I feel like idoit just to post this but I need some opinions. I have an Option to Purchase on a property. I guess I was sleeping on this and I totally forgot to get a Memo. Now the house is sold(my sale) and I have nothing to cloud the Title. Should I bring my Option agreement to the title/closing company? My seller says they will pay me but I want to make sure. I can't beleive I did this. Seller will not give me a Memo. now. Thanks, Herbster

Shouldn't be an issue, Herb. Contact the title company or attorney who is handling the close and present your option. If they are honest and legit, you should be covered. If not, contact an attorney and have him or her get in some faces.

Well the deal went through Michael but I got had slightly. Made 3k which should have been 5K. Since, I've alleviated this from ever happening again. I now have a form (that I will make sellers sign) stating my required profit and that its at my sole disgression if I choose to take less. No signature, No worky for you. I was an oreo between 2 Realtors on this one. The outcome was sufficiant, hell I had it sold in 1 week. herbster

Herb, if that's the costliest "mistake" you ever make in this business, you're going to do quite well. Chalk it up to experience and move on.

Im not sure what the memo is and how it comes into play? I have a deal im working in and wondering if the memorandum comes into play.
It will be a slo where i lease option from seller and then get my tennant buyer. Where and when do i apply the memo?

Thanks Again for the shared knowledge.

Salsadunes.

The Memorandum of Option is filed with the county where the property is located. In short, it protects you from an unscrupulous homeowner who might try and sell the property behind your back, despite your having an option to purchase on it. In the remote chance that some homeowner tries this, when the lender pulls the title, your Memo would be on record, showing you have an option to buy the property. At that point, the attempted sale would stop and you would be contacted. That's why it's important to record a memo if you are remaining in the deal for any length of time. If you're doing a CA, it isn't necessary.