Always File A Notice Of Purchase Sale Agreement To Protect Your Deal From Being Taken #12
We would like to believe that a seller, when they sign a contract with you, are going to actually go all the way through to closing. But many times the seller has actually talked to other people or after they do a contract with you, they're going to talk with their next door neighbor, their uncle, their brother, their attorney, and all of a sudden somebody else says, well, I would have paid you that or I would've paid you more than that. And then all of a sudden they're signing a second contract with somebody else. And have I seen that? Oh yes. And that's the reason I created a document to protect myself so that people could not steal my deal. And you're going to love this one. I've had so many of my clients nationwide tell me that this contract actually made them and save them 10, 20, 50, 100. One of them told me $225,000 is what this one document made for him. What I call it is the notice of purchase and sale agreement. The notice of purchase and sale agreement is a document that you would actually record at the courthouse to let the world know that that seller has entered into an agreement with you. And the cool thing is the seller signs it, they sign it at the same time that they signed your purchase and sale agreement that I talked about in another tip. So what happens is when they signed this, you try it down the next day to the courthouse and you get this recorded on public record. So then if there's a title search done by somebody else to buy the property out from under you, then this is going to pop up. You're going to pop up like a jack in the box, baby. Oh did you forget about me? This is my deal. And you can stop them dead in their tracks because what you've done is you've legitimately and legally clouded the title. Now a little caveat, don't record this if you don't have a purchase and sale agreement, but if you do, you have every right to record this. Why? Because in my purchase and sale agreement, it actually says you're going to do exactly this and then your seller signs this and we put this on public record, not the contract, just the notice of purchase and sale agreement. To watch the next part of the video go to: Have the contract state that disputes should be settled with Mediation, then Binding Arbitration https://youtu.be/J59Fjzd3Ft8
Investors have long regarded Lou’s training, systems and forms as the best in the industry. He has been quoted as an expert by many publications including The Wall Street Journal and Smart Money Magazine.
Lou draws from his wide and varied background as a real estate investor. Having bought property since 1977, he has invested in single-family homes, apartments, hotels and developed subdivisions, as well as building and renovating homes and apartments. These experiences have given him a proving ground for the most cutting-edge concepts in the real estate investment industry today.
