Wholesale Agreement Template For Business In Washington
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While wholesaling real estate in Washington is legal, here are a few things you should steer clear of: Wholesaling without a transparent contract. Bringing the buyer to the deal first. Failing to prove your intent as a wholesaler.
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.
The wholesaler contracts with the seller and structures the deal as a middleman. The buyer is buying the contract and, ultimately, the property.
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.
Published . A wholesale agreement binds a supplier and a customer and establishes the business's rights and obligations between the two parties.