How to Create a Wholesale Real Estate Contract (Free Template)

The Wholesale Real Estate Contract Guide

Your contract is the legal foundation of every wholesale deal. A poor contract kills deals. A good one protects you and closes smoothly.

Essential Contract Clauses

1. Buyer Identification

"Buyer: [Your LLC Name] and/or assigns"

The "and/or assigns" language is critical. Without it, you cannot assign the contract.

2. Purchase Price

State the agreed price clearly. This is your contracted price with the seller — not the price you will assign to your buyer.

3. Earnest Money Deposit

Typical range: $100-1,000 for wholesale deals. Keep it low to limit risk. Specify where EMD is held (title company or your attorney).

4. Inspection Period

"Buyer shall have [X] business days from the Effective Date to inspect the property. Buyer may cancel for any reason during this period."

This is your exit clause. If you cannot find a buyer, you cancel during inspection.

5. Assignment Clause

"Buyer may assign this Agreement to any third party without Seller's consent. In the event of assignment, Buyer shall notify Seller in writing."

6. Closing Date

"Closing shall occur on or before [Date], or at a mutually agreed date."

Give yourself enough time (30-45 days) to find a buyer and assign.

7. Title and Clear Conveyance

"Seller shall convey clear and marketable title, free of liens and encumbrances, except as disclosed."

8. As-Is Clause

"Property is sold as-is, where-is. Buyer accepts property in its current condition."

State-Specific Requirements

Pennsylvania: PA Act 52 requires 5 business day acceptance period and transparent assignment rights.

New Jersey: 3-business-day attorney review period is standard and expected.

Texas: TREC has specific contract forms. Many investors use custom contracts with legal review.

Florida: Assignment language must be clear to avoid unlicensed brokerage claims.

Contract Management

Managing contracts across multiple deals gets complex fast. A CRM with document management keeps everything organized:

• Auto-fill contracts from CRM data
• Track inspection deadlines
• Manage closing timelines
• Store signed documents

Automize REI includes pipeline management with document tracking. Manage your contracts at [automizecrm.com](https://automizecrm.com).