Lipstick Flip (LI 696)
Transcript:
Steve Butala: Steve and Jill here.
Jill Dewit: Hello.
Steve Butala: Welcome to the Land Investors Show. Entertaining land investment talk. I'm Steven Jack Butala.
Jill Dewit: And I'm Jill Dewit, broadcasting from sunny southern California.
Steve Butala: Today, Jill and I talk about a lipstick flip. I learned a new phrase the other day and I feel compelled to share with everyone.
Jill Dewit: Sounds like-
Steve Butala: It's as funny as what it sounds like.
Jill Dewit: Are we talking about property or are we talking about women? Are we talking about ...
Steve Butala: Oh, we're going to cover all of that.
Jill Dewit: ... getting ready for a date. What are we going to talk about? I'm really intrigued here, Jack, this is awesome.
Steve Butala: Before we get into it, let's take a question posted by one of our members on thelandinvestors.com online community. It's free.
Jill Dewit: Steven asks, "I know this is not supposed to be a big deal, or a deal-stopping issue, but I have to admit to being flummoxed by the many ways grantor and grantee wording can be affected. Does residence and venue of the parties come into play, or does the location of the land, just the land matter?"
Steve Butala: Oh my gosh, this is PhD level stuff.
Jill Dewit: "It would be nice that there was a go to source for this, but I guess I could just use the pros til I have a better feel for it." I would definitely use the pros, so you're in the right areas.
Steve Butala: Oh, we're the pros?
Jill Dewit: Yeah, right.
Steve Butala: Okay. You know what he's asking, right?
Jill Dewit: Yeah, I guess the address of where the person lives. Oh, you know what? I think I know what he's asking. Let me guess.
Steve Butala: John Smith, grantor, a resident of Elko, Nevada.
Jill Dewit: Maine ... Okay, Elko, Nevada, buying a property in Texas.
Steve Butala: Right.
Jill Dewit: What kind of deed do you use? Do you use a Nevada grant deed or do you use a Texas special warranty deed?
Steve Butala: Well, we can start with that.
Jill Dewit: I know.
Steve Butala: Well, I think the question is, do you mention the geographic location in the deed of the resident of where the person's residing ...
Jill Dewit: Nope.
Steve Butala: ... or where the actual property is? Here's the answer. It's with the answer is both. Number one, the legal description smokes that out.
Jill Dewit: Right.
Steve Butala: The legal description's going to say Elko, Nevada. It's the northeast corner or the southeast corner of whatever.
Jill Dewit: Where the property is, 'cause if the person happens to be in Elko.
Steve Butala: Right. That, you get, as Jill so famously loves to say, from the vesting deed. You copy and paste that. In a lot of cases, in most cases, even if it's wrong, you just copy and paste it.
Jill Dewit: Yeah.
Steve Butala: The vesting deed is the immediate deed before you.
Jill Dewit: That's a good tip, by the way. I hope you don't mind me throwing this in here, Steven, I've told people this too. Even if the person's name was spelled wrong on th...