REAL ESTATE WHOLESALE CONTRACT
This Real Estate Wholesale Contract ("Contract") is made on this [Day] of [Month], [Year], by and between [Your Name], ("Seller"), with a mailing address of [Your Company Address], and [Wholesaler's Full Name], ("Wholesaler"), with a mailing address of [Wholesaler's Address].
1. Property
The Seller agrees to sell, and the Wholesaler agrees to purchase the following legally described property ("Property"), situated in [County], [State], with a street address of [Property Address]:
[Legal Description of the Property]
2. Purchase Price and Deposit
The purchase price for the Property shall be $150,000. A deposit of $5,000, payable to [Your Company Name], is due upon execution of this Contract. The balance of the purchase price shall be paid at closing.
3. Inspection Period
The Wholesaler shall have an inspection period of 15 days from the execution of this Contract to inspect the Property and conduct due diligence. The Wholesaler may cancel this Contract for any reason during the inspection period.
4. Assignment
The Wholesaler shall have the right to assign this Contract to a third-party buyer. The Wholesaler must notify the Seller in writing of the assignee before closing.
5. Closing and Possession
Closing shall occur on or before May 30, 2050, at which time possession of the Property shall be transferred to the Wholesaler or assignee. Closing shall take place at [Closing Location], or as mutually agreed upon by the parties.
6. Closing Costs
The Seller shall pay for any state or local transfer taxes and the deed preparation fee. The Wholesaler (or assignee) shall pay for recording fees and any costs associated with financing. All other closing costs shall be divided as customary in the jurisdiction where the Property is located.
7. Default
If the Wholesaler fails to complete the purchase without legal excuse, the deposit shall be forfeited as liquidated damages. If the Seller fails to sell the Property as contracted, the Wholesaler may seek specific performance or cancel the contract and recover the deposit.
8. Notices
All notices under this Contract shall be in writing and may be delivered by email, mail, or personal delivery to the addresses specified above.
9. Entire Agreement
This Contract constitutes the entire agreement between the Seller and Wholesaler concerning the subject matter hereof and supersedes all prior agreements and understandings, oral or written.
10. Governing Law
This Contract shall be governed by and construed under the laws of the State of [State].
IN WITNESS WHEREOF, the Parties have executed this Contract as of the date first above written.
Name: [Your Name]
Date Signed:
Name: [Wholesaler's Name]
Date Signed:
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