If you’re a wholesaling estate agent or broker, chances are you’ve worked with other agents and brokers to sell or rent real estate. These agreements can be complex and often require multiple parties to sign off on the deal. A real estate contract is a legally binding document, so it needs to be written carefully and with every section filled out correctly. When submitting wholesaling estate contract, it’s important that all required paperwork is included along with your offer. In this article, I’ll discuss what happens during the submission process, why it’s important to have everything prepared before you submit, and what documents need to be included for each type of transaction type.
Wholesaling Estate Contract
Wholesaling estate contract are legal document, just like wholesaling any other business or product. They have a set of terms and conditions that both parties must follow in order to be effective. The real estate contract is signed by both parties before any money exchanges hands.
Contracts can be structured in different ways depending on the circumstances of each deal but they all contain some basic elements:
- Description Of Property – A description of the property being sold. This should include all relevant details such as square footage and whether it’s furnished or not, etc…
- Price – The price of the property. This may include any closing costs or other fees that need to be paid as part of the deal. The price is often negotiable, especially if the real estate market is hot. This can be a good way to work as an investor and make some money on the side by wholesaling property.
- Term – The term of the contract. This can vary from a few weeks to several years depending on the needs of both parties. The most common terms are 1 year or 2 years with an option to renew.
- Closing – The date and time when the deal will be complete. This can be a few weeks or months after signing the contract depending on how quickly both parties can get their finances in order.
- Transfer Of Title – The transfer of title from seller to buyer. This is usually done through the county recorder’s office, although some states have electronic records and don’t require a physical deed.
- Escrow – The process that ensures all parties are protected during the sale. This includes making sure the property transfer is complete, that the down payment has been paid, and that any other fees have been covered.
- Seller Financing – When the seller agrees to finance a portion of the purchase price in order to get around traditional lending requirements. This is often done when the buyer has poor credit or doesn’t have enough cash on hand. It also allows them to pay off their loan over time instead of all at once, which can be helpful if they are just starting out in business.
Discuss the Submission
The purpose of this article is to discuss the submission of wholesaling estate contract. The main objective of a wholesale contract is to purchase properties at a discounted price and then resell them at an increased price. In order to accomplish this goal, you need a well-written contract that covers all aspects of your agreement with your seller. You’ll also need a contract that protects you from potential problems with your buyer.
This can be accomplished by including the following clauses in your wholesale real estate contract:
- Entire Agreement Clause: The entire agreement clause states that the contract is the final and only source of information regarding your business dealings. By including this clause, you can avoid problems with your buyer claiming that other information was available but not included in the contract. It also prevents them from stating that there were other terms or conditions agreed upon orally which were not included in writing.
- Force Majeure Clause: A force majeure clause states that neither party will be held liable for a failure to perform their duties if such failure is caused by an act of God or other uncontrollable events. This can include natural disasters such as floods or earthquakes, but it may also include man-made disasters such as war.
Required Paperwork When Submitting
When submitting wholesale real estate contracts, it is important that all required paperwork be included along with your offer. The following items must be submitted:
- The appropriate paperwork for listing and selling the property. This may include a copy of your license, proof of insurance and/or UCC1 (a document proving ownership). If you are unable to provide these documents at the time of submission, then it’s best to wait until they are available before submitting an offer on a property.
- A copy of the property’s deed.
- A title search showing no lines or easements against the land being sold.
- A copy of the property’s current assessment.
- A survey of the land being sold, showing dimensions and any easements on it, if applicable.
- A contract outlining your agreement with the seller, including price and closing date. The contract should also include a specific date by which the transaction must be completed. This is known as an “expiration date” and helps prevent either party from holding up the sale. If no expiration date is specified, then it’s possible for one side or another to stall indefinitely until they get what they want out of the deal.
- A closing statement showing all fees associated with closing on the property (e.g., attorney’s fees).
The submission of wholesale real estate contracts is a very important process. It ensures that both parties are protected and confident in their dealings with each other. The best way to make sure your contract is up to date and compliant with current laws is by hiring an experienced attorney who can review it for you before sending it out into the world.