The protocol and notice of agreement that you sign and certify notarized, and then register in the district court of the county for which the property is located. This document covers the title of the property so that the seller cannot sell the property to anyone other than you. As long as the seller concludes with you as agreed, the seller will not even know that you have already registered it. Before using a Protocol and Notice Of Agreement, you should find appropriate legal advice and fully understand how to use the notification. Incorrect use of a memorandum may lead to legal action against you for things that include, among other things, “compensation of ownership” or damages for interference with another contract/sale. Recently I watched a video that talked about frequent mistakes to avoid. One of the most common mistakes was “Not getting an agreement when buying real estate.” The small statement that followed stated that, in their view, everyone should receive an MOA, a contract protocol or an affidavit, and have it certified notarized with a signed contract, so that the seller cannot resign or sell to someone else and terminate your contract. However, if the seller tries to enter into a deal with another buyer, the securities company that searches the title will discover that the seller has an agreement with you and the title company will contact you under the insurance details under oath. At this point, you will tell them that the seller already has an agreement with you and that they should not make any further sale with other buyers. This prevents the seller from closing dead in his footsteps because the title company does not make a title policy and insures the title because you know you are interested in buying the property. Robert is the CEO of Rei Media and Editor of RealEstateInvesting.com. For more than 25 years, he has been investing in real estate. He is a licensed real estate agent (aged 18), licensed mortgage broker (at the age of 20), registered qualified expert and currently a licensed developer since 2006 who personally oversaw the construction of more than 200 units ranging from 1200 square meters of affordable housing to 650 sqft through luxury custom homes.
Robert made his first investment deal at the age of 19, and his first 50 deals were all made without money or credit. Robert invests in websites and estates, in addition to traditional real estate investments. Today, his real estate investment career is developing in multi-family syndication. A contractual agreement is less binding than a contract and can be used to outline the terms and details of the agreement before the contract is concluded. It can be used in court if a party does not fulfill one or more of the obligations covered by the agreement. But if no money has expired for option fees or serious money, your initial option or purchase and sale is not binding, so your memorandum would not either. In fact, we filed a complaint against a seller in violation for selling the property to another buyer, but it was a Pendens Lis, and was billed in our favor. The contract is a legally binding instrument and there are consequences for buyers and sellers. I have no pity for sellers who openly renounce a contract signed for a better deal with another buyer. If, as buyers, we have done everything in good faith, put EMD in trust and we have every intention of closing, even if we have not found a final buyer, the seller deserves a fine.
They signed the contract. If we have to, we will take action against these types of sellers, and all wholesalers should.