Filing a memorandum of option will cloud a title on a property. It is done with wholesale purchase agreements, and lease option deals. The beauty of it is that the seller doesn't need to sign the paper. It basically tells the world you have some equitable interest in the property, and, if the seller or buyer try to go out from under you and sell the house to someone else or buy the property, they will have to take care of your contract 1st, before they get the property.
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Hey Janet,
Filing a memorandum of option will cloud a title on a property. It is done with wholesale purchase agreements, and lease option deals. The beauty of it is that the seller doesn't need to sign the paper. It basically tells the world you have some equitable interest in the property, and, if the seller or buyer try to go out from under you and sell the house to someone else or buy the property, they will have to take care of your contract 1st, before they get the property.
Can't help you out, I'm in Fla. But I appreciate the answer!