Make Offers to Make Money
Jack Butala: Make Offers to Make Money. Leave us your feedback for this podcast on iTunes and get the free ebook at landacademy.com, you don't even have to read it. Thanks for listening.
Jack Butala: Jack Butala with Jill DeWit.
Jill DeWit: Hello.
Jack Butala: Welcome to our show, in this episode, Jill and I talk about making offers to make money. Love it. If that's not an obvious, anyway. We'll get into it in a second.
Before we do, let's take question posted by one of our members on the LandAcademy. Com online community, it's free.
Jill DeWit: All right, Rod asked, when buying property from a trust, do I need a document that establishes the Grantor is authorized to sign for the trust, by the trust to sign?
I sure would.
Jack Butala: This is all you.
Jill DeWit: I totally would. Could you imagine, no really it's me. It's me I promise. My dad left it all to me, okay got it.
Jack Butala: Think of a trust as an entity that is allowed by law to own real estate.
Jill DeWit: Like a company, like an LLC.
Jack Butala: Like an LLC, like an individual, like a married couple.
Jill DeWit: Exactly.
Jack Butala: You treat it exactly the same. If John Smith is one the deed, John Smith has to sign it and convey the deed. There's the same thing in a trust, if you flip through it, it's daunting. It can get scary because the thing some of them are big, like a couple hundred pages. There's always one page in there that says, this person is allowed to sign property over.
Jill DeWit: Exactly, so that's what I do when, it's like Jack was just saying. If it's an LLC you can go online and you can see who the managing members are and all that good stuff. You can usually check that out in every state, it's right there. In this situation with a trust, you can't go online and do that, so do you do need the document from the person, and I do get it from them, and I've never had anyone not share it.
Just so you know too, it's not a weird crazy request, I think sometimes some of our members are like, gosh can I ask for that? The answer is yes, I've never had any member, or any seller say oh no, no that's personal.
Jack Butala: Right.
Jill DeWit: I will tell them look, and I don't. I want the whole document, I don't want just pages one five and nine. I want the whole thing, just to cover my, maybe it's a Jill thing, but just to cover my whatever. I want to scan the whole thing, I'm really not looking for personal information, about who's getting this Theadreaux collection, I don't really care. I know seriously I saw you Theadreaux store.
Jack Butala: You did?
Jill DeWit: The other day, I did, I'll tell you about that in a second.
Jack Butala: Okay.
Jill DeWit: Anyways, that's why it's on my mind. I don't really care about that, but I do want to have, should I ever need to show someone I had the whole real document, maybe it's a bigger property too, and I'm going through escrow whatever and I'm going to hand it over. Anyway, you do need to have that and it's spelled out right in there and then my second point is, because this comes up too, how do they sign, and what's the format?
There usually is a template, you can go look through past deeds in our, gosh in our program and see some ideas of, it's usually the name of the person, as the trustee for the Smith Family Trust, however it's named.
Jack Butala: Next time we do a trust deal, I'll put the conveyance documents up there.
Jill DeWit: We should share that, make it, I could even put it in our newsletter and stuff too.
Jack Butala: It's simple, it's easy for us, because we do it. Put it in the newsletter.
Jill DeWit: I'm going to put it in the newsletter.
Jack Butala: Put the document, maybe the conveyance document.
Jill DeWit: Yeah, I'm making a note about that right now.
Jack Butala: Here's the thing about trusts too, people, what a trust is, it's really, before I learned about this. Years ago I thought that they were recorded at the county,