Posted by BTI on November 14, 2006 at 23:22:50:
Lee
Wonderful memo, now do you think this would prevent anyone with a legal claim against the owner from enforcing their rights, against said seller just because you have an option?
Wow, I know it would scare me and the judge if I were going after a judgement, I mean a guy waving an option at us, next thing you know he might whip out a purchase agreement.
BTI
Memo/affidavit of option - Posted by Lee Allen
Posted by Lee Allen on November 14, 2006 at 22:33:39:
If I record a Memo or Affidavit of option to cloud the title on a property that I am buying what happens if the owner gets a judgement against them? Would the judgement stick to the title of the property? How about mechanic liens?
I have been told to put this into the memo. Will this work?
“ALL LENDERS AND THIRD PARTIES ARE HEREBY PUT ON NOTICE AND DULY WARNED THAT ANY MORTGAGES, LIENS, OR OPTIONS OCCURRING SUBSEQUENT TO THE DATE OF THIS AFFIDAVIT ARE HEREBY DECLARED BY LANDLORD/SELLER TO BE NULL AND VOID AND OF NO LEGAL FORCE AND EFFECT. A COPY OF THIS AGREEMENT OR A MEMORANDUM THEREOF, SHALL BE FILED AND RECORDED WITH THE COUNTY OF RECORD, AND ANY SUCH THIRD PARTIES MAY PROCEED AT THEIR OWN FINANCIAL PERIL.”
Thanks,
Lee Allen