Wholesaling Real Estate Contracts Generator for United States

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Key Requirements PROMPT example:

Wholesaling Real Estate Contracts

"I need a Wholesaling Real Estate Contract for a single-family property in Texas, with a 30-day assignment period and standard assignment rights, ensuring compliance with Texas state regulations and including provisions for a $5,000 earnest money deposit."

Document background
Wholesaling Real Estate Contracts are specialized agreements used in the United States real estate market when an investor (wholesaler) contracts to purchase a property with the intention of assigning their rights to an end buyer for a profit. These contracts must comply with both federal and state-specific real estate laws, including disclosure requirements, assignment regulations, and consumer protection statutes. The document is essential for investors engaging in wholesale real estate transactions, providing a legally sound framework that protects all parties' interests while facilitating the assignment of contract rights. It includes crucial elements such as property details, purchase terms, assignment provisions, due diligence requirements, and closing conditions, all structured to meet jurisdiction-specific legal requirements and industry standards.
Suggested Sections

1. Parties: Identifies all parties to the agreement, including the seller and the buyer (wholesaler), with complete legal names and addresses

2. Background: Outlines the context of the agreement, including the seller's ownership of the property and the buyer's intention to purchase with right to assign

3. Definitions: Defines key terms used throughout the agreement, including Property, Purchase Price, Earnest Money, Assignment, and End Buyer

4. Property Description: Detailed description of the property including legal description, address, and any included/excluded items

5. Purchase Price and Payment Terms: Specifies the agreed purchase price, earnest money requirements, and payment structure

6. Assignment Rights: Details the buyer's right to assign the contract, including any conditions or limitations on assignment

7. Due Diligence Period: Specifies the timeframe and terms for property inspection and due diligence activities

8. Closing and Settlement: Details the closing process, including timing, location, and required deliverables

9. Representations and Warranties: States the representations and warranties made by both parties regarding the property and transaction

10. Default and Remedies: Outlines what constitutes default and the available remedies for each party

11. Risk and Insurance: Addresses responsibility for property risk and insurance requirements during the contract period

12. Notices: Specifies how and where official notices between parties should be delivered

13. Governing Law: Establishes the jurisdiction and applicable laws governing the agreement

14. General Provisions: Contains standard contract provisions including entire agreement, amendments, and severability

Optional Sections

1. Financing Contingency: To be included when the purchase is contingent on the end buyer obtaining financing

2. Property Management: Required if the property is tenant-occupied and needs provisions for managing tenants during the contract period

3. Environmental Matters: Necessary for properties with potential environmental concerns or when special environmental investigations are required

4. Construction/Renovation Requirements: Include when the property requires specific repairs or renovations before closing

5. Multiple Party Provisions: Required when there are multiple sellers or buyers involved in the transaction

6. 1031 Exchange Provisions: Include if either party intends to structure the transaction as part of a 1031 exchange

7. Seller Financing: Include when the seller is providing financing for part of the purchase price

8. Special Conditions: For any unique requirements or conditions specific to the transaction

Suggested Schedules

1. Schedule A - Property Description: Detailed legal description of the property and included fixtures/items

2. Schedule B - Due Diligence Documents: List of required documents to be provided by seller during due diligence

3. Schedule C - Permitted Exceptions: List of accepted title exceptions and encumbrances

4. Schedule D - Required Repairs: Itemized list of repairs or improvements required before closing

5. Appendix 1 - Assignment Agreement Form: Template for the assignment agreement to be used with end buyer

6. Appendix 2 - Property Disclosure Statement: Seller's disclosures regarding property condition and known issues

7. Appendix 3 - Proof of Funds Form: Template for documenting proof of funds from potential end buyers

8. Appendix 4 - Due Diligence Checklist: Comprehensive checklist of due diligence items to be completed

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions
Clauses
Relevant Industries

Real Estate

Property Development

Construction

Legal Services

Investment Management

Property Management

Commercial Real Estate

Residential Real Estate

Real Estate Investment

Relevant Teams

Legal

Real Estate

Acquisitions

Investment

Compliance

Risk Management

Property Management

Asset Management

Contract Administration

Due Diligence

Relevant Roles

Real Estate Investor

Property Developer

Real Estate Attorney

Contract Manager

Real Estate Agent

Investment Manager

Acquisition Manager

Real Estate Broker

Legal Counsel

Property Manager

Investment Analyst

Real Estate Portfolio Manager

Compliance Officer

Transaction Coordinator

Asset Manager

Industries
Interstate Land Sales Full Disclosure Act: Federal law requiring developers to provide detailed disclosures to buyers in real estate transactions, which may apply to wholesale transactions involving undeveloped land
Real Estate Settlement Procedures Act (RESPA): Federal law governing real estate transactions and requiring disclosure of all settlement costs, kickbacks, and business relationships between settlement service providers
Truth in Lending Act (TILA): Federal law requiring disclosure of credit terms and protecting consumers in transactions with creditors, relevant if financing is involved in the wholesale deal
State Real Estate Licensing Laws: State-specific laws determining whether wholesale activities require a real estate license and regulating real estate transactions
Statute of Frauds: State law requiring certain contracts, including real estate contracts, to be in writing and signed to be enforceable
State Contract Assignment Laws: State-specific laws governing the assignment of contracts and any restrictions or requirements for valid assignments
State Disclosure Requirements: State-specific laws mandating certain disclosures in real estate transactions, including property condition and material defects
Securities Exchange Act: Federal law that may apply if the wholesale arrangement could be considered an investment contract under the Howey Test
Fair Housing Act: Federal law prohibiting discrimination in real estate transactions based on protected characteristics
State Consumer Protection Laws: State-specific laws protecting consumers from deceptive practices in real estate transactions
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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