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Residential purchase and sale agreement Form: What You Should Know

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Video instructions and help with filling out and completing Residential purchase and sale agreement

Instructions and Help about Residential purchase and sale agreement

Okay, this is the standard purchase and sales agreement that I have on the website, on the contracts page. I'll put a link for it below, but let's just take a couple of minutes and go through it here. I filled out some of the contracts, so you can see it filled out. The first thing you're going to have is the end date that you're writing the contract. You know, it's pretty straightforward, just whatever day you're doing it when you're sitting down with the seller, you're going to put the date in there. You're going to put the seller's name. If there are multiple parties, you are going to put all their names there. So, ask them when you're filling out the contract if they're the only person on title because whoever's on title needs to be the seller on this contract. If there are two or three people on title, all their names have to be on there. Typically, it's just one or two people, so make sure their names are there. You are going to be the buyer, so you're going to fill in your name here where it says Joe wholesaler or Jane wholesaler, as the case may be. And then, you always want to have this on the contract: "and/or assigns." This is the key to wholesaling because when you get this property under contract, you're not typically going to resell the property, you're going to assign it to somebody. That's how wholesaling works. It's contract law. When you write a contract with somebody, that contract becomes property and you have the legal right to sell that property, that contract. You know, you don't own the real estate, you don't have a right to sell the real estate, but you have a right to...