This affidavit is a powerful tool that puts you in control and prevents the seller from taking out a higher offer from another investor after having already signed an agreement with you. It provides additional protection in the event of the sale of long-term leasing options, subject to contracts or share agreements. A contract protocol, also known as the Memorandum of Understanding (MoU), is a form that precedes a sales contract in which two parties agree on the same objective – the sale/purchase of a property. Before using a Protocol and Notice Of Agreement, you should find appropriate legal advice and fully understand how to use the notification. Incorrect use of a memorandum may lead to legal action against you for things that include, among other things, “compensation of ownership” or damages for interference with another contract/sale. However, if the seller tries to enter into a deal with another buyer, the securities company that searches the title will discover that the seller has an agreement with you and the title company will contact you under the insurance details under oath. At this point, you will tell them that the seller already has an agreement with you and that they should not make any further sale with other buyers. This prevents the seller from closing dead in his footsteps because the title company does not make a title policy and insures the title because you know you are interested in buying the property. References: www.techrepublic.com/whitepapers/memorandum-of-contract-for-sale-purchase-of-property/355486 www.investopedia.com/terms/m/mou.asp A contract is less binding than a contract and can be used to outline the terms and details of the agreement before the contract is concluded. It can be used in court if a party does not fulfill one or more of the obligations covered by the agreement. Enter your mobile phone number or email address below and we`ll send you a link to download the free Kindle app. Then you can start reading Kindle books on your smartphone, tablet or computer – no Kindle device is needed.
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