Wholesaling Question 101

[Jason Shaffer]

Hi,

My name is Jason and literally this is my 1st post! Yay!

I'm a newbie here in the world of REI and am very excited for the new adventure!

Recently, I have been researching Wholesaling and I am unclear about some of the steps. 

So here are my questions: 

- Once I place a property under contract, does that contract pull the property off the market preventing the seller from selling it before I get a new buyer?

Piggy back question to my 1st:

-Does my 100-1000 non-refundable deposit insure the property is mine in its entirety for the duration of the contract (until I asign it over to my new buyer)?

-During the contract period, will I have to come up with another deposit on the house? Or Essentially is my seller simply granting me the equitable rts to the prop for 100 or 1000 dollar deposit...(and agreeing that I can back out of the purchase at end of contract if I don't have full purchase price/or new buyer)?

Hope that's clear...looking forward to being schooled!

To Success on all levels,

JS