Wholesaler performance clause??

[Rick Stevens]

I have a property under an LOI from a wholesaler. It's been 8 days and I have not received an assignment or a formal buy sell.

LOI is expired now. Both of us want to close the deal, but at what point does a wholesaler have a responsibility to perform?

What penalties should be in place if it doesn’t happen?  

I do believe he’s waiting on a slow seller to do paperwork, but getting really anxious.