OfflineOK, now I am very confused. I don't know what the difference is in a Memorandum of Agreement, Recorded Agreement and an Option Memorandum. I know that in some way they are referenced when speaking about filing them with the County's Recorder's Office. What is the County's Recorder's Office and which of the above need to be filed, and who needs to file them? Can they be filed by sending them by fax or email. See I am completely confused. All I know is that someone sugeested that after I lock up property, I should file one of these with the county so investors can't go behind my back to work a deal. It is also known as putting a cloud on the title. Any help would be wonderful!
You all always help me. I can't wait till I can get my first deal, my 2nd, etc. so I can start giving back and sharing my strategies.
Nancy
NOTICE OF OPTION CONTRACT FOR SALE AND PURCHASE is what you file at the recorders office to protect your interest.
The county recorders office keeps up with all kinds of state documents. Like real estate transcations, marriage, death, birth, voting records etc...
When an investor goes down to file his or her paperwork on a property the recorders office will look up that parcel and see if anyone else has claims on it. That is when they will find you have first option on your property until the time stated on your Notice of Option.
I guess you don't really have to file it unless you are working with someone you just feel you can't trust.
"THE ARCHITECT OF YOUR DESTINY IS YOURSELF"
"SUCCESS WALKS HAND IN HAND WITH FAILURE"