Team Title Guy

Sell... Buy... Refi... Specify Team Title Guy!

Vesting

Divorce the house.. Are you working on a transaction where The “D” is involved?

1. MEET WITH EACH PARTY
It’s important that you meet in person with each of the owners of the home to assess the environment in which you’ll be working. There can be great collaboration or high levels of conflict in which you play the go-between. A real estate agent can contribute to minimizing the stress involved with the sale by setting each of the parties at ease. It could also be revealed that this is a transaction in which you prefer not to be involved.

2. REVIEW THE FINAL DIVORCE DECREE
You don’t need to—nor would you want to—read the entire document, just the part pertaining to disposition of the home. Frequently, with everything that has gone on and the high levels of emotions and anxiety, parties are confused and can give you the wrong information. It’s also helpful to understand the dynamics before you move forward. I did have a situation in which the court gave the husband complete power to make decisions regarding the home, and all of the proceeds. The wife was still on title and didn’t want the home sold. You can see where this was headed, and yes, she dragged her feet on everything. It was helpful to anticipate this possibility before it became a reality. It would have been easier for her to Quit Claim her portion over to her husband, but her attorney wouldn’t agree.

3. MAKE INTRODUCTIONS TO ANY OTHER TEAM MEMBERS
Usually there is a team of advisers in place: attorneys, mediators, financial planners, etc. You’re all working together for the benefit of the client, so it’s helpful to have open communication. You will probably have to take the lead on this one, and it shows your professionalism. A phone call is usually appreciated by everyone.

4. PROVIDE A LIST OF PROFESSIONAL REFERRALS
Real estate agents can be the first call when a divorce is on the horizon. Usually the largest asset they own, families want to know the value of the home and their options as they move forward. It furthers your level of service to have a group of trusted advisers to offer, and establishes a referral network for your business.

5. CLARIFY THE LINES OF COMMUNICATION
Technology offers an assortment of options and many people are particular about their preference for communication. If you frequently use email and one of the parties never checks email, that will present a problem. Be sensitive to a possible generational preference, and also that sometimes a phone call is needed. A person’s voice can convey what a text or
email cannot.

6. SEPARATE BUT EQUAL COMMUNICATION
Yes, sometimes it feels we do twice the work when helping divorcing couples. To avoid hard feelings and one party feeling you are playing favorites, you must be sure to copy each person on all communication. Occasionally, one party wants everything copied to their attorney. Be sure the attorneys are supposed to be in the loop and this has been clarified. The attorneys I’ve worked with charge for each email they read, so be sure this has been cleared with the client.

7. CREATE A REALISTIC TIME LINE FOR COMMUNICATION AND PUT THIS IN YOUR LISTING AGREEMENT
When working with a hesitant seller, one that resides out of town or travels a lot, your level of frustration can quickly escalate. Gain consensus that 24 hours (or whatever is agreed) to respond is reasonable and necessary to keep the process moving. When the market catches fire again, which is starting, buyers won’t wait long for an answer. This is a great way to set the tone for expectations, and you can refer back to it.

8. CONFIRM FINANCIAL RESPONSIBILITIES
Who is going to pay for the repairs to get the house ready for sale? How are the proceeds divided? I just had a transaction where the sellers were upside down and the husband’s company was going to give him the funds necessary to close. These particulars are also a good idea to mention in the Listing Agreement. That way there are no surprises or last-minute negotiations on these costs.

9. YOU’RE A REAL ESTATE AGENT, NOT A THERAPIST
When emotions are running high and people want to vent, don’t be the target. When just starting out, I used to spend hours listening and now I am adept at steering the conversation back to real estate. Remind them this is not your area of expertise and refer them to a mental health professional if needed. As always, be sure to offer multiple contacts

10. DOCUMENT, DOCUMENT, DOCUMENT
It’s always important to document for your files, but for these transactions it is especially important. Sometimes emotions run high and people aren’t listening as closely as we wish they would. It’s vital you keep a paper trail of all communications, and it will really come in handy should you be called as an expert witness or as part of a mediation.

