Question About Real Estate and Trusts

  • Thread starter Thread starter CFordUNC
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BlooVooDoo said:
Is it a standard lease rental or vacation rental situation? I can’t believe some of the places I’ve seen VRBO type properties. Tucson is a far more desirable place to visit than some three stoplight town in Missouri.
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no standard lease.
 
Ramrouser said:
That's what my son is doing. He has a nice house in Tucson and has relocated back to the east coast for a new job. He made recently made a number of improvements which he wasn't going to realize immediately in the sale of the home. He elected to keep the investment (in a rising market) and hire a management company to lease and manage it.
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Does his current mortgage require the property to be owner-occupied? A lot of loans won't let you convert to a rental property.
 
NYCBlueBlood said:
Your real estate agent just wants free legal advice. Why is s/he not finding out the legal implications for you? Do they expect you to post it on MLS for them as well?
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one thing that real estate oversight and education entities endlessly hammer us about is absolutely under no circumstances offering clients legal advice beyond the very basics. we get the "you aren't an attorney, you aren't a mortgage broker....." etc. spiel early and often.

with that said, cford's agent shouldn't have needed a bunch of legal advice to understand that this was a bad deal.
 
4thgenheel said:
one thing that real estate oversight and education entities endlessly hammer us about is absolutely under no circumstances offering clients legal advice beyond the very basics. we get the "you aren't an attorney, you aren't a mortgage broker....." etc. spiel early and often.

with that said, cford's agent shouldn't have needed a bunch of legal advice to understand that this was a bad deal.
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Yep, I think the line I'd toe here would be "based on my knowledge of this situation, this is a poor offer and places you at a lot of risk based on potential defaults, credit issues, and general frustration. I wouldn't recommend it, but if you wanted to explore it, I would definitely recommend consulting an attorney before you do".

In other words, I'm qualified to warn against it on basic principles but if someone is insistent on the details of the "whys", etc, it's attorney time.
 
I just want to thank every single person who chimed in on this thread with advice and insight. Cannot thank y'all enough. Sorry I'm just now circling back to this thread! I had the ignominious misfortune to have been on a flight home from the West Coast that did not have wifi working so I've been out of pocket. I'm going to reread and digest the advice and info generously provided on this thread but just wanted to send this quick note to tell everyone how tremendously appreciative I am that y'all took your own time to be helpful to me. It will never cease to amaze me how freaking awesome- and incredibly intelligent and insightful- this community truly is. Thank you all!
 
4thgenheel said:
one thing that real estate oversight and education entities endlessly hammer us about is absolutely under no circumstances offering clients legal advice beyond the very basics. we get the "you aren't an attorney, you aren't a mortgage broker....." etc. spiel early and often.

with that said, cford's agent shouldn't have needed a bunch of legal advice to understand that this was a bad deal.
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Of course the agent should not give legal advice. They should have an attorney they work closely with who they can quickly call and say, "Hey, is XXX something I should tell my client to look into... or should I tell them it's a horrible idea and they should not even bother." Maybe NYC market is different, but here any agent doing any level of business has an attorney they regulaly refer to clients... who they can get a quick sanity check from any time.
 
Granted, NYC real estate is weird. There are just too many dang attorneys here, so everything has escalated to the absurd. When I sold my last coop (condo), there were an army of attorneys in the room... Mine, the buyer's, the management company's, my bank's, the seller's bank's... all had to show up for closing. We needed a full on conference room to sell a freaking 2 bedroom apartment in Queens.
 
