Q: My name is Axel and I am a real estate investor (wholesaler) and I was wondering what kind of contracts or what I would
need in order to make sure I do everything correctly and not against the law and to make sure I do not get into any legal trouble. Like what the process would be and what I would need between a Seller and a Buyer.
A: Much to general a question to answer in this space. The answer depends on where you are contracting, the type of property, and what you are hoping to accomplish. Your business form is also a factor as well as your licensure (or not) as a broker or agent of someone else's brokerage.
Cedulie Renee Laumann agrees with this answer
An attorney would first need to know what you mean by "wholesale" -- do you intend to try and sell the property without ever coming into title? Or do you simply mean that you intend to buy property in bulk and once you have acquired same in your / your business name, resell to third parties?
An online forum cannot fully analyze specific situations and there are a host of laws that could come into play. For example, if you are buying distressed properties you would want to be very familiar with the Protection of Homeowners in Foreclosure Act (PHIFA). Depending on what you intend to do you may need to be licensed. In addition there are numerous laws related to the sale of property which vary in Maryland from county-to-county (for example selling property in some jurisdictions requires first offering for sale to a tenant of the property while other Maryland counties do not have this requirement). There are other legal requirements for contracts that depend on the type of property (residential / commercial), age of the property, location of the property, so forth and so on.
You are encouraged to seek legal advice specific to your particular situation. While this response is not personalized legal advice, I hope that it helps.
Anthony M. Avery agrees with this answer
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