Learn how to wholesale real estate in Illinois using this step-by-step guide. You may need to get a real estate license or some other kind of license in order to assign real estate contracts (wholesale real estate).Wholesaling is the process of "purchasing" a property from its owner and then selling or assigning the purchase agreement to another investor at a higher price. Learn how to wholesale real estate in Illinois: 1. This article will delve into the legalities and strategies for executing wholesale deals effectively within the state. Today's video is focusing on the paperwork specifically the assignment agreement between you and your cash buyer. Contract Assignment. An Illinois residential purchase agreement is a legally binding contract between the buyer and seller of a residential property. This legal template is a simplified and seller-friendly contract for the purchase and sale of commercial property in the state of Illinois, under USA law.