Why First Deals Can Go Side Ways
Jack Butala: Why First Deals Can Go Side Ways. Every Single month we give away a property for free. It's super simple to qualify. Two simple steps. Leave us your feedback for this podcast on iTunes and number two, 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: Howdy.
Jack Butala: Welcome to our show. In this episode, Jill and I talk about why first deals can go sideways. Why your first real estate transaction could possibly go sideways. Here's a hint, I bet it won't. Great show today Jill, let's take a question posted by one of out members on successplant.com, it's our free online community.
Jill DeWit: Ever since the "Success Pants", we have to really try to over-enunciate and I think ...
Jack Butala: I said "Success Pants" one time and now that's my name.
Jill DeWit: Success Pants. I love it.
Jack Butala: That's my nickname throughout our whole community.
Jill DeWit: Hey Success Pants.
Jack Butala: Members address me that way, Success Pants.
Jill DeWit: I love it.
Jack Butala: I still don't get it. I think it's funny.
Jill DeWit: It's hilarious. Good thing you're wearing your success pants today. All right, Ryan asked, "The seller's husband died and she has multiple properties she would like to sell in one transaction. I wanted to make sure I have all the questions I need to ask her before I talk to her tomorrow. Here is the letter I received, thanks for your help." "Mr. Ryan, I am interested in selling this property. My husband died five years ago so I'm not sure what paperwork you need to see to prove I am the owner. There are also other properties I would like to sell if you, or someone you know would be interested. I would prefer to sell them all at once. I look forward to hearing from you," and then Ryan says, "What questions do I need to ask her to make sure i have all the info that I need?"
Jack Butala: Well, Mrs. Widow, I would prefer to buy them all at once.
Jill DeWit: Exactly.
Jack Butala: This is what we're going to do.
Jill DeWit: Yay.
Jack Butala: This is a happy, happy, happy thing. I love this situation. You can undo these deals pretty easily. Every circumstance is slightly different, but in general, chances are this couple took title to the properties as joint tenants. It's got the full phrases, joint tenants with right of suvivorship. If I were talking to Ryan right now I would say, "Please get the document, the vesting deed, or the document or documents that show who's name the property's in." That's the starting point for every discussion like this. He's going to read who's name it's in. It might be Mrs. Smith's name or Mr. Smith's name only, or whatever, and then you start form there. Chances are, most property you run into like this, it's in join tenants with rights of suvivorship. It's called JTROS. Just like the name suggests, you're joint tenants with rights of suvivorship. If a husband passes away like this, now she owns the property, and she can phase it to Ryan.
There's a few ways that it could be really, really messy if they took title as Mr. Smith and Mrs. Smith, married couple, you don't see it too often more, used to be that way, then there is some stuff you've got to undo. Depending on what state it is, it's real easy, or it's impossible, or anything in between. Most of the time, it's really, really easy. You just file an affidavit with whatever county it's in, so there is real specific stuff to address these things. It sounds like this deal might be large enough where you just hire a title entitled does it for you.
Jill DeWit: That's a good point too, yeah. Depending how big it is and how much is at stake, I love it.
Jack Butala: Multiple properties. I love multiple property deals.
Jill DeWit: I do. Well, the questions, you want to know. You want to know about how the ownership is on the vestin...