Hi, it’s Lou Brown
with another of my 101 ways for real estate investors like you
to win, close more deals and accelerate your cash flow.
Today’s tip is number 12. Always file a Notice
of Purchase and Sale Agreement to protect your deal
from being taken. Let me speak about that.
It’s amazing. 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’ve 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 gonna love this one. I’ve had so many
of my clients nationwide tell me that this contract
actually made them and saved them 10, 20, 50, 100.
One of them told me $225,000 is what
this one document made for him. Now, what I call it is the Notice
of Purchase and Sale Agreement. Now, 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 sign your purchase and sale agreement
that I talked about at another tip. So, what happens is
when they sign this you trot 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 gonna pop up. You’re gonna 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. Well, I hope this has been
enjoyable for you. I hope that this is going to be
profitable for you. I know it will be. I’d love to share more
of my profitable tips with you. How can you get more? Well, first of all,
this is my system. It’s called, Buying.
Buying: Volume 1. It’s at StreetSmartInvestor.com
under tools. Just click on it and go to
Buying: Volume 1. I’ve got many different documents
that have saved and made me a fortune. It’s a very critical piece
regardless of the size of business that you’re gonna build. So, if you’d like to see
more of my tips just simply like it, love it,
share it, comment on it subscribe and share it
with your network, too. Thank you for watching
and I hope to see you soon. Yeah, baby! Thank you.