This Memorandum and Notice of Option Agreement is for recording in the official records in order to provide notice that an Option to Purchase exists on a certain parcel of real estate. It is used in lieu of recording the entire Option Agreement.
Alaska Notice of Option for Recording
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FAQ
The purpose of recording a document is to provide a traceable chain of title to the property (chain of title is evidence that a piece of property has validly passed down through the years from one owner to the next).
What is document recording. Recording refers to the act of receiving, processing and safekeeping official public information in accordance with local, state and federal law. Most recorded documents deal with the ownership and transfer of personal and real property.
There are three basic kinds of statutory schemes in recording acts: race, notice, and race/notice. Even though a recording act does not require recordation, the law does create strong incentive for a buyer to record.
Title deeds do not have to be recorded. Recording is filing them in the county recorder's office and if recorded, the title deed acts as defacto notice to all third parties as to ownership in the property.
1. C Explanation: Recording an instrument provides constructive notice to the public of the interest set forth in the recorded instrument. 2. A Explanation: A corporate seal may be added where a corporation is grantor, in order to indicate that the person who signed had authority to sign on behalf of the corporation.
TheLaw.com Law Dictionary & Black's Law Dictionary 2nd Ed. Publicly taking note or acknowledging the claim of another person with regard to real estate, such as the filing and recording of a deed.