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The letters NOI stand for Notice of Interest or sometimes incorrectly called a Memorandum of Contract or MOC. It is usually a one page document that stipulates that the person submitting the document for recording at the County Clerk’s Office has an equitable interest in a property because of a signed purchase and sale contract.
The NOI is most commonly used when an investor signs a purchase and sale contract with a homeowner/seller and wants to show anyone trying to make another offer on the property that he has a legal interest in the property. This is the case where someone else, usually another investor, comes along and offers the homeowner a higher price.
The practice by investors of up-bidding properties after they are under contract is getting more common in distressed markets but even happens in normal markets. The investors who regularly make statements to homeowners like, “Get your highest offer from those other guys and call me back, I’ll give you more money than any of them – I just need to see it in writing”. The ugly part of that statement is the term “in writing” because that usually means a contract had to be signed by the homeowner.