Hey guys, what's going on?
It's Seth here from retipster.com.
And I want it to take you through a little demo here.
This is actually the first time I've ever used this.
This is from a company called Fabrica.
As you can see right here.
I just learned about this company within the past month here.
What this company aims to do is significantly simplify real estate closings,
particularly people who are doing self closings.
And in this example, this is going to show us
what it's like from the perspective of a buyer
when they are buying a piece of vacant land
and really the way that this works
and the reason why it's so much easier than a traditional closing
is because this doesn't involve signing and notarizing a deed
and getting it recorded by the county and all this,
normal, annoying red tape that you have to deal with
that most of us have just learned to accept
because that's how closing are done.
What this does is you put that piece of property into a trust,
and then you sell the trust to the end buyer
and through owning that trust,
the person owns the property.
So you kind of skip a lot of the normal difficulties
that are inherent in a soft closing.
So, anyway, I'm just going to show you what this looks like.
Again, this is through the eyes of a buyer
and what happened here was this was just a very simple link
that was sent to me by the company.
And they're just telling me to go through this,
to experience what it's like as a buyer to buy the property.
So on this first page here,
what we can see is the name and picture and contact info of the seller.
So at this point, we should already be familiar with who this person is.
We've probably had some email correspondence with them or a phone call.
We at least know their name.
Maybe we even know what they look like. So that should look familiar to us.
And this will presumably be a picture of the property that we're buying.
That's probably a picture from the listing.
So we would be familiar with that.
We can see the APN number and the county
and the state where the property is located.
We can see the price that we're paying, any terms that we're agreeing to.
If we want to, we can go ahead and review the digital title
and see more information about the property.
We can download some documents here regarding the trust.
This is obviously just a dummy file, but normally what we would see here
is the deed document and the document transferring the deed
into that trust just so we can kind of follow the paper trail
For a more astute buyer
they would probably be pretty interested in seeing this.
We can also see the transaction history and the property overview.
So anyway, that's kind of helpful.
We can go back here and just click on continue.
And at this point, we're going to create our account,
which we can do just by entering in our information, go onto the next step.
Then that sent an email to us.
So we're going to click on that, verify our email address and keep going
on through the next steps.
And then we're going to verify our identity.
And what's going on here is
if you look at these notes, it's saying don't put in a PO box address,
put in the actual address where you reside.
So for example, whatever address is on your driver's license or passport,
like your real information at home,
and this is necessary so they can verify who the buyer is.
So just go ahead and put in an address here and then click continue.
And then we just have to verify it again, go ahead and click submit.
And then this next page just answers some of the most important questions
about what's going on here.
Just in case a buyer is confused or they don't get it.
It explains how the property is held in a trust.
It explains that they're now responsible for property taxes,
that the sale price is final, all fees included.
A lot of just basic information.
So go ahead and click continue.
And then we can either pay in full or we can finance it.
So this is kind of a cool tool if you want to offer either options
sometimes just giving people more than one pricing option
can help a property sell even faster.
So if you're doing that, this works really well with that.
We'll go ahead and say, pay in full
and then the next step we need to link up a bank account.
I remember what I'm showing you here is just a demo.
The process is going to look just like this,
but this is a fake transaction I'm showing you here,
but in a real transaction, the buyer would then have to
link their bank accounts.
So I'll go ahead and do that using these credentials that
they're giving us here,
go ahead and click continue, go ahead and click a bank here,
enter the credentials, click submit.
And we're going to take this out of our checking account.
And then in this final step, something that you actually have to do
with a trust is name a successor.
Because a lot of times the reason people use trust at all is to pass on their assets,
to their heirs and that kind of thing.
So there needs to be a successor in place.
So you've got to choose who that's going to be and put that in here.
In my case, it is really easy.
I would just pick my wife, but whoever your buyer is,
they would have to pick somebody to go in here.
So I'll go ahead and put my wife's name in here.
And then I will agree to all this stuff.
Say I agree and buy.
All right, there we go. Our transaction is complete.
We can go ahead and click on this transfer agreement to see what this looks like,
just shows all of the details of the property we just bought.
And we can go to our portfolio and there we go.
We can see our property.
So that was really easy. That was really quick.
And again, part of the reason it was so quick is because
there was no deed that had to be signed and notarized and recorded.
It was just the sale of the trust, which makes this a lot easier.
I guess in my mind, my only question that maybe it was answered
somewhere in this process and I just missed it,
but in terms of the future property tax bills.
So if I am supposed to be paying those now
as the new buyer who just bought the property,
how does the county or the municipality know
where to send those bills to
if the deed didn't change hands and if there was no transfer affidavit
or supporting documents to let the municipality
know that I'm the current owner,
I'm not sure how they know where to start sending the property tax bills.
Maybe that's like a separate step.
So that's a question I'm not totally sure about,
but I'll have to get that answered.
But just in terms of like getting through the process and handling the payment,
whoa, that was pretty easy.
Just given how much simpler it makes things.
It seems like there's a compelling case to be made for using this.
So again, I have not used a whole lot yet.
This is like literally the first time I've ever gone
through the process to this demo here
I just wanted to bring you along for the ride,
but I think this is a website just to keep an eye on.
I'm sure it will probably get more helpful
and sophisticated as time goes on.
But the real value I think it brings to the table
is the perceived ease of getting through this process.
So there you go.
We don't have any kind of affiliate relationship with these guys.
They're not paying REtipster to talk about them.
It's nothing like that.
I just thought it was an interesting service
that a lot of you will probably find interesting
and I wanted to let you know about it.
So thanks for watching. Talk to you next time.