Re: 'Thought you wer being sardonic (as it were) - Posted by Bill Gatten
Posted by Bill Gatten on December 17, 1999 at 16:57:14:
No offense…honestly. I presume you enjoy the banter as much as I do. I assumed (apparently incorrectly) that your use of the word “nominal” in your post was in a more sardonic sense, and that you perhaps thought I did indeed charge too much for what I do (I probably do, but, hey, I do have to buy shoes and Metamucil).
For the record (as you said) Jim: A PACTrust, when fully (and properly) contructed involves not only the setting up of a land trust, but also the creation of Assignments of Bene. Interest; Powers of Attorney (2), Transfer documentation; Preliminary Changes of Ownership Reports (somes two or three deeds, depending upon the chain of title); Beneficiary Agreements; Occupancy Agreements; directions to Escrow,; Rider data and addenda documentation; direction to agents; exculpatory documents for agents and escrow; explantion letters to buyers, to sellers, to agents, etc. Then on top of that we have to order and review all title data and make necessary additional transfer documentation; input all data into our collection service and with the corportate trustee (takes a day or so). Then we correspond directly (by mail and phone) with all creditors, insurance companies and taxing agencies to assure that they know who the payments will be coming from and how to change their records. Now…that’s what we charge our nominal fee FOR (…to end a sentence with a prepostion).
HOWEVER…understand–CLEARLY–that the standard investor type who isn’t worried about all the legal nuiances and protective devices that we build in (sometimes as an over-kill), can do this whole thing by merely filling out the basic forms (from our doc manual) himself and taking the deed and PCOR down to the county recorder’s office.
The do-it-yourself variety wouldn’t be a “PACTrust™” per se: but it IS a do-it-yourself 3rd party land trust conveyance, and affords the functions and benefits I talk about if done properly… THAT’S FREE…but even at that I still am ALWAYS happy to work with those folks in every way possible (mentoring, wording their ads, answering their client’s questions, their clients’ attorneys and accountant’s questions, etc.) WITHOUT ANY CHARGE…simply because they bought a book, or a Success Pack, or a Membership or attended a workshop…or just because they didn’t ever be mean to me (or ask the really, really hard research questions like you always do).
Candidly, the drawbacks in doing it all yourslef is that mistakes are far more likely, and we obviously can’t endorse the contracts from standpoints of construction, interpreation, integrity and enforceability, the way we can when we handle it.
And besidss, a percent (or so) of the property’s value is a whole lot less than a real estate commission; and a lot less than any attorney I know would charge for the same service.
Your friend and fellow cowboy singing star,