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In the past, real estate transactions relied on a handshake agreement, but now written contracts are essential. However, even with a contract, there may still be the risk of being cut out of a deal. Wholesalers must be cautious to prevent this from happening. The video tutorial discusses the four steps to prevent buyers or sellers from cutting you out of a deal in wholesaling. The key moments in wholesaling are signing contracts with motivated sellers and cash buyers, leading to a successful deal closure with a significant profit.