What are Seller Obligations after entering in to contract?

[Chris Sullens]

I'm working on buying my first investment property. I'm in contract with a wholesaler, and we were supposed to do the inspection today. However, she can't seem to reach the owner and now we have had to cancel the inspection. This leaves me wondering, just what obligations does the seller have once we have entered into contract. I have invested time and money already expecting the deal to move forward. Can the seller or owner just change their minds without consequences at this point?

[Jeff Filali]

Yes it would be, but there's many wholesalers out there who do not follow the laws.  For example, how many wholesalers in Oklahoma still use enter into contracts without the financial ability or intentions to close themselves...lots and this is technically illegal in Oklahoma.

As for what the seller can do, its totally dependent on their contract.