Filing A Memorandum At The Courthouse
When I take a property under contract, ie..Purchase offer, can I file a memorandum at the courthouse to cover my self. I have had people just not call back or respond to my calls and I have invested time towards these deals. Also, do I have to disclose this to the seller of my intentions to cover my self.
If you have a signed purchase contract, then what is the problem? What I do to cover myself is open up escrow as an "assignment".
One misconception I think people on this site have it that you get a contract to buy a house and then 2-3 weeks later after you find your buyer you contact your buyer and tell them you are assigning your contract to someone else. I see alot of problems with this!
What I do is this. I offer to close in 10 days or less. I get a signed purchase contract and open escrow. Escrow instructions are then sent to my seller within a week. I then either close it in my name and wholesale it at that point or I assign my escrow to my new buyer and they close the escrow. If the seller has a problem with that, I simply tell the seller that I am closing in my partners name. They normally don't have a problem with that as they just want their $$$$. If they do, I go to plan A, close it in my name, then wholesale it after the fact.
Best Riches,
Jeffrey Adam
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"The only place success comes before work
is in the dictionary."[ Edited by JeffreyAdam on Date 02/07/2004 ]