Posted by Matt on December 28, 2000 at 12:25:52:
Thanks for the input.
Subject to or option contract question… - Posted by Matt
Posted by Matt on December 27, 2000 at 10:23:18:
Hello everyone out there in the REI world, I have a quick question for anyone with experience doing subject to or option typr flips and rehabs. How do you bring in your buyer/investor and have them not bypass you and go straight to the seller and cut you out of the deal? I know to use a subject to or option contract to tie up the property from the articles and posts on this site, but how do have to word it so that the seller cannot sell to anyone else and cut you out? Any help would be greatly appreciated. Happy Holidays to everyone and I wish you all continued success. Thanks again.
Matt
Re: Subject to or option contract question… - Posted by dewCO
Posted by dewCO on December 27, 2000 at 22:58:18:
Just record a Memorandum of Option, or Memorandum of Agreement. It just states that on such and such a date, you and the seller entered into an Agreement / or Option to purchase such and such property. Signed by you and notarized, only after you are sure you have a valid and executed agreement/option.
You don’t want to record the entire Agreement/Option, because then the world can see what your numbers are. The Memorandum just states that there exists such a valid document between the parties and doesn’t give any other details. This clouds the title and anyone trying to get a clear title will have to deal with you.