Going Over The Flipper's Head?

I've seen alot of good info on here, but I have a question & any help would be appreciated. Would it be a good idea to have a signed purchase option w/ a seller notorized & recorded at the county courthouse? I'm thinking that this may cloud the title so that no one goes over your head & deal directly w/ the seller (at least until the option expires). Please help. oh oh

Comments(3)

  • nebulousd10th December, 2003

    You wouldn't necessarily record the contract. You could record what's called an Affidavit and Memorandum of Agreement Concerning Real Estate.

    It's nothing more that says, hey, I'm shinobi, and I have a contract, or agreement rather, concerning this property. And that in effect, clouds the title.

  • SteveCook10th December, 2003

    I have never recorded an option, contract, memorandum or anything for my deals. I wouldn't advise doing it unless you were uncertain of the seller and you were investing a lot of money into the deal.

    For example, let's say you are buying a large piece of property with the intention of sub dividing it, and you have to do a feasability study. The study may cost you tens of thousands of dollars, and to protect your interest and make sure the seller doesn't sell from under you while you are doing your due diligence, then you may want to record something to cloud the title.

    But if you are dealing with wholesale flips, then I think it is a waste of time and energy. I've never had anyone go around me in all of my dealings and I've done 230+ deals in the last 5 years.
    [addsig]

  • shinobi10th December, 2003

    Thanks for the input guys, Steve that's alot of deals man, Do you find time to eat & sleep? Just kidding, on a more serious note, Is it really as simple as getting a purchase option signed w/ the seller and assigning that option to a buyer for a fee? Also, typically, how long are your options for, & how much do you pay for that option? Lastly, (forgive me for picking your brain) I read some posts about unloading properties in 72 hrs, Is this realistic? If so, how? Thanks in advance for any input

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