For a flip, I would need to have clear title.

Yes, the title/escrow company can work it out for you.

Unless otherwise stated herein, the earnest money shall be retained in the broker’s trust account until after title transfer at which time it shall be applied against any compensation due the broker.

You have all agent fees as well as title fees etc.

Title folks and Brokers and get things wrong.

It sort of is, but a lot of work doesn't come directly from title companies.

Are you using a title and escrow company? 

The secret of getting ahead, is getting started.It is vital you connect with a realtor anywhere in the United States, who will take the time to understand your desired type of property and areas of the market you have been looking in.Learn about the good, bad, and ugly regarding distressed properties, whether due to  property condition or the chain of title.

Does the basis remain in place since the seller would presumably hold the title until the payments are complete?

They CAN NOT foreclose if you stop making payments,"=================================In a subject to, as in a wrap, there is no safety for the buyer either -- he can lose his title (and equity if the foreclosure sale doesn't generate enough money) when the seller's lender forecloses, and he will be a party to the foreclosure as an interested party.Don't get me started on the appropriateness of subject to and wraps for those nearing retirement and the use of their 401(k), IRA, or pension accounts -- even if they are qualified or accredited investors.