TEXAS wholesaling contracts

[Jaime Farias]

Even though I can purchase,  I am starting with wholesaling doing assignments. I was told to get a home under contract via the Option to Purchase contract (include a consideration fee given to the seller) and getting all signatures done with a copy given to the seller. Then finding an end buyer and filling out a Purchase Agreement and the Assignment Contract.

Well, I consulted an attorney and he says this is NOT how it is done. :-/  :-/  He says even if you are planning to assign, that the wholesaler needs to have: 1. Option to Purchase Contract signed with seller and wholesaler  2. Exhibit A -a page with the legal description of the property  3. A purchase agreement between wholesaler and the seller.  He says now I can find an end buyer and have him fill out the Assignment Contract and at this point he will now own my Option to Purchase Contract and my Purchase Agreement.

I have properties(sellers) coming to me and about 5 cash buyers waiting for wks! But I'm spinning my wheels bc of these contract issues.

Thought?? Texas folks please as I need to follow TX laws.

Thank you.

JF