Affidavit of Contract (Affidavit cloud): REAL ESTATE INVESTING STRATEGY TO PROTECT YOUR DEAL
Hey gang, this is Mike with My Real Estate DOJO and I want to talk to you about the affidavit contract. I know in my previous video I talked about how to protect your deal by filing a memorandum.
Sometimes, I mean very-very small percent of the time - majority of people are not going to have this problem with the memorandum, but a small percent of the time 3-4% smart consumers they understand that if they sign that memorandum its going to cut up their title and even if you have a contact and they agree to sell you the property, they are going to be hesitant and they won’t agree to sign the memorandum.
Once again, this is going to be a very small percent of people. To outmanoeuvre them, like in chess, at this point what you do is sign the real estate contract with them and then what you want to do is sign an affidavit of contract. An affidavit of contract is basically essentially the same thing as a memorandum.
The only difference is that on a memorandum you need the sellers signature for it to work. In an affidavit of contract you don’t need the sellers signature. All you need is the buyers signature. In the case you are the investor/buyer and you are going to sign for, then you are going to get in notarised and then you are going to file it at the county clerks office. The only difference between a memorandum and the affidavit of contract is that for the memorandum you only need the sellers signature and for the affidavit of contract you just need your signature.
They both need to be notorised, they both need to be filed at the county clerks office, for it to cut up the sellers title. Now, please guys, go out there and file these things on sellers, not only because you can be held reliable for it, if you don’t have a deal with them. Only do this if you have a bonified deal. Only do this if there is significant equity, only do this if you think the seller is shady or there’s going to be some investors/shady people.
What my point is, not only some people are just shady and you had to sink in some money, you had to do a title search. Whatever it is then at that time you should go ahead and protect yourself. I guess what I am trying to say is don’t go out there and punch people in the face. Only protect yourself when you have to, okay guys? Alright guys, this is Mike with my Real Estate DOJO, go out there and hustle and bustle. If you need this affidavit of contract, please leave a comment below.
I’'ll post the link, so you can download it and buy it for a couple of pennies, but it will definitely be worth it for you to protect your deals. If you like my videos, as always, please share, please leave a comment. If you are really interested in the value that I give you guys, please support me. Please buy some of the digital products that I have out there.
This is Mike with Mr. Investor, with My Real Estate DOJO, go out there and hustle and bustle. Don’t take no for an answer. I see your greatness, even if you can’t see it today. Have a great day, gang!