Would You Trust A Closing Company To Write The Trust If They Insist Their Paperwork Must Be Used?
Lou’s answer, No.
It’s important that we don’t only look at things from the legal standpoint, we also need to look from the standpoint of the benefits that the paperwork can provide.
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Scott Paton:
J Jackson has an interesting question for us. Would you trust a closing company to write the trust if they insist their paperwork must be used?
Lou Brown:
No, absolutely not. The reason is that they just don’t know what they don’t know. I’ve been around for a long time and I’ve seen what works and what doesn’t work. And it’s very important that not only do we look at things from the legal standpoint, but we also look at things from the standpoint of the benefits that the paperwork can provide. For example, negotiation, where you can negotiate every little fine point with the seller, or you can just put it into the paperwork. Well, they may not have those thoughts in mind when they create their paperwork. So, what I suggest is when you’ve got our paperwork, you simply have an attorney review that and sign off on it, so to speak so that you’re meeting state and local laws, anything that needs to be altered, adjusted, or added to the paperwork as it relates to any local requirements.
That’s the only change I would suggest because if they agree that there’s a lot of good stuff in there and I’ve, I can’t tell you how many times that I have heard that from other investors and from attorneys, they say, where did you get this stuff? And the answer is the school of hard knocks, the school of hard knocks. I’ve learned some valuable lessons in that process. And certainly once you’ve got the paperwork that’s been honed and refined and used for decades, you’ve got something of true value. And again, to have it run by your local attorney or title company, and have them adjust it for anything that’s not common in your area or not accepted in your area.
