Memorandum of Agreement (MOA) vs Signed Contract in Real Property
I recently watched a video that talked about common errors to avoid. One of the common errors was "Not getting a Memorandum of agreement when buying real estate." The little explanation that followed said that in their opinion, everyone should obtain an MOA, a memorandum of contract, or an affidavit, and have it notarized along with a signed contract so that the seller can't back out or sell to someone else and cancel your contract.
Where I'm confused, if you have a signed contract, then why do you need an MOA (MOU) or affidavit. Isn't the contract legally binding enough? I couldn't find the answer through a google search because MOAs can apply to a lot of different areas. I'm located in Charlotte, NC.