Tax Implications in Real Estate: Training / Education Join Us

TTG_RedHill_February

We would like to invite you to Red Hill Country Club in Rancho Cucamonga on February 16th at 10:00am for a must-attend event with our prized guest speakers Tax Attorney, Tony Vienna (bio below) and Tom Bernath, our Chief Title Office (bio below). We will be covering the topic of Tax Implications in Real Estate and will be sharing valuable knowledge that you will not want to miss. Not only do we think that this information will be highly valuable for you, but it will be worth sharing with YOUR clients as well.
Join us for a morning at the lovely Red Hill Country Club for this informative event. Team Title Guy takes great pride in making sure that our clients are the absolute best informed in the marketplace, and it’s through events like this that we prove that Knowledge is Power!
Please RSVP to Ryan Orr or Ron Romero of Team Title Guy; we can be contacted by email or phone directly! You can also RSVP on our TTG Facebook Page!
Ron: Ron.Romero@ticortitle.com or (951)509-5281
Or Team Title Guy Facebook Page here: TTG Facebook Page
About Anthony M. Vienna:
Screen Shot 2016-01-27 at 9.21.40 AM
ANTHONY M. VIENNA practices tax and business law in Southern California.  He is a graduate of the University of Southern California School of Law where he received a Juris Doctorate Degree. He was admitted to the California State Bar immediately following graduation from law school and has practiced as a tax, estate planning and general business lawyer ever since. Mr. Vienna is licensed as a Certified Public Accountant and practiced as an accountant for two years.  He is also a former Revenue Agent and Estate Tax Examiner for the Internal Revenue Service.  He has had a variety of experiences in public accounting and private law practice. He has written extensively in the general field of taxation and, and has been a lecturer in the Masters of Business Taxation Program of the U.S.C. Graduate School of Business, a lecturer for American Management Association, a speaker for the U.S.C. Tax Institute and a speaker before various professional and business associations.
Mr. Vienna’s practice has historically included a wide range of tax matters, business transactions and estate planning involving transfers of businesses and real estate interests including establishing and maintaining limited liability companies, irrevocable life insurance trusts, and other strategies.
About Tom Bernath:
TomBernath3-120x157-custom
Tom Bernath’s extensive title experience is a reflection of his commitment to the industry. “I’ve been in title nearly all my professional life,” he reveals. “My parents were in real estate; it’s in my blood.”
He launched his career with Ticor Title over two decades ago, then went on to explore professional opportunities that included founding his own claims resolution company. But with a return to Ticor in 2010 as an operations manager, he brings a wealth of knowledge and an intimate understanding of how the title process integrates into real estate transactions as a whole. During a transitional phase for the industry, says Tom, experience like his is a tremendous asset. “I had the great opportunity to learn from veteran title professionals who boasted incredible knowledge,” he explains. “Many of these individuals have retired, and the opportunity to apply the skills and information I gleaned from them has boosted my ability to better serve our diverse clientele.”
His customer-centric approach has enabled Tom to cultivate solid industry relationships; not only does he work closely with Ticor Title personnel including title officers, assistants and sales representatives, but he also communicates directly with real estate professionals who trust his expertise. Dedicated to upholding Ticor’s promise to deliver exceptional and knowledgeable care, Tom pursues ongoing education through a host of channels. “I believe that you can never stop learning,” he reveals. “I want to maintain a position at the forefront of our industry, and never to find myself having to catch up.” He readily shares his knowledge, noting, “By knowing the trends, changes and developments that are impacting title and the real estate business as a whole, I am better able to prepare our sales representatives to address issues with their clients.” Tom adds that he has been tapped to speak to professional Realtor® and escrow associations, addressing industry happenings and explaining the way title works. “It’s an interesting business,” he reflects. “Unless you’re in it, you never really know how complex the title process is.”
Tom appreciates the opportunity to continue his career with Ticor Title, a firm that offers a unique model and exceptional level of client care. “We have a local presence, with in-house teams that include underwriting,” he says. “This allows us to be incredibly responsive to our clients’ needs, and to provide them with the knowledge that is necessary to handle a range of real estate transactions.” He adds, “As a member of the Fidelity National Financial group, we are also tapped into a worldwide presence that has earned recognition as one of the largest title insurance providers in the world.”
Click on image below to download the Event Flyer.

TTG_RedHill_February