EMD placed with Title Company

[Latoya Pryor]

I just got my first contract signed. I was informed from another wholesaler that I should not have turned in my EMD to any title company cause if the deal fails I could be charged up to $2000 by title companies for them pulling title. Do they automatically pull the title? She is just holding my emd funds in escrow until closing as I discussed with her(title company). I was also told I could be sued by the owner if I did not have enough funds in my LLC to cover the cost of the contract!? This has me shaking in my boots because I for one learned the EMD was refundable provided the contract clearly stated. And for two I have the right to void the contract within a certain period of time if I do not find a buyer? I'm so confused now. You hear all of this you don't need money to wholesale then I'm being told I have to have the funds available and ready if I do not find a buyer. I'm worried now. I was excited at first. This info is from someone that I was contemplating on doing a jv deal on this property. But he suggests I use the law firm he uses since he has built a rapport with them. My guess is I would need to assign contract over to his LLC since he says he has the proof of funds available. Makes no sense to me. Can someone clarify to me what is going on?