Wholesale Purchase Agreement Obligations

[Eric Lawson]

I am trying to get my foot into wholesaling real estate and I have a question about the obligations you incur as the buyer in a  purchase agreement. My intent would be to immediately turn around and assign that contract to a cash buyer, but if for whatever reason I can't find an interested assignee am I still obligated to purchase the estate? I haven't heard anybody talk about this scenario. What are my exact obligations as the buyer in a purchase agreement for an estate? Any clarification on this matter would be greatly appreciated.