Planning Your Land Business for Post Election (LA 1338)
Transcript:
Jack Butala:
Steve and Jill here.
Jill DeWit:
Hi.
Jack Butala:
Welcome to the Land Academy Show Entertaining Land Investment Talk. I'm Steven Jack Butala.
Jill DeWit:
And I'm Jill DeWit, podcasting from sunny Southern California.
Jack Butala:
Today Jill and I talk about planning your land business for the post election in November.
Jill DeWit:
I want to talk about what we're doing in preparation for that and what you should be doing in preparation for that.
Jack Butala:
Right. Excellent.
Jill DeWit:
And I'll tell you my answer is really short.
Jack Butala:
Good. Yeah actually, mine is too.
Jill DeWit:
Okay.
Jack 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:
Brian wrote: In California I have a vacant land buyer who just finished paying off the seller financing and now I want to make sure I get the next step right. A land contract was recorded with the county at the start of the sale, and now as I understand I need to record a deed of reconveyance or a full reconveyance. I believe also the grant deed needs to be recorded and the preliminary transfer of ownership with the county. Is that right? All at once or is it in some sequence? Anything else?
Jack Butala:
So there's a lot of words in this question, and they're very specific proper nouns, like conveyance, reconveyance, granteed, preliminary transfer of ownership to the county.
So the answer to Brian's question really lies in why he set it up in the first place. I've never seen it set up like this. I've never actually recorded a land contract with the county, so I would start with that. I'm not saying-
Jill DeWit:
Or have we had people pay them off?
Jack Butala:
I'm not saying he's did it wrong, I'm just saying. Yeah. I mean, this is so far as a percentage in the minority of deals that happen. I mean-
Jill DeWit:
How long was this contract, because often they're a long time?
Jack Butala:
In all the years that we've had Land Investors, which is the website, no one's ever asked this question. And here's why, because people don't pay these things off. If they do, it's way early. So the right answer, and then there's a lot of answers to this from other members, the right answer is to get a lawyer to either do, redo, or undo this. I know what I would do. I would not get a lawyer. Jill and I would sit down and I would say, "The guy paid it off. I recorded the land contract. I would somehow undo that." I'm not exactly sure. And I would probably send this to title so he can get ...
Here's the thing. If Brian did this correctly, he's made just tons of money on this deal. When you sell property on terms and it gets paid off over a bunch of years, the interest in all of it, I mean, it's very, very, very profitable, so there's a lot of profit in this deal. You want to get it done right.
Jill DeWit:
Correct.
Jack Butala:
And the chances are the person who paid this thing off, they're going to use it. They might build on it. Who knows? So I would ... You know what? Call a lawyer.
Jill DeWit:
That's the easiest way. Let's just leave it at that. I know that someone else in our group who is very experienced and very smart also chimed in and said, "Make it easy on yourself, call a lawyer." And I agree with her.
Jack Butala:
Today's topic, planning your land business for this election that's about to happen here in November.
Jill DeWit:
Oh yeah. I have a followup thing to that real quick.
Jack Butala:
This is the meat of the show.
Jill DeWit:
Sorry. My followup thing is once you have one of these done with a lawyer and you know the steps what the lawyer did, now you can do it by yourself.
Jack Butala:
Yeah.
Jill DeWit:
So that's it. Lawyer's going to go, "We're doing this form and then we're doing this form and then we're doing this." Okay, now I know the steps. I don't have to use you again.