Free Wholesale Real Estate Contract Template (PDF + Walkthrough)

If you searched for a wholesale contract template, you are about to send a real one to a real seller. So I am not going to waste your time with the legal-disclaimer wall first.

Here is the actual Cash Purchase and Sale Agreement we used to lock 8 Detroit properties this spring. It is assignment-ready, single page (plus addendum), and seller-readable. Pull it, edit your fields, send it.

What every assignment-ready PSA must contain

You can grab a free PDF off any wholesale Reddit thread. Most of them are missing two clauses that destroy the assignment. Here is the minimum-viable list.

1. The buyer line names YOUR ENTITY, not you personally

Buyer: Jomarbro Capital LLC, a Wyoming LLC, and / or assigns. The "and / or assigns" language is the magic that makes the contract assignable without seller re-signing. Skip it and your end-buyer has to renegotiate from zero.

2. Earnest money is small AND refundable through inspection

Standard for us: $1,000 EMD, refundable through inspection contingency. This is small enough that the seller does not push back, big enough that they take you seriously. Refundability through inspection is your escape hatch if the title comes back ugly.

3. Inspection contingency is at least 14 days

This is the contingency that lets you double-check the deal. It is also the contingency that gives you the time window to find an end-buyer. Anything under 10 days is too tight for inspection plus end-buyer marketing.

4. Closing is fast (10 to 14 days after inspection clears)

Sellers who are wholesaling-friendly want the cash fast. They are not waiting 60 days for a conventional loan to clear underwriting. Match their urgency.

5. AS-IS clause + no repair concessions

You are not a homeowner. You are not buying granite countertops. The seller does not fix anything. Make this loud and clear in plain English.

6. Closing costs are split per Michigan custom (or your state)

This one trips up new wholesalers. In Michigan, seller pays state transfer tax, buyer pays county recording. Get this wrong and your end-buyer hits a $400 surprise at the closing table and walks.

The 6 clauses every wholesaler misses

These are not in the free PDFs floating around Reddit. They came from 4 painful closings.

Clause 1: Free assignment without seller consent

Plain language: "Buyer reserves the right to assign this Agreement to any qualified end-buyer without further written consent of Seller, provided Buyer remains liable for the EMD until Seller's deed is recorded."

Without this, your seller can refuse the assignment and force you to close yourself or walk.

Clause 2: Title company nomination is BUYER'S call

You always pick the title company. Always. They become your end-buyer's title company too, which means a single closing instead of a double-close.

Clause 3: Tenant occupancy carve-out

If the property has a tenant, you need: "Seller represents the property is occupied by [tenant name] under a lease expiring [date]. Seller delivers the lease and ledger within 5 business days. Buyer accepts the tenancy at close, including security deposit transfer."

Clause 4: Personal property is included

"All appliances, fixtures, and personal property left at the property at close transfer to Buyer at no additional cost." Avoids the "we are taking the fridge" fight at closing.

Clause 5: Section 8 / voucher continuance

If the tenant has a Section 8 Certificate of Compliance, you need that to transfer with the property. Add: "Seller cooperates with HUD on transfer of any active Section 8 Certificate to Buyer or Buyer's assignee."

Clause 6: Time-of-essence

Without TOE, your seller can stall on closing. With it, they have to perform on schedule or you get your EMD back AND can sue for specific performance. Add: "Time is of the essence in this Agreement. All deadlines are firm."

The single-page PSA structure (paste this)

Use this skeleton. Replace the bracketed fields. The whole thing fits on one page (plus the assignment addendum) which makes it seller-readable on a phone.

1. Header: "Cash Purchase and Sale Agreement"
2. Effective date: [date]
3. Seller: [seller legal name + entity if applicable] of [seller address]
4. Buyer: [Your LLC], and / or assigns, of [your registered address]
5. Property: [street address], [city], [county] County, [state] [zip], parcel [ID per title]
6. Purchase price: $[X], all cash, no financing contingency
7. Earnest money: $1,000 to [title company] on signing, refundable through inspection contingency
8. Inspection contingency: 14 days from full execution. Buyer may terminate for any reason.
9. Closing date: 10 days after inspection clears, on or before [outside date]
10. AS-IS: Property sold AS-IS. No representations beyond title.
11. Closing costs: Per [state] custom; seller pays transfer tax, buyer pays recording
12. Assignment: Buyer may assign without seller consent; Buyer remains liable until deed recording
13. Time of the essence: All deadlines firm
14. Signature lines: Seller, Buyer (or authorized member of Buyer LLC), date

What about state-specific addendums?

Most wholesalers think they need a 30-page state-specific PSA. They do not. Sellers do not read 30 pages. Lawyers read 30 pages, and lawyers will tell their seller-client to walk anyway.

The single-page PSA above plus a one-page assignment addendum at the end (and the property-specific carve-outs in clauses 3 to 5) is what closes deals fast. We use it across Michigan, Indiana, and Tennessee with no rewrites.

The exception: community-property states (Texas, California, Arizona, Nevada, Idaho, Louisiana, New Mexico, Washington, Wisconsin) require both spouses to sign even if only one is on title. Add a "spousal joinder" line to the seller signature block in those states.

Common rookie mistakes that kill the assignment

• Naming yourself personally as buyer. Always your LLC. Always. End-buyer cannot assign-around your name without your hands-on signature otherwise.
• EMD too high. $5K-10K EMD signals desperation and ties up your capital. $1K is the standard for a reason.
• Promising a hard close date. Always "on or before" with a 5-day buffer. End-buyers ALWAYS need an extra week.
• Skipping the title company line. If the seller's agent picks the title company, your end-buyer gets a different one and you double-close. Lose 1 percent to title fees.
• No addendum to the lease for occupied deals. Without it, you cannot legally transfer the tenancy and your end-buyer has zero leverage on tenant relocation.

Next step: get the PSA filled in 2 minutes

Manually filling in 14 fields per deal is the slow way. Our AI Offer Drafter takes the property address and your offer amount, pulls the parcel data, fills the PSA with your entity, generates the seller-ready cover email, and outputs a DocuSign-ready PDF. First 5 deals are free.

Disclaimer: This is not legal advice. Wholesaling laws vary by state and several states (Illinois, South Carolina, Pennsylvania, Oklahoma) require licensure. Consult a real estate attorney in your state before submitting offers under any contract template, including this one.

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