Wholesale contract "outs"

[Keith Belzner]

Hello BP friends,

  I am looking into wholesaling and I am not sure on contract verbiage. Here is an example of my question.

I get a property under contract to buy and or assign with a 45 day term to close. I am unable to locate a buyer for whatever reason. Since the contract says " Keith and/or assigns to buy ....." am I legally obligated to buy the property? Do people have clauses that will allow them "out" of buying it? Can you do just an assignment only contract? Or must I still buy it? I do not have the funds to purchase it.

I do not want to lead my seller on that I will be buying it no matter what. I wont lie to make a deal, I'd rather be upfront about my intentions.

Thanks