Buying a wholesale property.
Ok, so I've never bought a wholesale property before but recently I've been in contact with a wholesaler about a property he has under contract in north Warren MI. I will be looking at the property in two days and plan to buy it to rent out, if everything looks good, as it fits my criteria perfectly. The only problem is I don't know what a wholesale closing entails. Who is responsible for the title insurance? Do I write an official offer, or is it more informal? Is an EMD common as it is usually held by the title company? If so, who is the check made to so someone cannot just run off with your check? Any other info is also appreciated.