Person Specific Offers to Buyers are Best
Jack Butala: Person Specific Offers to Buyers are Best. 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: We talk to Jill DeWit
Jill DeWit: Hi.
Jack Butala: Welcome to our show today and this episode Jill and I talk about person-specific offers to buyers and why they're the best.
Person-specific offers, hmm. This is one of the reasons why we are so successful at this and as well as our members.
Awesome show, Jill. Before we get into it, let's take a question posted by one of our members on landacademy.com online community. It's free!
Jill DeWit: Okay, so, Eric asked: I have a question on dealing with JTROS, which is joint tenants with rights of survivorship, vesting where one owner is deceased. When I create the new deed from the remaining owner to myself, who is the grantor? Just the surviving owner or do I somehow need to have both of these original owners on the new deed as grantors?
This is such a good question, I love it.
Jack Butala: It really, really is.
Jill DeWit: And I love the person that set it up correctly because that's why you do this. The joint tenants with rights of survivorship means that if someone should pass on instead of it going to, down the chain to heirs and all that, it's just the surviving member is now the sole owner. So, go for it Jack.
Jack Butala: I mean, this is what I would do. There's some state requirements that are weird, but the vast majority of joint tenants works like this. So, the grantor would be something like Jack and Jill as joint tenants with rights of survivorship, period. That's it, ran residents of Arizona, maybe. But, let's just say it's Jack and Jill with joint tenants with right of survivorship.
Jack passes on. Jill wants to convey the property to somebody new. That's it. Grantor's exactly the same as it was on the vesting deed. It's Jack and Jill as join-tenants. Jill is signing. Both people as joint-tenants have signing power to convey 100% of that property. So, are there some exceptions? Yeah.
Always, always, always, if you're new at this and haven't worked in that county before, this is even what we do at this level. In a new county we call the county and make sure that we're doing it right before we send it all in.
Is that how you would do it, Jill, or would you alter the grantor?
Jill DeWit: You know, I think you're correct, but I would follow up with, and I've done this in the past, recording just in case, down the road, there's any question I have sent in and recorded in the past death certificates. Proving that.
Jack Butala: Yeah, because some states, if it's not recorded in joint-tenants, you can still get away with doing that. If one person is deceased, the other person's a signer they can designate some stuff. So, yeah. [crosstalk 00:02:56]
Jill DeWit: I may have been going above and beyond, but it's just an extra little insurance thing. Sometimes I do that. I've been known to go above and beyond. That way it's crystal clear it was all legitimate and nobody pulled a fast one on anybody, you know. Because what if it was joint-tenants and it's just like two brothers, let's just say, because the parents gave it to the two brothers. They're not married, they're not living together. They may not be getting along and I want to make sure everybody knows this is all legitimate.
Jack Butala: Sure, that's a good point.
Jill DeWit: It's really easy in this situation to get an original copy of the death certificate from who you're getting the property from. Once it's recorded, the county will send it right back to you. They just basically make a copy of it and return it to you. They don't keep it. And then I will then send it back to the original person saying "Hey I need to basically borrow this." Well, I do it and then send it back.
Jack Butala: Yeah, you know I've done it both ways,