Does a contract for purchase need to be recorded?

Hey all,
Just wondering if when you find a prop. and put a contract on it to purchase it, do you have to record the contract for it to be valid?

Comments(6)

  • pbodys31st May, 2003

    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 ]

  • gambler31st May, 2003

    i never heard of a purches contract te be registered.

  • Ballistic3rd June, 2003

    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.

  • roztom3rd June, 2003

    I'd be curious to know if this would tip off the bank if you were buying "subject to" ?

    Tom B.

  • MSR-IL3rd June, 2003

    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

  • roztom3rd June, 2003

    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.

Add Comment

Login To Comment