Sorry this portion did not post above:
"A memorandum of agreement is a legal affidavit which states you have an agreement with the owner for the sale of their property. When properly notarized, this affidavit may be recorded in the county recorder’s office... (In your case it is agreement between 2 owners.)
When you record the memorandum, it creates a “cloud on title” which makes it difficult for a buyer to insure title since it creates uncertainty about ownership interests in the property. A title company/settlement attorney trying to perform a closing for the property would need to cure the defect by obtaining a quit claim deed from the Affiant to “clear the cloud.” http://www.dealmakerlibrary.com/how-to-use-a-memorandum-of-agreement-to-protect-your-deal.aspx
The property can be closed without the agreement be released to your satisfaction.
- Remove yourself from the deal, but charge the seller a fee in exchange for furnishing a quit-claim deed
You should use discretion as to whether a memorandum of agreement is even necessary for your deal. It should certainly not be used on every deal. However, you may consider using one under one of the following circumstances:
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