I am a new member of Bigger Pockets and new to Real Estate Investment (and hoping to survive this business :-) ). Anyone who knows what is the "affidavit of interest in real property"? is it used regularly and is a safe way to enter a partnership with another investor? Please give me some information about that. Thanks.
This has nothing at all to do with partnering with another investor. This is used if you signed a contract with a seller that you want to record with the city or county, but didn’t have a notary with you at the contract signing. You would have this notorized to be attached to the purchase contract, so you can record the contract.
Thank you for your response, I just got it (still trying to find my way around forums). An investor who accepted to help me get started, asked me to put up the money for the repair on a property that is already purchased (I am not on the deed or title) for a return of 50% of the money I put in (after the property is repaired and sold) and When I asked, what's my security on the money I pay, I was told that we will be signing an affidavit of interest in real property. Is that is a way of partnership between investors? Is this the correct way to do, common practice or safe?
@Farhad Rahmani No. You should have a promissory Note and a Mortgage/Deed Of Trust on the property....the mtg gets recorded. Get one from an attorney.
Thanks Wayne. I will study the forms.