What is affidavit of Memorandum for Purchase and Sale
Affidavit of Memorandum for Purchase and Sale is a legal document that states you have made an agreement with the owner for the sale of property. Once the agreement is notarized, the document is recorded in country’s recorder office. This document or agreement is used to prevent sellers from selling the property to another investor while having an agreement with you. When the memorandum is recorded, it creates a cloud on title which makes difficult for a buyer to insure a title. A title company trying to perform closing for a property will need to claim the deed from the affiant. This agreement will protect your profit, allowing you to enforce your purchase agreement with the seller or by removing yourself from the deal.
Recording Affidavit of Memorandum of agreement to property
Once the purchase and sale agreement has been signed for real estate, if a purchaser has a doubt whether the deal will go through, he may obtain an Affidavit of Memorandum for Purchase and Sale. The document is a public record and it is intended to use the purchase and sale of a property. You must obtain a sample form of an affidavit and you can find it on legal forms of purchase. The sample form can also be downloaded from the internet. You have to complete the form by filling the name of purchaser and seller, date of agreement, closing date, your name, address and phone number. You must attach a separate piece of paper with the title and insert the description of the property.
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