Jack and Jill Meet with CoreLogic Onsite (CFFL 391)

Jack and Jill Meet with CoreLogic Onsite Jack Butala: Jack and Jill Meet with CoreLogic Onsite. 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 DeWit:                               HI. Jack Butala:                            Welcome to our show today. In this episode Jill and I talk about how Jack and Jill, that's us, meet with CoreLogic onsite in their office. Jill, great show today. Jill DeWit:                               Uh-huh (affirmative). Jack Butala:                            Before we get into it let's first take a question posted by one of our members on landacademy.com online community. It's free. Jill DeWit:                               Okay. Cool. Jeff wrote in and asked, when selling on terms like a land contract do you make the buyer sign a waiver to release you of any liability or do you hold insurance on it and pass the cost over to them? Just trying to avoid any personal injury claim if you [inaudible 00:00:38] while they are paying it off. It's a really good technical question. Jack Butala:                            Great question Jeff. Jill DeWit:                               Yeah. Jack Butala:                            Haven't, we haven't talked about insurance in quite some time. So, it's all personal preference but I can tell you what we do. We have a general liability policy like, say, that any business owner would have and it's not, and the levels of are pretty high. Like, we carry a lot of insurance but it's not specific to the type of business we're in, and for the record you, they have equitable title of the property. They own it. They do own the property, if you're using the type of contract that we use they, there's just a lien on it. It's just like a house. You own your house but the bank has a lien on it. Jill DeWit:                               Right. Jack Butala:                            You're acting as the bank. So ... Jill DeWit:                               Could you imagine if you had, I'm just thinking about that. That's a good point. Thank you Jack. That's a great way to explain it. If I slipped in my pool while I'm paying off my home and I ... Jack Butala:                            Sued the bank. Jill DeWit:                               Sued the bank. That would be awesome. Jack Butala:                            Yeah. That's exactly how it would work. Jill DeWit:                               I would love to see how that would work. It's your fault I didn't pay it off. The diving board broke. Jack Butala:                            I think we all know how fast that lawsuit would get squashed. Jill DeWit:                               Oh, my gosh that would be hilarious. Jack Butala:                            So, in the beginning I was real concerned about liability too and somebody explained it to me exactly how Jill just did. She, it's just a lien situation so you're in good shape. I'll tell you, maybe, the theoretical risk that's out there is that you own all these pieces of property. I mean, someone could get hurt on one of them in the, during the process of selling it, when you're selling it. So, you know, I stopped worrying about that I don't know, in 1999 probably. Jill DeWit:                               Exactly. Jack Butala:                            It's the theory, you know. You know what I'm saying, right Jill? Jill DeWit:                               That's a tough one. It's like I walk on a used car lot and I fall down. I mean, that could happen but ... Jack Butala:                            It could happen. All kinds of stuff could happen and most insurance, well, Jill and I had a good rant together this weekend about insurance. Jill DeWit:                               Which part?