The ONE Contract That Saves Your A$$ | Executory Contract
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- Опубликовано: 10 июн 2024
- What is an executory contract? Pace Morby breaks it down in this video, using a real-life example of a Prius giveaway gone wrong. A few months back, Pace gave away a Prius, but the recipient never transferred the ownership or insurance. After an accident, the car ended up back with Pace, now with a salvaged title. Today, he's selling that car and sharing the MAGIC of executory contracts.
Pace explains how transferring ownership works and why it's not as simple as just signing over the title or deed. The car is being sold for $6,000, but here's the kicker: the new buyer isn't going to put the car in their name. Instead, they'll fix it up and sell it to someone else for $11,000. This process involves taking Pace’s title to the next buyer, who then heads to the DMW. The initial buyer never actually owns the car on record, showcasing the power of an executory contract.
Pace dives into how this concept is used in real estate and shares the various names it goes by depending on the state. He highlights the simplicity of this process, reminding us that the DMV hasn’t always been a thing, and that people used to sign basic slips of paper to transfer ownership. Just because something isn't recorded at the county recorder’s office or DMV doesn’t mean the person isn't the owner.
Get ready to learn how executory contracts can streamline your real estate deals and understand the behind-the-scenes of property and title transfers. If you learned something new, please take a moment to like, subscribe, and comment something interesting!
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🚧🚧🚧 DISCLAIMER 🚧🚧🚧
Pace is not a CPA, attorney, insurance, contractor, lender, or financial advisor. The content in these videos shall not be construed as tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or other and may be outdated or inaccurate; it is your responsibility to verify all information yourself. This is a RUclips video for entertainment purposes ONLY.
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Is there somewhere it gets recorded? Like a memorandum or something so they can’t snatch it back out from under you?
That’s called title flipping and is illegal in many states.
What is room for rent through non profit commercial renting of a bedroom? Is that possible?
Also why not do this every time instead of subto?
MVD? Is he talking about the DMV? or the switch of the letters in Arizona?
It’s called the MVD in AZ
Any injuries?
I’d like to buy the car!
Maybe preinsurance pre talks of
That doesn't look like it should have been totaled. So it has a salvage title now?
It's me now
I'll trade you my 2007 Toyota Tundra as a beater truck for your land in Montana. Its 4x4 and a long bed with a salvaged title, wink wink
WHAT broo LOL what kind of Nut Crashes a free Car and gives it back wow unless it was of no fault of his own of course hope no one was injured why didnt he transfer title lol
😂 Imagine getting a brand new car for FREE and what do you do? Immediately have a car accident 🤣 don’t value what you didn’t have to pay for.
Second 🥈
First? 🥇