholesalers. So my questions are:
1) What documents are required?
2) Do you know of any Title Companies that allow Wholesale documents that state "and assigns"?
Wholesaler · Nashville, TN · Member since 2014 · 407 posts · 180 votes
9y
Hey Thomas. You are going to want to use a purchase contract with the seller. Then use the assignment contract with the buyer. Essentially you are assigning him that original purchase contract you have with the seller for a profit then stepping out of the way. He is basically purchasing that contract via the assignment. Nashville Title and Rudy title both will do assignment contracts. Also, usually if you send them a contract that isn't right they will let you know that its not and maybe even help you get the one you need. Try reaching out to them beforehand.
Obviously I am not a lawyer and this shouldn't be accepted as legal advice.
Wholesaler · Nashville, TN · Member since 2014 · 407 posts · 180 votes
9y
Hey Thomas. You are going to want to use a purchase contract with the seller. Then use the assignment contract with the buyer. Essentially you are assigning him that original purchase contract you have with the seller for a profit then stepping out of the way. He is basically purchasing that contract via the assignment. Nashville Title and Rudy title both will do assignment contracts. Also, usually if you send them a contract that isn't right they will let you know that its not and maybe even help you get the one you need. Try reaching out to them beforehand.
Obviously I am not a lawyer and this shouldn't be accepted as legal advice.
Investor · Nashville, TN · Member since 2016 · 12 posts · 3 votes
9y
Hey Thomas feel free to reach out to me and I will help you in any way I can. Also, Nashville Title is an awesome title company to use for any real estate transaction. Best of luck man!
Investor · Nashville, TN · Member since 2016 · 76 posts · 73 votes
9y
We put our company name "or assignees" on all of our contracts. We don't sell the deals, but we do move them into other entities at closing. It's never been a problem. I can't help with the assignment contract, though.
Real Estate Agent · Nashville, TN · Member since 2015 · 2k+ posts · 2k+ votes
9y
@Thomas Humphrey I use Rudy Title. I prefer assignment contracts over double closing. That way the deed is recorded at the lower price and gives more negotiating power for future comps. :-)
If you're looking for an actual contract there's one on BP. It's actually the contract that I use for a lot of my stuff- I did make a few adjustments.