Updated about 5 years ago on .
Purchasing from a Wholesaler, what's the process?
I'm planning on purchasing a property from a wholesaler. They're asking for a $2500 Earning Money Deposit (Non-refundable), If I was interesting in purchasing the Purchase & Sale Agreement from them.
These are the questions I currently have:
Where will the EMD be transferred to?
Will I receive my $2500 EMD back if the title wasn't clear and there's lien on the property?
When will I actually find out when the title is clear or not clear?
What is the actual process of when I decided I am interested in the contract and the wholesaler agrees to assign it to me?
Does the contract cancel out if the title isn't clear?
Should I do my own title search first before agreeing to purchase the contract?
I'm just new to going through a wholesaler and have a boatload of questions.