Wholesalers - Are you using the same type of sales contract with your sellers and your buyers? For example, I will be using the TREC form for my contract with my seller … should I be using that (or something very similar to that) for my contract with my buyer … or is there different verbiage that should be included in my contract with my buyer? Thanks!
Juliet,
I think it’s fine to use the TREC form for both sides. However, you will definitely want there to be differences in the language depending on which side of the transaction you’re on. My suggestion would be to read it carefully. :deal
Here’s just a few examples and it’s certainly not comprehensive:
earnest to seller $10, earnest from buyer $1,000
you choose title company both sides
inspection clauses and outs - strong as buyer, weak as seller
option period - again, it’s dollars and time and it changes if you’re buyer or seller
etc., etc.
hope it helps…