Memorandum of Agreement

1 Reply

Long story short. I FOUND A PROPERTY IN THE ESTATE OF.... RESEARCH AND FOUND PERSON VESTED IN THE PROPERTY. PUT UNDER CONTRACT TO FIND OUT LATER ANOTHER INVESTOR FILED A MEMORANDUM OF SALE TO AN HEIR THATS NOT VESTED IN THE PROPERTY. SO I GOT IN TOUCH WITH THAT INVESTOR FINDING OUT HE NEEDS MY HEIR TO CLOSE HIS DEAL. BUT SHE DOESNT TRUST OR WANTS TO DO BUSINESS WITH HIM. SO AFTER THE BACK AND FORTH MY HEIR SAID SHE WENT AHEAD AND SIGNED A CONTRACT WITH THE OTHER GUY TO SPEED UP PROCESS BUT KEEP IN MIND I HAVE HER ON A SIGNED CONTRACT WITH ME. SHOULD I FILL A MEMORANDUM OF SALE? ALSO IS THERE WAYS YOU CAN GET AROUND A MEMORANDUM OF SALE.

Sounds like you need to get a lawyer. And if it was me I would definitely file a memorandum. I don't think a title company would insure a property that has something recorded against the title like that. Check with yours to see if they would even do it. I doubt it. 

How did that other investor all of a sudden that other investor know how to get in contact with your heir? I'm hoping in hindsight you see that you should have filed your memorandum as soon as you found out there was recorded by another investor. Only afterwards should you have contacted that other investor. You don't contact the other party until you have some definite Leverage that you can negotiate. Simply Having a signed contract is not enough. 

Again you should consult an attorney.