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This document serves as a legally binding addendum pertaining to the wholesaling of residential real property consisting of fewer than five dwellings. It outlines the responsibilities of the wholesaler in disclosing their equitable interest in the property, the consequences of non-compliance, and the rights of both buyers and sellers within the purchase agreement.

How to fill out wholesaling addendum

How to fill out wholesaling addendum

1. Start with the title: Clearly label the document as 'Wholesaling Addendum'.
2. Include the date: Write the date on which the addendum is being created.
3. Reference the original contract: Indicate the original purchase agreement to which this addendum pertains.
4. State the parties involved: Clearly list the names of the buyer, seller, and wholesaler.
5. Define the terms: Outline specific terms and conditions regarding the wholesaling process.
6. Add assignment rights: Include a clause that allows the buyer to assign their rights to another party.
7. Address deposits: Clarify how and when any earnest money deposits will be handled.
8. Specify timelines: Set clear deadlines for any actions required under the addendum.
9. Incorporate seller disclosures: Ensure any required disclosures from the seller are included.
10. Signatures: Have all parties sign and date the addendum to make it legally binding.

Who needs wholesaling addendum?

1. Real estate investors who are engaging in wholesaling need a wholesaling addendum.
2. Wholesalers who are assigning their purchase agreements to end buyers require this addendum.
3. Sellers who are entering into a contract with wholesalers should have this addendum in place.
4. Buyers who are purchasing properties through a wholesaler will need a clear understanding of the terms outlined in the addendum.

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What is wholesaling addendum?

A wholesaling addendum is a supplementary document used in real estate transactions to provide additional details regarding the wholesale sale of a property. It typically outlines specific terms and conditions related to the wholesaling process.

Who is required to file wholesaling addendum?

Individuals or entities engaged in wholesaling real estate transactions are generally required to file a wholesaling addendum. This can include real estate investors, wholesalers, and agents who facilitate these transactions.

How to fill out wholesaling addendum?

To fill out a wholesaling addendum, one should complete all required fields, including property details, seller and buyer information, terms of the agreement, and any specific contingencies. It is essential to ensure all information is accurate and complies with local real estate laws.

What is the purpose of wholesaling addendum?

The purpose of a wholesaling addendum is to clarify the terms of the wholesale agreement, protect the interests of all parties involved, and ensure compliance with legal requirements in real estate transactions.

What information must be reported on wholesaling addendum?

Key information that must be reported on a wholesaling addendum includes property address, seller and buyer details, purchase price, closing date, and any specific terms related to the wholesaling transaction.