What to file at recorder's office?

Bird Dogs, Wholesaling
1

Hi Gang, I have a question that I’ve not seen or heard an answer to before (of course, I AM a little ignorant so maybe this is an obvious question …)

Assuming I’ve put together an option to purchase a house that I intend to sell later on a wholesale deal. Do I: record the option, or a memorandum of that option? And then once I have found a buyer for my option and I assign it to him/her, do I ever record the assignment? And finally, would you consider having a notary at the bank notarize the assignment as you go collect a cashier’s check for your assignment fee? I’m thinking that if my buyer is concerned I may run off with the fee and he/she has no notarized copy of the assignment, this may give them reassurance if I have it notarized by a notary at the bank.

Like I said, maybe this is too obvious but I’m asking you because I’ve been pretty impressed by the experience I’ve seen here in these forums so who better to ask?

Thanks for your time, and help!

Jimmy D

2

Howdy Jimmy:

To have something recorded it has to by witnessed by a notary. The only reason to record your option is if you have a reason not to trust the seller and think they may sell it to someone else. This could happen in a distressed situation. Most of the time you are using a standard earnest money contract to get the option and the flip or assign the contract for a fee. Here too there is no real need to record the assignment agreement.