Complete newbie wanting to start wholesaling

[Tyler Patterson]

Hello everyone. I just want to both clarify my understanding oh wholesaling and also ask a question about one of the steps.

So here’s my current understanding of the process.

Market for a distressed seller—> begin networking with potential buyers—> find a property that is a good deal—> put the house under contract—> give the info to a few of your buyers at a marked up price—> sell the house to the buyer at the marked up price and take your profit/ or be unable to find a buyer and back out of the contract.

My question is about the contract part of the process. Where do I find the appropriate contract and how do I make sure I am doing everything legally? And does backing out of a contract cost anything?

I hope this question makes sense and is not too convoluted. Thank you all in advance!