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hey guys it's JP with REI tips calm and free REI forms calm I got another free forms video for you today but before I jump into it the standard disclaimer applies please use this form at your own discretion and at your own risk and use this information at your own risk no guarantees implied or otherwise so having said that we're going to go through the memorandum of agreement today and this is not actually my form it's from a buddy of mine named Sean McCluskey who is a short sale Sherpa this guy kills it in the short sale arena and he's actually got in my opinion one of the best if not the best most comprehensive home study course on how to make a killing in short sales today available if you want to get more information on Sean you can find him at his website short sale Sherpa calm short sale sh e RP a calm that will take you right over to him and definitely should check them out oh and by the way if you haven't had a chance to check up or to pick up my free real estate investing forms and contracts and checklists a whole batch of them they come right from my own business endeavors and those my friends and colleagues you can go pick them up no strings attached over it free REI forms calm so be sure and check that out too now the form you're about to go through the memorandum of agreement is very similar you might notice to another form of mine called the affidavit of equitable interest really both of these forms serve the same purpose to protect your interest as the buyer if you think you have a squirrely seller who may not make good on their and of the deal that clouds the title so in function it's very similar although they are different forms so I'm giving you both so you can use either one whichever suits you better you'll notice in the video here in a second that here in Memphis in order for me to record a document like this it has to be notarized so my version the affidavit of equitable interest has place for notarization at the bottom on the other hand in st. Louis where Sean does most of his business you don't have to have things like that notarized to record him so his does not so I just used whichever suits you best and I guess that's it without further ado let's jump into the forms video which by the way comes right out of Sean's material right out of his home study course and I'll catch you on the other side hello all this is Sean McCluskey from short-sale wealth calm you are checking out our video tutorials here which is part of the short sale wealth home study course I've got JP Moses on the line how are you JP hey my friend doing well thank you good alright today we are going to go over the memorandum of agreement this is another very simple form that should not take very long for you to understand as well as go over with the homeowner we actually don't use this all the time this serves basically one purpose and it's only kind of a half purpose at that this is one of those forms that we may not even need but we include in the CTP packet just in case we need it I'd rather have one printed out and with me if I need it then wish I had one at the appointment memorandum of agreement is basically an agreement that can be filed against the property at your local county courthouse that basically says it gives public notice to the entire world that you have an agreement to purchase the property from the homeowner therefore technically the homeowner is not supposed to be able to sell the house unless this memorandum of agreement is wiped away okay realistically this memorandum serves about 80% of that purpose because properties actually can be sold even though this is recorded against it most people don't know that this kind of puts a cloud on the title why would you use this well we've used this in the past when a homeowner did not want to necessarily sign the deed over to us as you've heard me say in some of the other parts of this course I don't think getting the deed sign is absolutely necessary I do like to get it signed in every occasion that I possibly can but I don't think it's absolutely imperative to the deal what I will tell you is that by not getting the deed signed at the initial meeting you are opening yourself up to potential problems but if your communications are in line with the homeowner with what expectations are I me personally I haven't had any problems in that in that regard if you want to if you don't get a deed sign the memorandum of agreement can be recorded against the property it's kind of like a generic version of recording the deed it doesn't give you ownership rights by any means but it supposedly puts a cloud on the title just enough to where they can't sell it without your permission like I said there are ways around this so this is not foolproof it's just something to get as a backup okay so let's get into the the details here this is basically announcement to the world that I obligate a pledge or which is the homeowner okay so John Smith I've entered into an agreement with the trust so the one two three Elm Street trust and then you're always going to put the trustee name behind it Shawn McCloskey trustee or whoever your trust is alright obligor has agreed to sell the below described property to the obligee all right this is nothing more than the address of the property so one two three Elm Street st. Louis my typing is bad today six three one three one anyone dealing in and with the subject property should contact obligee at whatever your address is you can put in your P o box your office address your home address whatever you want to put in here it might even be beneficial to put a phone number in here although you certainly don't have to okay that's it all you do here have it dated have the obligor sign this document or I should say authorize this document and you're done now when you're presenting this to the homeowner the only reason you would need this is if they did not sign the deed if they did sign the deed skip this step you don't need this recording this on top of the deed would be completely worthless in a waste of your time and money to record it so so throw it away if you get the deed if you don't get the deed you can ask the homeowner to sign this or I should say again authorize this that way it protects you so the and I would let them know to listen I'm going to be putting my hard blood sweat and tears into this I'm going to really work on getting this done so the last thing we need here is something else coming up to expose us to any unnecessary risks all right just kind of explain it in that way and it shouldn't be any problem like I said by the time you get to this part of the CTP document 99% of the time people are grabbing your information they're signing on the yellow line and they're handing it back to you it's amazing how many people don't even read or want an explanation for what you put in front of them so don't make this a big deal any questions JP well yeah do you with a document like this where you're looking at the rarely exercised but nonetheless the possibility that you may need to use it to put a clown on title to protect your position um do you find that you I mean in my area actually I've actually used a document very similar to this in a transaction and I could not record it unless it was notarized that's a very good point well in in the state of Missouri this did not have to be notarized in other states that's a possibility so that's a good point well now it doesn't have to be notarized to be a legitimate document in Tennessee but the one of the things that you know maybe it's unique to our registers office but the registers offices were documents like this or recorded these such and they simply will not record anything that's not notarized okay so if that's the case in your area then you can simply take any of the other forms that you have in your forms list and copy and paste one of the notary sections of that in there or just have a notary sign on the bottom of this and use it a little stamp that's a great point in Missouri we don't have to do that and so we we've used this particular form in Missouri but you know in your state that might be a little different so that's a great point I'm glad you brought that up and you know they'd be just a matter of a quick question as as part of your preparation here quickly and easily you know called the Register's Office or the courthouse or wherever the powers that be are that record these documents your county and just ask them I've got a memorandum of agreement I'm looking to record is it required that it be notarized okay Kelsey and I hope you enjoyed that video and enjoy using the memorandum of agreement in that right Kelsey yeah so I thought if you want more info on Sean and his material please feel free to stop by and check them out at short-sale sherpa comm and if you want the rest of my real estate investing forms free of charge no strings attached stop on by and say hi over at free rei forms com thanks guys hope you enjoyed it we'll catch you on the next one say bye bye you

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