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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Recording Memorandum of Option - San Diego Posted by Gary on June 29, 2003 at 8:46 PM In Reply to: Recording Memorandum of Option - San Diego posted by Eric on June 29, 2003 at 10:15 AM : I have a deal with an option to purchase, at about 80% of FMV. My profit would come by getting a retail buyer and then splitting the equity above the option price with the seller. : Problem is, when I went to record the option, the recorder insisted that I submit a Preliminary Change of Ownership report. As no conveyance has occurred, my argument would be that this would not be necessary. : Anyone in SD have experiences with recording Memorandums of Options? : Thanks. I've recorded a deed of trust securing an option and I recently recorded a memorandum of agreement where the agreement was a standard purchase and sale agreement. I was not asked to fill out a PCOR either time. Did you try to record a memo of option or the option itself? It wasn't clear from your post. Also, I've come across recorders in the San Diego County offices that don't always know what to do. I've found that if it's unusual document or one they rarely see, they may not clearly understand what to do. You may want to consider another SD office or clearly explain that this is not a transfer but a memorandum of option to purchase and that a PCOR will be filed when the sale occurs and a deed recorded. Gary Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I have a deal with an option to purchase, at about 80% of FMV. My profit would come by getting a retail buyer and then splitting the equity above the option price with the seller. : : Problem is, when I went to record the option, the recorder insisted that I submit a Preliminary Change of Ownership report. As no conveyance has occurred, my argument would be that this would not be necessary. : : Anyone in SD have experiences with recording Memorandums of Options? : : Thanks. : I've recorded a deed of trust securing an option and I recently recorded a memorandum of agreement where the agreement was a standard purchase and sale agreement. I was not asked to fill out a PCOR either time. Did you try to record : a memo of option or the option itself? It wasn't clear from your post. Also, I've come across recorders in the San Diego County offices that don't always know what to do. I've found that if it's unusual document or one they rarely see, they may not clearly understand what to do. You may want to consider another SD office or clearly explain that this is not a transfer but a memorandum of option to purchase and that a PCOR will be filed when the sale occurs and a deed recorded. : Gary Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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