NYCBlueBlood said:
Granted, NYC real estate is weird. There are just too many dang attorneys here, so everything has escalated to the absurd. When I sold my last coop (condo), there were an army of attorneys in the room... Mine, the buyer's, the management company's, my bank's, the seller's bank's... all had to show up for closing. We needed a full on conference room to sell a freaking 2 bedroom apartment in Queens.
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Angry Zach Galifianakis GIF by BasketsFX
 
NYCBlueBlood said:
Of course the agent should not give legal advice. They should have an attorney they work closely with who they can quickly call and say, "Hey, is XXX something I should tell my client to look into... or should I tell them it's a horrible idea and they should not even bother." Maybe NYC market is different, but here any agent doing any level of business has an attorney they regulaly refer to clients... who they can get a quick sanity check from any time.
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Very different approach in NY than al.pst anywhere else in the country. Most states don't involve attorneys at all... ever... in residential real estate transactions. We use attorneys to close in NC and most of them won't fare render an opinion on anything. They conduct a title search and coordinate settlement and recording.

I do have an attorney for the purposes you mention but I'm far more connected to the legal community since I consult and provide expert testimony when there is the rare litigation against brokers.
 
wmheel1287 said:
Very different approach in NY than al.pst anywhere else in the country. Most states don't involve attorneys at all... ever... in residential real estate transactions. We use attorneys to close in NC and most of them won't fare render an opinion on anything. They conduct a title search and coordinate settlement and recording.

I do have an attorney for the purposes you mention but I'm far more connected to the legal community since I consult and provide expert testimony when there is the rare litigation against brokers.
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The fact that NC uses attorneys to close residential real estate transactions, rather than simple escrow officers, was one of the things that blew me away when I first started interviewing law students at UNC Law and they would cite residential closings as part of their prior legal experience.
 
Calheel said:
The fact that NC uses attorneys to close residential real estate transactions, rather than simple escrow officers, was one of the things that blew me away when I first started interviewing law students at UNC Law and they would cite residential closings as part of their prior legal experience.
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And one of my real buddies 50 years ago grew up to make $500,000 a year closing fairly simple residential real estate deals in a small-medium size town It was kind of mind numbing I suppose but he always had excellent wine lol
 
Calheel said:
The fact that NC uses attorneys to close residential real estate transactions, rather than simple escrow officers, was one of the things that blew me away when I first started interviewing law students at UNC Law and they would cite residential closings as part of their prior legal experience.
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Yeah, living in Ohio for 25 years taught me you don’t need attorneys for routine real estate transactions. Title companies handle the escrow, conduct the title search, issue title insurance, dot the i’s and cross the t’s on all the paperwork, and facilitate the closing and disbursement of funds.
 
Calheel said:
The fact that NC uses attorneys to close residential real estate transactions, rather than simple escrow officers, was one of the things that blew me away when I first started interviewing law students at UNC Law and they would cite residential closings as part of their prior legal experience.
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Residential real estate is the golden calf for a large part of the legal industry in NC. The NC Bar protects that with all of its might. You would probably be surprised (or maybe not) just how far I have to go in teaching classes to brokers to prevent them from engaging in the practice of law as defined by NCBA. As an example, if a Broker in NC is filling out a preprinted sales contract and it has a 7 day closing delay built in but the parties both agree that 10 days is more to their liking, NCBA considers it the practice of law for a broker to make that change even at the direction of the parties.
 
wmheel1287 said:
Residential real estate is the golden calf for a large part of the legal industry in NC. The NC Bar protects that with all of its might. You would probably be surprised (or maybe not) just how far I have to go in teaching classes to brokers to prevent them from engaging in the practice of law as defined by NCBA. As an example, if a Broker in NC is filling out a preprinted sales contract and it has a 7 day closing delay built in but the parties both agree that 10 days is more to their liking, NCBA considers it the practice of law for a broker to make that change even at the direction of the parties.
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Someone ought to sue the bar for antitrust. That is pure job protection and nothing else. It in no way protects consumers.
 
Calheel said:
Someone ought to sue the bar for antitrust. That is pure job protection and nothing else. It in no way protects consumers.
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Oh, their antitrust goes much deeper than that in NC. Did you know that NC REALTORS co-brands their forms with the NC Bar Association? In other words, one can be a REALTOR and access the forms written by the attorneys on staff at NC REALTORS or one can purchase the same forms from the NC Bar Association...at the same price that it costs to be a member of NC REALTORS. Otherwise, one cannot use the standardized agreements in the state.
 
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