Example Of Wholesale Contract In Virginia
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For example, a wholesaler finds a motivated homeowner and gets a distressed property under contract for $200,000. Then, they market the property to their buyers list. A flipper sees potential and agrees to buy the home for $210,000.
Yes, in Virginia, you can wholesale properties without a real estate license if you are selling the rights to a contract and not the property itself. However, if you plan to assign more than one contract per year for compensation, recent legislation (HB 917) requires you to obtain a broker's license.
Here are the key elements to include in your wholesale contract template: Parties Involved: Names of the seller(s) and buyer(s), along with their signatures. Legal Description: Property description, street address, assessor parcel number (APN), and type of property.
While it's not strictly required, creating an LLC can bring significant perks to your wholesaling venture. For starters, it shields your personal assets from any business-related debts or legal troubles.
A contract has to be understandable for all parties and it should not be necessary to contact a lawyer in order to comprehend one's contracts. Generally, the contract should be precise, clear and stringent. Law has traditionally been associated with legalese - a very stiff and formal style.