So please bear with as my understanding may be lacking in various areas.My in-laws recently went into escrow with a buyer for their restaurant business.

I can't speak on Missouri law, but in Washington it's not a lifetime without the possibility of title insurance.

Hello BiggerPockets,I am just starting a wholesale business in my area, and have a deal i have yet to put under contract.The deal is actually my brother in laws.

My in-laws are in the NW part of Houston.

@Simpson Law welcome to BP. 

Depending on UT law, he may or may not owe you the duties of a fiduciary.  

Consulting, law, accounting, health professionals, artistic performers, athletes, etc. 

I am currently trying to close on a single family home that has a mother in law (MIL) home in the back.

It is your responsibility as a owner/landlord to know all the laws that regulate your business.

Terminate this Contract by written notice to BUYER and, at SELLER’S option, either retain the Earnest Money as liquidated damages as SELLER’S sole remedy (the parties recognizing that it would be extremely difficult to ascertain the extent of actual damages caused by BUYER’S breach, and that the Earnest Money represents as fair an approximation of such actual damages as the parties can now determine) as provided in this Contract, or pursue any other remedy and damages available at law or in equity.