3 Perfect Ways to Scrub Property Owner Data

Jack Butala: 3 Perfect Ways to Scrub Property Owner Data. 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: Hello.

Jack Butala: Welcome to our show today. In this episode, Jill and I talk about three perfect ways to scrub property owner data. Awesome show. Before we get into it, first let's take a question posted by one of our members on Land Academy's community; free online community.

Jill DeWit: Cool. Rod asks, "Here's the situation. I have two parties that own two parcels in JT, so joint tenants. The seller states each party owns one parcel, each by mutual agreement. Party A on the deed wants to sell their parcel, and the other party, B, does not want to sell theirs. How do I buy the one parcel from party A that wants to sell? I was thinking Party B quit claims to Party A. If this will work, how does it effect chain of title, or is this a pass?"

Jack Butala: I mean, I have my opinion, I wonder if yours is the same.

Jill DeWit: No, go ahead. I'll wait, go ahead.

Jack Butala: I think Rod's dead on. I think that's exactly what they need to do, and if I were him, I would offer to do all the paperwork and get it in a recording and stuff for free, if it's the regular economic situation on this deal that we're used to. Buy it for five-hundred or something, can sell it for two, or three, or four, or five, or even more. That's how I would resolve this. I would resolve it first between the two of them, because they've structured some silly ... It looks like a silly deal. Get A what he wants, and then get the property eventually into your name for B, everybody's happy.

Jill DeWit: This is a perfect use of a quick claim. People think of quick claim as a thing that you use in every single scenario, and it's not. A quick claim is when there's a ... You're cleaning up a little something, or brother is giving it to sister. There's really no money changing hands, or just like, "I'm out," kind of thing. It's perfect for this.

Jack Butala: Yeah, I mean, I differ a little bit on that, on the use of a quick claim [inaudible 00:01:59] than you do, and that's fine. We don't do everything exactly the same, but I don't think there's any reason to ever use a quick claim deed.

Jill DeWit: Right, you don't need to do a quick one, that's true.

Jack Butala: The reason you do ... That's not what this show is about, but the reason you do a quick claim deed is traditionally been for this situation, where it's interrelated parties. There's nothing stopping you from doing a warranty deed, which means the person is warranting the title of the property from A to B, let's say. I would do a special warrant deed. I would say, "Yeah, I warrant the title quality of this property for the time that I've owned it."

Jill DeWit: Which was the same time as you.

Jack Butala: Right, right.

Jill DeWit: Which is really kind of funny.

Jack Butala: Quick claim deed, for a lot of people, is a big red flag. When I say, "A lot of people," I mean title agents. Lets say six owners down the road they're doing a title abstract to see if it's all good, and they say, "Oh, darn. There's a quick claim in here. I don't know."

Jill DeWit: The nice thing is it's like this one, I mean ... You and I, we really are the same Jack, I don't really like them, but it works for this, because it's like husband and wife on the deed, now it's just husband on the deed, so you can see something little happen, not a major name change. If I see a major thing like a quick claim from a corporation to somebody else, now I got a red flag. We do see the same way.

Jack Butala: Oh, good.

Jill DeWit: On this, and many other topics Jack.