As an investor, you will want to understand the ins and outs of a wholesaler agreement for properties in Edmonton. Learn about the process and expectations in our latest post!
An investor wholesaler agreement, or a wholesale real estate contract, comes into play when a Edmonton investor and a local property wholesaler join forces to uncover a lucrative property deal at an affordable price. Here’s how it typically works: the wholesaler secures a contract with the property seller, and then they assign this contract to the buyer.
Essentially, the wholesaler serves as the intermediary, bridging the gap between the buyer and seller, bringing together two parties who might not have crossed paths otherwise. This arrangement helps both parties, making it a win-win situation for investors looking for great real estate deals in Edmonton.
If we don’t have a property that fits your needs, reach out to us and let us know what type of property you are looking for. Whether it’s an Edmonton infill development, a flip project, a BRRR or a basement suite development, we can find the right property for you!
It’s essential to ensure that your contract is legally sound and makes sense for all parties involved. To achieve this, it’s advisable to have a real estate attorney draft and review the contract. While there are templates available online, it’s always wise to have your attorney review the final draft. The contract typically includes property details and payment terms, with clear delineation of responsibilities to prevent any misunderstandings.
The initial contract, known as the purchase agreement, is established between the seller and the wholesaler. It outlines the terms and timeframe, granting the wholesaler equitable interest in the property, allowing them to seek a buyer who will become the equitable owner. The original seller retains the title until all aspects are completed, and all necessary documents are signed. Once accepted, the wholesaler can present the contract to investors in Edmonton like you!
It’s important to have a thorough understanding of the terms, contingencies, and conditions. Your part in the contract will closely resemble a standard agreement between a buyer and seller. Expenses and credits will be clearly defined, and a title search will be conducted. As the buyer, you shouldn’t anticipate many differences from a traditional real estate purchase. Clarity and legal precision are key to a successful transaction!
A Few Items Included In the Contract:
- Parties involved – This includes the buyer and the seller
- Description of the property – The address, property type, and legal description from your local property appraiser
- Purchase price – The price, deposit, financing terms, and any other financial items are included here
- Included property – Aside from the physical structure, this is for things like fixtures and furniture
- Property condition – A general description of the property at the time of sale
- Contingencies – If the property does not meet certain criteria after the inspection, the buyer is able to walk away from the deal
- Buyers clause – Outlines the rights of the buyer during the sale process
- Sellers clause – Outlines the rights of the seller during the process
- Risk of loss/damage – Outlines what will happen if the property is lost or damaged before the sale has been completed
Professional wholesalers, like our dedicated team at Titanic Properties, are here to assist individuals in Edmonton who are seeking a quick and equitable way to sell their homes. We often have a variety of properties readily available, and in the rare case that we don’t have what you’re looking for, we will get to work immediately and try and find it for you! When collaborating with investors interested in acquiring wholesale properties in Edmonton, we typically aim to complete the property purchase within a swift 7-30 day timeframe.
As the buyer, it’s crucial to ensure you have your financing in order and the capacity to finalize the property transaction within the timeline specified in the contract. Failing to meet these obligations could potentially result in the forfeiture of any deposit funds submitted. Our goal is to make the buying process as smooth as possible for you, and we’re here to guide you every step of the way! 😊