What’s an Executory Contract?

What’s an Executory Contract? | Subto Pace Morby

Рет қаралды 18,172

Күн бұрын

You know me as the creative finance guy or the Subto Pace Morby guy, but what are some of the secrets you don’t know? In this video, we talk about executory contracts and when to use them. Don’t forget to catch up on all the videos mentioned in this training as well!
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❎ I am 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as tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or other and may be outdated or inaccurate; it is your responsibility to verify all information yourself.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 KZfaq video for entertainment purposes ONLY ❎

Пікірлер: 97

@oldskoolfunk71 Жыл бұрын

Dr Pace, the creative finance, Transaction engineer gangsta, Drop the mic pace.

@PaceMorby Жыл бұрын

Thank you bro!!!

@defyingfinance9882 2 ай бұрын

About the car transaction: one issue is that person on title is held liable for tickets. This happened to my brother where two years later he was hit with not showing up to court for parking tickets because he gave a signed title to someone and they never put it in their name. Then it got towed and they came to him. You are supposed to protect yourself as the seller and send in the transfer paperwork which alerts the DMV and then keep a copy. In real estate, I’m not sure how you cover that part unless there is a performance contract of some sort as well.

@premierpropertyresource9193 Жыл бұрын

Pace, you are such a great teacher. Been in real estate for a long time and still learning from you.

@PaceMorby Жыл бұрын

I appreciate this. Thank you!

@JosephMarohn 2 ай бұрын

No one breaks down topics like Pace. Makes things simplified with stories and whiteboard breakdowns. Thank you bro

@PaceMorby 2 ай бұрын

I appreciate that!

@merchant297 11 ай бұрын

Amazing info. Good job pace

@dennisobrien2094 Жыл бұрын

Love this format pace! Thank you keep it up you’re awesome. SubTo!

@PaceMorby Жыл бұрын

Hey Dennis! Thank you brotha! SUBTO 🙌️

@mmcgartland2095 10 ай бұрын

Thanks for great new information

@travislawson1627 Жыл бұрын

You one of the GOAT s Pace! Thank you for all you do!

@PaceMorby Жыл бұрын

Appreciate you Travis!

@MrDavinci Жыл бұрын

Pace these videos are helping me pass my real estate exam at some point make a study guide these videos are 100% more valuable then being in the classroom or reading txt book

@PaceMorby Жыл бұрын

Bro, I'm glad my videos are helping you study for your exam! That's awesome!!

@jonathanjames8321 Жыл бұрын

Such great information, thanks Pace!

@PaceMorby Жыл бұрын

Glad to hear that! You're welcome Jonathan!

@carlosbarron1284 Жыл бұрын

Professor Pace excellent job explaining everything.

@PaceMorby Жыл бұрын

Carlos. Thank you brotha!!

@dennisobrien2094 Жыл бұрын

This was awesome. I’m totally sharing with my group.

@PaceMorby Жыл бұрын

Awesome. Thanks Dennis!

@itsa.k7028 Жыл бұрын

Man I learned so much watching your videos my brain is like give me more and more and I love your seller spells videos they are the best you’re a flipping creative finance genius pace nobody ever gives that much info for free I can tell I’m a 100% percent becoming a student in the near future

@PaceMorby Жыл бұрын

Appreciate you bro! I have 5 unreleased seller calls from the Zoom calls I do with my students here. Check it out! www.pacejmorby.com/sellercalls

@itsa.k7028 Жыл бұрын

@@PaceMorby thanks pace I will definitely check them out

@YepLeon Жыл бұрын

Sir this is the video that made me subscribe. Excellent content, just excellent 👌

@PaceMorby Жыл бұрын

Thank you bro! Appreciate you subbing!

@johnjaramillo6264 Жыл бұрын

Wow bravo 👏🏻👏🏻👏🏻 Just two questions. First what if you loose this peace of paper? And two being that the deed is not recorded what prevents the seller from selling the home to someone else if on record he’s still on the deed? Thank you for the all the info Pace

@Creditrepair2024 9 ай бұрын

This is my question. The deed has to be recorded. Otherwise the seller can do this same deal with ten people.

@johncatanzaro9627 Жыл бұрын

Dam Pace, That Was Amazing...

@PaceMorby Жыл бұрын

Glad you think so bro!!

@mariaangelabalatbat2803 Жыл бұрын

amazingggg!!!

@PaceMorby Жыл бұрын

Thank you!!

@shontelsimmons7240 Жыл бұрын

Thank you Place this is good Can you do a video about investors defaulting on the mortgage aka a subto deal. This happened to my mom

@tonydeeds6977 Жыл бұрын

Hey pace can you make a video going more in depth about how to do a sober living facilities?

