What is Memorandum of Contract 🤔. #shorts #wholesale #business #realestate

Name: What is Memorandum of Contract 🤔. #shorts #wholesale #business #realestate
Uploaded: 2023-10-21T14:45:02+00:00
Duration: 18 s
Channel: Tyson Smith
Description: In this brief explanation, the speaker defines an affidavit of memorandum, also known as a memorandum of contract, as a short legal document filed after…

21 Oct 2023 · 0 min

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In this brief explanation, the speaker defines an affidavit of memorandum, also known as a memorandum of contract, as a short legal document filed after a buyer secures a purchase contract on a property. Filing this document creates a lien on the property, which prevents the seller from delivering clear title or selling the property to another party without addressing the lien. The memorandum thus protects the buyer’s interest by ensuring they are notified of any attempts to bypass the contract.

What is an affidavit of memorandum? I believe you're talking about a memorandum of contract. It's a little document you can file once you have a purchase contract on a property that will put a lien on that said property. So assuming they try to go around you for any kind of reason, the property has a lien on it and they will not be able to deliver clear title until that's closed, a.k.a. they can't sell the house without you knowing.