Payments Terms Deals Explained
Jack Butala: Payments Terms Deals Explained. 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 DeWitt.
Jill DeWitt: Happy Election Day.
Jack Butala: Welcome to our show. In this episode, Jill and I talk about payments, terms, those types of deals, and we're going to explain it. Payments, terms, deals, explained. Awesome show Jill, I know you love to collect payments and so do I. Before we get into it, let's take a question posted by one of our members on the LandAcademy.com online community. It's free.
Jill DeWitt: Yes. Collecting payments is a lot more fun than giving payments.
Jack Butala: Than making payments.
Jill DeWitt: Than making payments.
Jack Butala: Here's a hint at life, all you young people. Collect payments, don't make payments.
Jill DeWitt: Don't create new ones. Have zero, and just collect lots of them. Okay so here's the question. Rod asked, "I recorded a deed with a typo in the legal description, I.E. the seller's deed says unit 6. I typed unit 5. The county assessor sent me a letter saying re-record the deed, if this has happened to you, how did you fix it? How did you handle it? Do I have to go back to the seller with a new deed and get it notarized?"
Jack Butala: Go ahead, this is kind of your area.
Jill DeWitt: This happens, and it's okay.
Jack Butala: Those things are fine.
Jill DeWitt: Oh my gosh, this is one of the things.
Jack Butala: It happens all the time.
Jill DeWitt: You know, and I've had some other members that have said, "Oh no, I just screwed up. What am I going to do with like, ah it's the end of the world." No it's not. They just sent you a really nice letter saying, "Oh, oops. You need to redo this." And you know what? Oops. Mistakes happen, and that's why they're there. They caught it and you need to redo it.
What's interesting is if you noticed, the recorder doesn't stop the process there. The assessor does. The recorder's job is to take in any document you really hand them, record it, stamp it, and hand it back kind of thing. Or they move it through the process basically.
Then it got to the assessor, now they're the ones that really do their work and they go, "All right, now let's look at this and make sure everything's right here. Before I flip the ownership into the new person's name, I want to make sure it's all right." That's where they caught the unit 5 and the unit 6 typo, and that's why they politely sent it back to you saying, "Uh, oops." Very easy.
Have I had to do deeds with people? Yeah, and I've learned a few things. Yes, you're going to have to have ... Well, there's two ways. Jack's way that we do a lot of deeds now, and I'll let Jack explain.
Jack Butala: Mm-hmm (affirmative)
Jill DeWitt: If you, it sounds like this was a one page deed cause it wasn't a long legal description and the signature is right there, so if it's that kind of situation, yeah, there's nothing you can, you can't cross it off and initial it. You do need to have to redo the document, and that's not hard, and there's no rush now. You've got the seller, they've cashed a check, everybody's cool with everything.
It's just a matter of you picking up the phone going, "Hi Mr. Smith, I goofed. See that on there? Yeah, I put the wrong one. I'm going to send you a new one tomorrow and you'll probably get it on Friday, so can you get to the bank next week and have them notarize that for you when you're in and then just send that back to me? Great. Thank you, I really appreciate that."
Jack Butala: Yeah.
Jill DeWitt: Then you send it in, and you're out. Another twenty bucks for the recording, big deal.
Jack Butala: Yeah, there used to be this saying in real estate, I haven't heard it in a long time and I'm glad. "Oh the recorder, they would record toilet paper.