@ayarborough12 Жыл бұрын

Great video Pace. After the seller signs the deed, how can they control when you record the deed? And what prevents the seller from taking the deed back even if you are up to date on payments?

@PaceMorby Жыл бұрын

If this is a seller’s objection, an agreement can be made where escrow holds the signed deed in lieu/performance deed and if buyer defaults, it’s executed. If you have more questions on this, drop them on the free Facebook group and I'll get around to answering them. If not, my students can help!paceapproves.com/communityytc

@ivyhillmxtraining1304 Жыл бұрын

Pace - If the deed isn't recorded, does the "owner" on record at the courthouse still have a liability risk? I am considering this for my own property to get it into an LLC and avoid a due on sale.. but curious if there was ever a lawsuit against me personally if this would roadblock an attorney coming after the property if I pull out a deed I never recorded.

@th.8868 Жыл бұрын

Whats crazy if the people who qualify for these types of situations. You could educate them on how to do this over and over. Wow, just gave me some ideas.

@PaceMorby Жыл бұрын

🙌

@mrbentv1762 Жыл бұрын

watching again sir

@PaceMorby Жыл бұрын

Thanks Ben!!

@raifcilasun1597 Жыл бұрын

Thanks for the video Pace. " Deed it back to the owner, buy with the executory agreement... " What if the seller does not want to do it, or after receiving the deed back, he says goodbye... Is there legal protection in the initial agreement? Thank you

@Hustledadd 2 ай бұрын

How does the buyer actually get the deed on their hand from the seller? Doesn’t the bank hold on to the deed? Would a hard money lender borrow money for construction if the deed isn’t recorded?

@Palmblvdlife 9 ай бұрын

Does that mean that if you do an executive contract that you don't have to go the title company at all?

@mikeg73madison 17 күн бұрын

Does an executory contract prevent the from having their loan remove their DTI

@mosesneri5060 Жыл бұрын

Do you physically hold the title ? Is there closing closing costs for the title ?

@igor21s Жыл бұрын

🔥🔥🔥

@hustletowealth 3 ай бұрын

To clarify, who gets the tax benefits on this type of transaction, you or the owner of the property?

@whatskevindoing 10 ай бұрын

What happens if the buyer records the deed without the seller's knowledge then stops making payments?

@VitalyChernikh Жыл бұрын

Pace, the car example is different because you get a title that is unique, but a deed can be easily prepared by an individual. Whoever records the deeds first will own the house, so you can keep the deed with you without recording it, but if at the same time seller will give a deed to another buyer, whoever registers it first wins. Isn't it correct??

@Bht45467 2 ай бұрын

I believe that’s false. If you get the deed first, notarized it’s still valid as you being the owner, “first in time first in right” rule. Google it

@jaysondipietro999 3 ай бұрын

Can you enter into an executory contract for a mobile home? Was going to enter into a novation but was unaware of what a executory contract was until today. The property in question is a 1986 mobile home.

@PaceMorby 3 ай бұрын

Yes you can!

@jaysondipietro999 3 ай бұрын

@@PaceMorby How can this be done if the mobile home only has title and is on leased land in a park. Figured I’d ask this here while I wait for my attorney to get back to me on Monday. Thanks in advance

@nishahyde 8 ай бұрын

I bought my first house on an agreement for deed and then had it transferred with a deed of trust in the nic of time, if I didn't have the deed when Hurricane Katrina hit, I would not have been eligible for the grants to rebuild.

@nelsonpabon6276 Жыл бұрын

Is this sorta like a land contract. I remember hearing about this back in the day and sounds like Scenario #3 but have never put it into action.

@nelsonpabon6276 Жыл бұрын

lol... i wrote that comment before finishing video... ok yea i was right....LOL

@losmith6984 Жыл бұрын

When acquiring with an executory contract. In what ways can you protect yourself from the original owner picking up a lien or bankruptcy?

@PaceMorby Жыл бұрын

Hey Lo! Great question. Join me this Sunday at 7 PM Arizona time and ask this question live. kzfaq.info/get/bejne/pMVjhNl5urbedXk.html

@clallen2000 Жыл бұрын

Pace, isn't a contract for deed, bond for deed, and land contracts all executory contracts? Update: I finished watching the video and you answered this question.

@milagrosmartinez4110 Жыл бұрын

What if after the contract is signed and the owner doesn’t want to move out?

@PaceMorby Жыл бұрын

Hey Milagros. Great question! Ask me this question live this Sunday at 7 PM Arizona time. kzfaq.info/get/bejne/pMVjhNl5urbedXk.html

@faisaltuzon5492 Жыл бұрын

Pace your the man, I have a quick question, let say you got the seller and you performed the executory contract, I believe you can’t used the property for tax depreciation because it’s not recorded yet? Correct me if I’m wrong thank you.

