Wholesale contracts explained to a newb

[Dimas Garcia]

I'm reaching out for help from the BP family because I have what's commonly referred to as 'analysis paralysis', a particularly debilitating case. I can't get started because while I have the general knowledge and theory down, I'm not comfortable with the details of the actual contracts and I wouldn't want to meet with a seller and 'hem' and 'haw' my way through a pitch.

My question has to do with two ways of getting a home under contract to wholesale. One of the things that has me confused is the seemingly interchangeable terms that are used for an option to purchase, purchase options, purchase and sale agreement, etc. I've read many times about this so-called 'one page' option to purchase, but I can't find a template or copy of it anywhere. Just so that I can make sure that I understand it correctly, this is a one or two page agreement between myself and the seller that states I have an agreed upon amount of time to control the property in order to sell this option to a cash real estate investor, yes? Also, here is where I'd state something to the effect of there being a $100 (or any other sum) good faith deposit. Is this correct? Also, how do I go about conducting this transaction with an investor? With an assignment, you would use a title company and perform a double closing, but I'm not sure about the option.

The assignment of contract is just that. An actual purchase contract that is used in everyday real estate transactions with the added clause of allowing the contract to be assigned and adding the 'and/or assign' to the buyer signature block, yes?

I've done a lot of researching here, and everything I've read is extremely valuable, but it's difficult to convince myself that I've totally grasped the situation without getting any feedback. Thanks for your help everyone!

Dimas