Best Land Sales Practices (JJ 692)
Transcript:
Jack Butala: Jack and Jill here.
Jill DeWit: Hi.
Jack Butala: Welcome to the Jack Jill Show, entertaining real estate investment talk. I am Steven Jack Butala.
Jill DeWit: And I'm Jill DeWit, broadcasting from sunny Southern California.
Jack Butala: Today Jill and I talk about Best Land Sale Practices. I understand from right before the show you've got some good stories about this-
Jill DeWit: Oh, yes.
Jack Butala: [crosstalk 00:00:18] stories.
Jill DeWit: I do. We had just a classic, funny caller yesterday that I can't wait to share.
Jack Butala: Awesome.
Jill DeWit: It was good.
Jack Butala: Before we get into it, let's take a question posted by one of our members on our LandInvestors.com online community, it's free.
Jill DeWit: Okay. Brian asked, "In matters where there's some question or dispute about legal egress or ingress, I always hear 'you'll need a real estate attorney', but who renders final opinion? A judge, or is it the county surveyor authority? Anyone know for California?"
Jack Butala: This is an outstanding question, and easements for rural vacant land, this property type that we all are involved in here on the show, are recorded with the county, and they could be recorded over and above someone else's property that's next to yours from a county-maintained road.
You have a piece of property and there's a road. Whether it's a private road, or a county-maintained road, it all starts with a county road and how to get to your property from there. Usually private roads that are recorded easements. Have you ever stopped at a road and looked right or left when you're in your car? You've seen the real estate that under large power lines?
That's a huge utility easement. Picture that, some version of that type of throughway needs to get to the property. But I will tell you for our purposes, for what we do, what Jill and I do, and what we all do here ... Everybody who invests in property, don't go through it. It's a huge, big deal.
Whoever said you needed an attorney is probably correct, personally, which is the reason why I would avoid doing the deal entirely.
Jill DeWit: That's what I think-
Jack Butala: A confident Jill agrees.
Jill DeWit: Well, yeah that's a tough one. That's one of the things that I just explained to somebody the other day. That's probably the reason why it's priced this way. You're getting a rocking deal. Now, if you wan me to go through the motions to have it staked, or put in extra stuff and things like that, it's going to cost more and it's not something I want to do, so I'm going to mark it up.
Jack Butala: Exactly.
Jill DeWit: Or, you could do it and save some money. I had a great conversation with a guy yesterday and he's like, "Oh, I get it." I was like, "Yep." So, he's like, "Yeah, I'd rather get a good deal." I said, "Thank you. That's usually how most people think."
Jack Butala: The point here is to buy a piece of property ... I'm sorry, were you finished?
Jill DeWit: Well, I was going to talk about the ingress/egress thing.
Jack Butala: Oh, go ahead.
Jill DeWit: It's so interesting because there's so many different scenarios, depending on the state.