No Ones Looting my Rural Vacant Land (LA 1259)
Transcript:
Steven Butala:
Steve and Jill here.
Jill DeWit:
Hi.
Steven Butala:
Welcome to the Land Academy Show, entertaining land investment talk. I'm Steven Jack Butala.
Jill DeWit:
And I'm Jill DeWit, broadcasting from sunny, Southern California.
Steven Butala:
Today, Jill and I talk about how no one's looting our rural vacant land.
Jill DeWit:
You know, I didn't want to be that guy and go there, but it's worth talking about, just some of the, I'm going to say the positives, even though it sounds like a negative.
Steven Butala:
The positive of looting?
Jill DeWit:
No, the positives of rural vacant land, and what we're doing. We're going to get into it, I'm sure more, but I'm so grateful for our product type and what we do. And gosh, there's sure a need for it right now. So, thank you.
Steven Butala:
It was a tragic, tragic week in our history last week.
Jill DeWit:
Yeah.
Steven Butala:
Seems like it's either died down pretty dramatically or hopefully it's over, but boy, I understand everybody's point of view.
Jill DeWit:
It changes day by day too.
Steven Butala:
Yeah. Yeah, so hopefully it's just that chapter has closed.
Jill DeWit:
Mm-hmm (affirmative).
Steven Butala:
Before we get into it, let's take a question posted by one of our members on the landinvestors.com online community. It's free.
Jill DeWit:
Just to add on that real quick too. We all search for consistency and normalcy and stuff. And I know me personally, some of those silly shows that I like, they're not making them right now. So I'm stuck with reruns, but I want some normalcy now and some consistency.
Steven Butala:
Boy, Hollywood is shut down.
Jill DeWit:
I know.
Steven Butala:
Is that what you mean?
Jill DeWit:
Yes. I will say this though, I don't know if you saw my Facebook post. Volleyball's back, that makes me feel good. It's a little something.
Steven Butala:
You just like to see men with no shirt on in our backyard.
Jill DeWit:
There is that too. Yeah, that's true. It doesn't suck. Okay. Ben wrote, "I have a property that an owner is wanting to sell. He is the listed owner on the data that I pulled. I found a deed from the '50s, where his father owned it and it references that the children will have the property passed to them. After that, I couldn't find a will anywhere. I have the date of death and everything. Does this kill the deal? I should hear back from the county clerk tomorrow, whether or not they can locate it." I'm wondering wondering if they went ahead and recorded another deed and the kid doesn't have it. That could have happened because usually there's something that triggers it before they go changing stuff.
Steven Butala:
Well, there's two big issues at play here and they're very, very common and they don't get talked about. Number one, the person who is on the deed, the vesting deed, which is the deed before the one where you're going to buy, needs to be the person that you're talking to and who is available to sign. This is a very, very common misconception in real estate where the person, somebody dies, they owned a bunch of property. They pass away. They have a will that says all my stuff, no matter what, goes to my daughter. And then everybody thinks it's okay and it's really not. It has to go through probate. There's a big legal, depending ... and every state's very different. So we have thousands and thousands of properties in this situation. So the reason I included this question, albeit it's not-
Jill DeWit:
Yeah, why did you include this question?
Steven Butala:
... a super positive thing to talk about, but it's just everybody needs to know about it. It's a reality, that sometimes you have to undo these things legally. Jill's an expert at undoing these legal problems in some states to solve this problem. And consequently, here's the positive. This is really why I included it. Because you can make a business out of that. They're going to be very,