Glossary
Clouding Title
Recording a memorandum or affidavit of a contract in the land records so a seller can't sell to anyone else until it's removed — a wholesaler tactic that can lock a property.
A cloud on title can be devastating if you're racing a legal deadline. The cloud must be legally removed before you can close with any other buyer. Never sign a contract that allows a buyer to record a memorandum of contract without your written consent. If a cloud has appeared, see an attorney immediately.
Read more in the Field Guide:
- The Wholesaler: The Hidden Middleman — The Basics
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