Refer investor friendly Title Co's & RE Attorney's in Ogden, UT?

Question

Hi everyone, please recommend any great Title Co's and RE Attorney's you like to use near Ogden UT for RE Investment. Always looking for investor friendly people and companies to work with.

Jeffrey S. Breglio · Answer

The LLC is the buyer on the REPC. Whoever owns the LLC is obligated on the REPC. But there are things that can change that, like fraud.

We have many forms for wholesaling. You need a Membership Interest Purchase Agreement to sell the LLC.

Disposable LLCs and trusts are great ways to submit offers in short sales, REOs etc.

For a more detailed explanation, please call the office and set a consult with my admin. :)

Jeff

Lori Greene · Answer

Jeffery, I've heard of the LLC trick, making an offer under an LLC name and then selling the LLC. I've created many LLC's and it's cheap and easy here in UT. But, I've never sold one as a substitute for assigning a contract. I am considering trying it instead of putting assignment terms into the REPC, in order to make offers more appealing. Here are a few questions about that.

1. Am I completely free from the terms of the REPC when I sell the LLC which is shown as Purchaser on the REPC?

2. Do you have any advice for me on terms or on what kind of contract to use with the Cash Buyer (Buyer 2, rehabber)? I usually use an Assignment Contract which I created.

3. Is this a good strategy to use with REO's, Banks, Short Sales who don't like assignments? What would be the pro's and cons of this with banks and what should I do to protect myself from liabilities if Cash Buyer doesn't close?

I appreciate your input,

Lori

Lori Greene · Answer

Thank you Jeff. That answers my question.

Lori Greene · Answer

Thank you Brian H. Pleased to meet you. I will check out your referrals.

Brian H. · Answer

@Lori Greene Wow - Another bigger pockets member from our tiny little town of Huntsville, UT? Welcome!

While there are many good title companies and title agents to work with locally, I'm partial to Tawnya Boss at Mountain View Title & Escrow. As for attorney's I'd recommend either Jeffrey  Breglio or Royce Richards (http://www.woodrichards.com/).

Chaz S. · Answer

I will add another for Mountain View Title. Great to work with

Cole Schlack · Answer

Welcome Lori, I like Joann Louth also from Mtn View Title.  For Ogden Attorneys I would recommend Kim Stevens from Larreau & Lythgoe www.utahslawfirm.com She lives in the Valley and has a strong RE Background.

Jeffrey S. Breglio · Answer

Specific questions about liability depend on too many factors to generalize a response. But a few notes on your question. First, the Utah REPC is NOT assignable as is. You must include assigning language in an addendum. The option around this is to utilize a trust or disposable LLC, which many client use. If you're using a simple contract that does not prohibit assignments, you can assign it with any additional disclosures. HOWEVER, regardless of the contract you use, I ALWAYS recommend including language in every contract that you have the right to assign it, as well as protective language and other disclosures for the wholesaler for your protection.

Hope that helps.

Jeff

Lori Greene · Answer

Okay, Jeffery Breglio. Here's a question for you in regards to wholesaling. My partner and sister who is a real estate investing coach as well feels that, when assigning a purchase contract over to another investor to close, it's better not to indicate in your initial purchase contract terms that you may be assigning the contract because you will get more offers accepted. She feels that, once you assign the contract, all liability automatically transfers to the Assignee.

While getting more offers accepted may be true, I do wonder if I would be truly protected from liability without terms to that affect in the initial purchase contract, i.e., the UT Assignment of Interest Addendum has exact terminology in it that puts all liability onto Buyer 2 (Assignee). If I were to try her advice and not use that addendum and not indicate possible assigning of contract, could I be opening myself up to liability if the Assignee does not come through at closing?

Jeffrey S. Breglio · Answer

Hi, I'm a 15 year veteran investor and RE attorney. So I'd be happy to help! :) I also do a ton of investor title closings, seller fi's, trusts, wholesales, etc. You can PM me for contact info and I'm happy to spend some time chatting about how I help you out.

Jeff