Wholesale Agreement Template With Price In New York
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While it's not strictly required, creating an LLC can bring significant perks to your wholesaling venture. For starters, it shields your personal assets from any business-related debts or legal troubles.
The wholesaler contracts with the seller and structures the deal as a middleman. The buyer is buying the contract and, ultimately, the property.
For example, a wholesaler finds a motivated homeowner and gets a distressed property under contract for $200,000. Then, they market the property to their buyers list. A flipper sees potential and agrees to buy the home for $210,000.
Here are the key elements to include in your wholesale contract template: Parties Involved: Names of the seller(s) and buyer(s), along with their signatures. Legal Description: Property description, street address, assessor parcel number (APN), and type of property.
What is a wholesale contract? A real estate wholesaler acts as the intermediary between the buyer and seller in a real estate transaction. Unlike a traditional real estate agent, in a wholesale deal, the wholesaler seeks out a potential buyer and connects them with a seller.