Land Buyers There are Wholesale & End Users (CFFL 339)

Land Buyers There are Wholesale & End Users Jack Butala: Land Buyers There are Wholesale & End Users. 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 DeWit. Jill DeWit: Hi. Jack Butala: Welcome to our show today. In this episode, Jill and I talk about land buyers. There's wholesale and end users, totally different people and totally different transactions. This is a good show actually. Jill DeWit: I know, I'm excited. Jack Butala: Before we get started, let's try take a question posted by one of our ... Let's try! Jill DeWit: Let's try. Jack Butala: Let's try to read today. Posted by one of our members on landacademy.com, our online community. It's free. Jill DeWit: Mm-hmm (affirmative). Well, I'm going to try. Jack Butala: Let's try to read together. Jill DeWit: Okay, good. Claire asked, "I have a buyer for my property who wants to give the property as a gift. Is it legal to deed the property to someone who is not involved in the transaction at all or do I need to deed it to the buyer who would then take care of transferring the deed to the giftee?" Oh, pick me, pick me. Jack Butala: Go ahead, yeah. Jill DeWit: Okay. Absolutely, Claire, I would do this all day long. My buyer says, and it's probably in an email that we've had this conversation or something that they said it in there, so I have it in writing that I wanted to put in this name. No problem at all with that. That's totally cool and legitimate. Here's a funny thing, too. I hope I'm not stepping on your toes, Jack, but technically, I could put ... That person doesn't even need to have to know because maybe it is a gift, maybe it's seriously ... It's a Christmas present. Have Jack and I done that for different people for gifts and things like that, giving them property? Yes, all day long! Jack Butala: We give property to our friends' children as ... Jill DeWit: It's a graduation gift. Jack Butala: Yeah, graduation present. Jill DeWit: We've done that and stuff like that, and they think it's the coolest thing. We've had past employees that really worked hard and did a great job for us and they went on to do different things. One of our parting gifts was, "Hey, this one's yours," and they're like, "Really? I don't even ... My car's not even paid off!" Remember that one? It was cool, and they're so excited to have it. Technically, you can deed a property to anybody, have it recorded in their name, and they will first find out ... I wouldn't do this to somebody, but it's totally legitimate legal that when the tax bill arrives, they have a property that they own kind of thing. Jack Butala: Here's a couple of points. A deed is not a contract. It's a conveyance document. Jill and I, by the way, have separate companies, multiple separate companies, and often I'll buy property or whatever cash situation certain companies are in, my companies might have more money, hers might have less or she might have more property, I might have less. We all kind of work together and very often, money will come out of a bank account that, let's say, I control to buy her property or vice versa. That's the legal equivalent to what we're talking about here. The second thing is I want to bring this contract point up. It's a conveyance document. It only requires one signature, not two, so the grantor, which is the seller ... The seller conveys the document, so I could convey to you, Claire, a piece of property without your knowledge. Jill DeWit: Mm-hmm (affirmative). Jack Butala: The only ... Jill alluded to it. I want to make a deal out of it because Jill alluded to it, but I'll finish the thought. That's a big deal. This is what happened to me one time. I sold a bunch of property to a guy in the northeastern part of the country. The property we're looking at in New Mexico,