How do you protect yourself when wholesaling

[Patrice Blain]

Hey there, I'm avidly reading about wholesaling in Canada and I was wondering what are the mechanism in place to protect yourself as a the wholesaler if the buyer doesn't come through or if the deal falls off. How do you protect yourself from having the responsibility to buy the house you were "representing"?

Thanks! 

[Margarita Yevseyeva]

before even finding a buyer, I’m pretty sure first you have to find a good title group or real estate attorney that will do your paper work and contracts, and provide you with insurance if something happens later on. 
I’m new to this field didn’t make my first deal yet, but reading a lot about wholesaling. 
I might be wrong. 

[Stevo Sun]

Quote from @Patrice Blain:

Hey there, I'm avidly reading about wholesaling in Canada and I was wondering what are the mechanism in place to protect yourself as a the wholesaler if the buyer doesn't come through or if the deal falls off. How do you protect yourself from having the responsibility to buy the house you were "representing"?

Thanks! 

 You have to be careful in Canada. The rules are drastically different than the US. Assignment sale is a thing but if you can't find a buyer, you could be on the hook. If you don't close the the seller could sue you. There was a judgment about some BC buyer who didn't close and they owed 350k in damages. They basically had to pay the difference and also didn't even get the house.

BC Buyer Owes 350k

[Dave Kush]

Quote from @Margarita Yevseyeva:

before even finding a buyer, I’m pretty sure first you have to find a good title group or real estate attorney that will do your paper work and contracts, and provide you with insurance if something happens later on. 
I’m new to this field didn’t make my first deal yet, but reading a lot about wholesaling. 
I might be wrong. 

 I agree with this. In order, I would get a title company and lawyer, then a buyer's list, then look for sellers.

[Steven Somasundaram]

Hey you could do an offer under a empty company. Like that you are personally protected. If ever you are in the multi family wholeselling I’m a active buyer in Montreal and surrounding.

have a great day