Earnest Money and Title Company

[Ken Connors]

 BI am currently working as a real estate wholesaler.  My purchase contracts states that the earnest money deposit is will be deposited with the title company upon execution of the contract.

If the earnest money is nominal, say $100, do I need actually need to deposit with the title company? Also, I don’t want the title company to spend any effort until I can confirm I have a buyer. I also don’t want to pay fees for work performed on canceled contracts, although I am willing to do that if necessary.

Do you have any advice on how I should proceed? I currently have a contract on a house, but believe I will have a difficult time finding a buyer, but I wanted to give it a shot. It is likely that I will not find a buyer in the timeframe of the purchase agreement which would result in a canceled contract. What would you recommend I do in terms of the title search and closing?

Any information would be greatly appreciated.