Start to Finish Documents Needed to Buy and Sell a Parcel of Land (LA 1431)

Start to Finish Documents Needed to Buy and Sell a Parcel of Land (LA 1431) Transcript: Steven Jack Butala: Steve and Jill here. Jill DeWitt: Hi. Steven Jack Butala: Welcome to the Land Academy Show, entertaining land investment talk. I'm Steven Jack Butala. Jill DeWitt: And I'm Jill DeWitt broadcasting from sunny Southern California. Steven Jack Butala: Today, Jill and I talk about start to finish documents that are needed to buy and sell a parcel of land. Again, this is a requested topic by our customer service staff because a lot of people are asking about it. Jill DeWitt: I'll make it really easy. I promise. You know what's funny? I made some notes here and I'm thinking about what are all the documents? It sounds like, "Oh no, this is going to be hard," but it's actually very easy and there's not a lot. And I'll explain each and everyone and let you know what's important. Steven Jack Butala: Good. 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. And if you're a Land Academy member already, please join us on Discord. Jill DeWitt: Kyler wrote, "Has anyone had a title company refuse to handle your closing because the purchase price is three times lower than the assessed value? Only two title companies in this county and they said they can't do it. Never heard of this. With that said, if anyone knows a normal title company in Northern blank state, please refer them." That's the stupidest thing I have ever, ever heard. Could you imagine? Steven Jack Butala: I responded to this. I actually responded to this and what I said, I'll say it here again. I've been dealing with this in some way my entire career, whether it's a know-it-all title company or real estate agent that gets wind of the deal and says, "You know what? For that, I'll buy it," or, "Hey, I can even do better than that," or somebody's sister-in-law says, "What do you mean you're selling that property for 10 grand. I'm happy to buy it from you for that. Don't give it away," so this is part of this business and it needs to be accepted and dealt with. And probably you just need to accept it. Jill DeWitt: It's amazing. It's almost like I want to say to the title company, "Oh, I'm sorry. Excuse me. What should I be buying it for? What the hell? You shouldn't be involved in it at all." It's like- Steven Jack Butala: In small counties, I know this from personal experience, all the title agents talk to each other, regardless of the company that they work for. The people at the county talk to the title companies. If there's HOA's anywhere, they all talk to each other. Jill DeWitt: All of four them. Steven Jack Butala: And date each other. Really I mean it. They're married to each other or their sister works there or something crazy like that. Jill DeWitt: I would just like, go find an attorney then. Go rogue, find another way to do this. If you need title insurance, do you even need title insurance, Kyler? I would maybe get the deal done and then after the fact. That might be the way to do it, close the deal, get it done then saying, "Now let's get title insurance." Steven Jack Butala: That was exactly my final point like, is it really that necessary? Jill DeWitt: Mm-hmm (affirmative). Steven Jack Butala: Get it. Buy it. It's over. Now get insurance and you don't need to do that at a local company. You can cross state lines on that. Today's topic are start to finish documents needed to buy and sell a parcel of land. This is the meat of the show. Start us off Jill, what's document number one? Jill DeWitt: Okay. The first document in our business is a combo document. It goes out in the mail. It's a cover letter, introducing ourselves and our mailer and a purchase agreement with the offer price. So that's it. It's mailer/offer, which includes a purchase agreement. Do you want me to keep going? Steven Jack Butala: Yes, please. So they sign the document. Jill DeWitt: