A Memorandum of Contract isn't required, but it can help protect you if someone tries to go around you. It would get caught in the title search and prevent anyone from getting the house under contract until your contract expires. Without it, you would have to take action yourself if this were to happen.
I'm pretty sure you have to have it notarized, but I'm not 100% certain on that.
Personally, I think it's not necessary. Now, if I get screwed by not doing this a few times, I might change my tune, but it's my opinion for now.
Wholesaler · Dallas, TX · Member since 2019 · 95 posts · 28 votes
6y
@Barry Pekin Thank you. Was just asking because I’m still towards the beginning of my venture and can’t afford to lose any deals right now by anyone going around me.