Contracts
What is a memorandum of contract (memorandum of agreement) in Ohio real estate?
AA summary of the purchase contract
BA recorded notice of the existence of a purchase contract, protecting the buyer's interest✓ Correct
CAn internal memo between agents
DA preliminary offer document
Explanation
A memorandum of contract is a short document recorded in the county recorder's office providing public notice that a purchase contract exists on the property. It protects the buyer against the seller encumbering or conveying the property to others.
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