Contract help

[Marquell Jones]

I'm not understanding what they mean when under contract. This is what it means to me, tell me if I'm wrong. 1.) I locate a property in think is a deal. 2.) I ask the owner how much he wants. 3.) I go find an investor who is willing to pay X price. 4.) I come back to the owner and say there willing to pay X amount. 5.) I say here I have a sales purchase agreement stating (you) the owner are willing to sell for X price and the buyer is paying X price and he has X amount time to pay. Or do I pose to have some other contract between the owner and me stating that I have 60 days to find a buyer with a clause stating ,basically no hard feelings go separate ways..?