Buy and Lease Disasters (CFFL 576)

Transcript: 

Jack Butala:                       Jack and Jill here.

Jill DeWit:                           Hi there.

Jack Butala:                       Welcome to the show today. In this episode, Jill and I talk about buy and lease disasters.

Jill DeWit:                           Huh?

Jack Butala:                       Why would you put disaster in a title, Jack? Let's find out. 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.

Jill DeWit:                           Okay. [Bryan 00:00:22] E. asks, "I have a great parcel with two very anxious buyers ready to snatch it up."

Jack Butala:                       I like where this is going.

Jill DeWit:                           Yeah. "The obstacle is that it's not clear as to where the access easement is to the property. I've done my homework, and it turns out that in this particular section all the roads the exist are private and furthermore, about one third of the owners have to overtly, not just peripherally, traverse that neighbor's property to get to theirs. So everyone must traverse some form of private property. [inaudible 00:00:58] their private road owned by an adjacent property owner or an actual usable section of a lot to get to theirs. So here's the kicker," as if that's not enough, "I pulled deeds on most of the properties and none except one mention these easements. Even when someone is clearly traversing someone else's lot." Which by the way we can all see from Google Maps often. "I feel like my options are either a-"

Jack Butala:                       Right. I have to interrupt here for a second.

Jill DeWit:                           What?

Jack Butala:                       I say it a million times, I'm going to say it again. I cannot believe the level of intelligence of our members.

Jill DeWit:                           Oh yeah. It's true.

Jack Butala:                       Thank you, Bryan. Thank you for showing up and taking this seriously. I mean it. This is fantastic question, and I can tell by the way you're writing it out you're going to do well.

Jill DeWit:                           Thank you. Can I go now?

Jack Butala:                       Yeah. You mean leave the show?

Jill DeWit:                           Yeah, I know. Can I finish?

Jack Butala:                       Yeah.

Jill DeWit:                           Okay. Alright, so here's Bryan's options, he thinks. There's three. "A, pay $400 to find a good title company to find a title that mentions easements, but I doubt that they will find anything. B, the owner can record a deed with the access road with the neighbor, but they'll have to pay more for someone to access the owner. Or C, tell the owner that they can do whatever everyone else is doing," [inaudible 00:02:25] is a new buyer, "and arrange it with a handshake and access road with a neighbor as I understand that after five years without an objection, it isn't an easement in this area. What are your thoughts?"

Jack Butala:                       Okay.

Jill DeWit:                           I know what mine is.

Jack Butala:                       We have the same thought. Go ahead, Jill.

Jill DeWit:                           C.

Jack Butala:                       D. I'm going to give you a D option.

Jill DeWit:                           Oh, D? I'm with C. A D, keep your head down.

Jack Butala:                       This is what Jill and I do.

Jill DeWit:                           Don't talk to anyone and just do it. That's my usual answer.

Jack Butala:                       That's good advice for everybody. Just take the pain.

Jill DeWit:                           Just don't draw any attention to it, you'll probably slide right by.

Jack Butala:                       In with the crowd, out with the crowd.

Jill DeWit:                           Yes.