@PaceMorby Жыл бұрын

Faisal. Lovely question! That is correct, but have it verified with your CPA.

@derekliberman7997 Жыл бұрын

@@PaceMorby is this *the* reason you always do sub to before an executory contract? Are there other reasons? What about interest deductions? My big concern has always been the due on sale clause, so I may prefer an executory contract over sub to if there’s no risk of due on sale with an executory contract and there aren’t other pitfalls to executory contracts I’m unaware of

@keithkruger7270 Жыл бұрын

Pace...how did you develop your contract and real estate knowledge when you spent the beginnings of your career in construction?

@PaceMorby Жыл бұрын

Keith. Love your question! I underwent a lot of good and bad deals to get to this point. I also have an awesome team behind me, including lawyers that help with advice and create my contracts. The reason I teach what I know is so you don't have to make the same mistakes I did.

@Marathon13 Жыл бұрын

So the seller knows I’m going to sign my name on the deed and it will be in my possession, but just not going to record it right?

@PaceMorby Жыл бұрын

Pretty much!

@dapartyat 8 ай бұрын

Pace, which is the best way to go when you're the seller and you don't want to give the deed until after you are cashed out/paid off?

@PaceMorby 8 ай бұрын

The deed and title are different documents. The seller signs the deed over to the buyer.

@dapartyat 8 ай бұрын

Read the question again please@@PaceMorby

@GladysJeannette Жыл бұрын

Lol. DMV pace 😅 Love this video though!!!

@PaceMorby Жыл бұрын

Gladys. Thank you!!

@lifewithtashabae4846 Жыл бұрын

But won't the title company record it?

@pberggre 4 ай бұрын

Can’t they go print the deed again in their name because yours isn’t recorded and sell it from under you?

@Hustledadd 2 ай бұрын

That’s what a notary is for. They check ids and sign on site. Without that seal or stamp it’s not legit.

@gregorylewis9442 Жыл бұрын

You don't like the old school chalk board Pace? Ya, there's Soo many different colors of chalk now days. Just wondering.👍😉

@TrentWright-sd3qu 3 күн бұрын

where can you get one ?real estate attorney ?

@PaceMorby Күн бұрын

Find them in the free Facebook group paceapproves.com/freefb-ytc

@NovaNadeProductions Жыл бұрын

What about property taxes?

@PaceMorby Жыл бұрын

This Sunday, I'm doing a live Q&A on Sunday Service. Ask me this question live! kzfaq.info/get/bejne/pMVjhNl5urbedXk.html

@UltimateBargains Жыл бұрын

The legal definition of an executory contract is a contract that is signed and countersigned by the two parties, buy and seller, and there no contingencies or unsatisfied conditions. The legal definition of an executed contract is a completed executory contract that has no further actions of buyer or seller; the deal is done. A contract with conditions or contingencies is a contingent contract, which is neither executory or executed. A Contract For Deed (CFD) or Installment Land Contract (ILC), which can be either a contingent contract or an executory contract, that will convey the deed when the contract is executed.

@ksand6718 Жыл бұрын

Not sure if it matters or not but if the dude that's utilized that DPA program isn't supposed to sell his home before five years, don't you think by shouting out the address that is under said program, you might be risking giving away info that could land "dude" in an unfortunate situation of having to pay that "massive penalty"? Might have to perform some "spin control" here.

@PaceMorby Жыл бұрын

No risk whatsoever

@ksand6718 Жыл бұрын

@@PaceMorby thanks for the quick reply Pace. If it is indeed Pace😅. I wanted to ask… how would one get their hands on an executor contract? Also it would seem to me and possibly others like myself that bringing said contract to a notary would be a rare affair if at all. I’m guessing it would have the language in the contract itself therefore self explanatory but I still can’t help question whether they might question the legitimacy of such a contract considering the chances they might not have ever seen one before. Lastly would both parties involved in the transaction be required being present at the time of notarizing?

@schnozz2 Жыл бұрын

What happens with insurance? I’m in the same scenario with a down payment grant. Insurance with new additional insured folks seems like a tip off. I hoping my seller can have no liability and I am protected with insurance. Thanks!

@PaceMorby Жыл бұрын

Hey Ryan! Love your question. Why don't you drop this on the free Facebook group and I'll get around to answering it. If not, my students can chime in and help! paceapproves.com/communityytc

@chrissteele8800 Жыл бұрын

Also sometimes I share this, the Bible says that GOD loves us so much that he sent his son JESUS CHRIST to this earth and HE lived a perfect sinless life.And JESUS went to a cross and gave HIS life for us.And rose again in 3 days and who ever will receive JESUS AS THEIR SAVIOR AND ASK HIM TO COME INTO THEIR HEART AND FORGIVE THEIR SINS,HE WILL TAKE YOU TO HEAVEN.