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Updated about 1 year ago on . Most recent reply

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Luis Moreno
  • San Antonio, TX
1
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Do I use the TREC contract twice for a wholesale deal?

Luis Moreno
  • San Antonio, TX
Posted

Hello everyone! I am just starting out in my real estate journey and will be getting into wholesaling. I understand the basics when it comes to closing a wholesale deal but am still confused on getting the right contracts for the seller and the buyer. 

From what I've read here in Texas it's better to go with the contract that the TREC offers since title companies prefer it but where I'm confused is if I have to use that contract twice? Between me and the seller and the same one for me and the buyer? And if I do have to use it twice is there any changes that I have to make to it from buying it to selling it? 

Most Popular Reply

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Guy Gimenez
  • Investor
  • Corpus Christi, TX
1,666
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Guy Gimenez
  • Investor
  • Corpus Christi, TX
Replied

This is meant as constructive criticism Luis...do yourself a great favor and network with other investors. You need to have someone is seasoned (verified) and who can help you understand the process, contracts, title, property values, repair costs, etc. You don't understand the process of "wholesaling" (presumably you mean assigning a contract) based your question and jumping in with both feet only harms your reputation before you even have one. To answer your question, and assuming you're wishing to assign a contract, you'll need the TREC contract form and an assignment agreement. But without really understanding the provisions contained in either, they will be of little use to you. 

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