Im having trouble finding the right info on this one. Are there any sources you suggest? I know states differ on Memorandum of Contract. Sometimes there called Memorandum of agreement, and some states have completely other things, where could I look to find this on the internet?
But the question that is bothering the hell out of me is this, and I guess it differs between investors: After you agree to terms with seller and buyer and you have the contract drawn up…do you take them (indivdually of course) to get the contracts notarized?
In the case of the seller: S&P and whatever type of memorandum/affadavit your state requires to cloud the title to protect your interests
And buyer: Assignment or S&P
thanks alot…and if there is any reading material you think would help me it would be greatly appreciated if you mentioned it
Thanks alot that is very helpful, really. I looked up the MOC and grant deed/warranty deed, but I am still not getting the point of power of attorney. I’m not disagreeing with you i just do not understand it. :banghead
Also is there any literature you would suggest to understand titles and contracts etc???
The reason behind the the POA is, although I confirm that it is written in a way which allows my use, rarely is it used to transfer ownership… A lot of times, especially in a sub 2 deal, you will receive checks from the mortgage company made payable to the borrow and rather then track down the borrower or forging the borrowers signature to cash the checks, having a POA allows you to sign your name followed by attorney in fact for the borrower name and deposit the checks legally… Naturally you have to have an agreement in place which lays out the ownership of those funds…
As for something to read on contracts, this website is loaded with material…
PS when you acquire a property, especially when you are buying sub 2, change the mailing address with all utilities, taxing authority and lien holders on the property to your mailing address or those checks will be sent to the borrower. Not too long ago I received a 1600 dollar check from the accessors office for a reimbursement of an over assessment…