Once you have a contract, I would be sure it has all the required signatures for deeds in your state. Then take it to the Deed Recorders office to have the Memorandum of Contract added to the file. This prevents anyone else from buying the property or prevents the seller from selling to someone else. Simply put, it protects your stake on the property.
Tom,
It wouldn't tip off the bank because they have no reason to check on anything recorded against a property, unless the loan payments go into arrears and they begin a foreclosure process.
Mark
Hey group,
Is this like a lame Q or just nooobody knows?
I know someone can answer this...!
seems simple enough...
Clif
Oh, yes I do know......NOW! but I still think it's a valid Q for those just starting out.[ Edited by pbodys on Date 05/31/2003 ]
i never heard of a purches contract te be registered.
Once you have a contract, I would be sure it has all the required signatures for deeds in your state. Then take it to the Deed Recorders office to have the Memorandum of Contract added to the file. This prevents anyone else from buying the property or prevents the seller from selling to someone else. Simply put, it protects your stake on the property.
I'd be curious to know if this would tip off the bank if you were buying "subject to" ?
Tom B.
Tom,
It wouldn't tip off the bank because they have no reason to check on anything recorded against a property, unless the loan payments go into arrears and they begin a foreclosure process.
Mark
MSR:
Thanks:
SO when it is recorded it not on title so the bank doesn't get notified ?
BTW, where are you located ? I'm in Chicago area.
Tnx,
Tom B.