What does it mean when we have a portfolio of properties, and have the estate names be named differently, estate or trust on the property appraiser site is named different.
Transcript
Benjamin Sens
One of our viewers asked asked the question to me a little bit ago, what does it mean when we have a portfolio of properties and you see the estate name differently. Like, for example, one of the
uh, the estate or the trust will be on the property appraiser in so many different written ways. What does that mean?
Well, you know, we never like to just go by what the, what it says on the property appraiser site. I always dig out the underlying deed because a lot of times you can’t tell from the property appraiser for sure.
They’re just recording they’re just saying one of them is a livable revoking or revocable trust or what type of deed it is. But I see the same trust written in the property owner so many different ways but that’s like you’re saying that’s the way that the property appraiser just put it in the system. It doesn’t have any merit.
Right. I mean, one of their disclaimers on their website is you can’t really use them for title evidence.
I’m not bashing them, plethora of information
not at all they have a ton of information but all you have to do is go down further click on the deed itself and actually read it. I get this a ton with enhanced life estate slang name is ladybird deed to estate planning tool that’s really widely used anymore. And when you look in the, what the deed actually says is like, I can pay my property to myself for life and I keep complete control of it and I can sell it I can do whatever I want with it, basically, but when I die, then it goes to Nicole
Sure. Go Nicole!
Nicole has no no interest until I die. But the property appraiser will have my name Ellie, and then Nicole’s name, just because that’s the way they they record it when they look at the deed because I’m in the life tenant, she’s the remainderman. But if you don’t actually dig down and look at the deed, and they’re gonna want Nicole’s signature when they really don’t need it, and it’s going to cause cause issues, so and,
and that causes issues, after you were like, in, in the underwriting issue in the title examination, so it won’t it
usually gets worked out. But this this is an issue early on, because, like the realtor who would be taking the listing for my property would say, hey, I need to cold assign it also. And I would say no, and, you know, my client will call me and I’ll say, No, you don’t need I don’t need Nicole to sell it. And then the person sort of loses faith in their agent. Yeah, I don’t. I mean, It’s
Yeah,
Bill Blade
it’s, it’s, you know, when you want to start that relationship on a really good foot looking like an expert not, you know, oops, I didn’t need that, you know, you know,
Benjamin Sens
yeah, or oops, the house that I did sell you three years ago, has all these open permits and problems and even if it wasn’t the agents like fault or I mean, they’re still the relation and I explained to agents all the time, you know, you guys are there to facilitate the relationships and we’re, you know, we’re there to be your tools. We’re there to make you know, to make sure all the boxes are checked off. A lot of times, what I see is, you know, agents are sometimes stuck. So, when they do come into a estate, or a plan issue or code violation if you they waste many business days finding someone who can help the issue or finding the parties who need to resolve the issue.
Bill Blade
Yeah.
Benjamin Sens
So knowing all the information up front is key, like you’re saying,
Bill Blade
I mean, yeah, that’s the big thing. If you’re going to transactional work, there’s always going to be deals that have issues. It’s just a fact of life. You want to learn how to identify those issues early or have people that can help you do that and then resolve the issues as quickly as possible. I mean, that’s, that’s all you can do. Because, you know, to think that you’re never gonna have a problem if you’re doing transactional work is is not realistic.
