Jesus Gabriel Mendez breaks down the required fields for a wholesale real estate contract: buyer and seller names, property address, purchase price, earnest money, and title company. He recommends a 30-day option period, liability clauses to protect the wholesaler, and DocuSign for virtual signings.
How do I fill out the contracts? I don't know what to fill out. Great question. The obvious ones are your name or your company name, the seller's name or his company name, the address for the property, the legal description or parcel number, then the purchase price, the earnest money amount, and the title company in which you're going to process title through. Now, I'm not a legal professional, so don't quote me on this, but you do need a lot of clauses in the contract so you have zero liability if anything happens to the property. If if you can't find a buyer, if you can't end up performing on the contract. You obviously want to fill out the option period. I recommend 30 days. You should also have a line saying special provisions and a couple lines in there just in case the seller needs to stay at the property for longer or there's any items at the property that need to be taken out before closing. Besides that, obviously you want to have boxes for the seller and you to sign. And if you're not local and you're doing it virtual just like I am, I recommend you use DocuSign. If you don't have a lot of money right now, I just recommend you do the 30-day free trial.
