It seems self evident: if someone is transacting in real estate, they have the authority to do so right? Well, that’s what section 13 of the Utah Real Estate Purchase Contract affirms. But there are other times when it may not be so simple: what if there’s a trust? What if someone dies? What if there’s a company that owns the real estate?
1:05 – Give us a question in the comments!
1:29 – Story time with Jason about Section 13. Parents trying to sell a property property owned by LLC. Trying to figure out who could sign, and it turns out the son is the owner of the LLC…and it was being used in a Ponzi scheme. Feds ended up seizing the company, but this highlights an important challenge: who can sign on a property?
2:50 – How do you protect against authorization issues? Provide the trust documents, or the articles of incorporation. There must be proof that you have authority to sign on the property. There are a lot of entities that can own a home: trust, corporation, LLC, etc. Listing agent should verify who says they can sell the property CAN actually sell the property.
4:00 – You don’t need to use an agent or a title company, but this is a good situation where you’re really going to want one. It’s for when something goes bad.
5:00 – We often see a trust selling a property. Another situation that happens more than expected is when someone dies and now the heirs are trying to sell the house…but can’t because they’re not authorized.
6:19 – You go to the doc for well visits. You should do the same thing with real estate professionals — like your agent, your lender, etc.
7:10 – What’d we learn today?
8:45 – Bloopers
*No trusts, corporations, or LLCs were harmed in the filming of this real estate discussion.
Please contact us to tell us you love us, you want to hire us! Call or text:
Realtors with Hive Collective at Presidio Real Estate:
Tyler Cazier: 801-210-0230
Aric Wiszt: 801-228-7687
Lender with Elite Team at Security Home Mortgage:
NMLS: 178787
Jason Christiansen: 801-669-7271
NMLS: 240472
A Production with Security Home Mortgage’s Jason Christiansen, and Hive Collective at Presidio’s Tyler Cazier and “Mr. Suit” Aric Wiszt.