I'm new to buying from wholesalers and I'm trying to understand what's normal before I sign anything. I'd like to hear from people who have done these deals. Maybe most of this is standard and I'm reading too much into it.

A few terms I've come across:

1. The deposit is non-refundable at signing and goes to the wholesaler directly rather than into escrow. It stays non-refundable if the deal doesn't close for reasons outside the buyer's control, such as title problems or the homeowner backing out, and the buyer's remedy there is a set penalty amount. If the buyer defaults, they lose the deposit and can owe more.

2. There's often no inspection or financing contingency. If closing is delayed, a daily charge applies, and the wholesaler sets the closing date. The buyer isn't supposed to contact the seller directly, or the wholesaler can cancel and keep the deposit.

3. On costs, the buyer typically pays all closing costs plus several fees such as acquisition and coordination fees. The wholesaler's own spread often isn't stated. The wholesaler usually picks the title company, and the contract can't be assigned to the buyer's own LLC. The indemnity runs one way, from the buyer to the wholesaler.

4. Some also ask for a buyer agency agreement, with auto-renewal, a commission on deals they introduce, advance consent to dual agency, financial documents, and binding arbitration.

So I'm curious how you see these. Which are normal and which would you push back on? How have you gotten wholesalers to agree to changes, and what do you want in place before you send any money? And what am I missing?