OT: Sold house by owner, now what

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We sold 1 of the estate properties to the rentors. Didn't use a realtor to do it.
Having never sold a property this way, we are clueless on how to handle the closing, etc.
Should we hire a real estate attorney ?
Thanks
Randy http://members.aol.com/rsmeiner
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On 19 Aug 2004 14:58:26 GMT, snipped-for-privacy@aol.comcrap (RSMEINER) wrote:

Yes !
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Depends on your state. If some states the buyer hires and attorney and in other both sides do and if there is a mortgage sometimes the mortgage company hires its own attorney. Call an attorney and ask.
(RSMEINER) wrote:

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And in some states, an attorney is no longer required by law (NC for example.)
Buyer should hire attorney and the costs incurred are usually his...but it is negotiable.
It's like riding a motorcycle without a helmet. You're just asking for a serious injury if you don't involve an attorney.
(RSMEINER) wrote:

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Different states have different laws. Better check locally. You might be able to sit down and do it your self, if your so inclined to do so
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Most title companies will process the paperwork on a sold by owner property for a small fee, a lot of them have a "kit" that has the nescessary forms in it.
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Good answer. I contacted our attorney and thats what he told us to do also.
Thanks
Randy http://members.aol.com/rsmeiner
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If it were me (not that I know anything) I'd get together with the buyer and hire an attorney instructed to make sure _neither one_ of you gets screwed through something overlooked. That is, both sides want both sides to be happy.
You're not worried about the handshake but about unforeseen complications, which is what you need the expert for.
Rather than an adversary deal.
--
Ron Hardin
snipped-for-privacy@mindspring.com
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you need to hire YOUR lawyer to protect YOUR interests, not to be some mediator in the middle.
they buyer should do the same if they so choose, and they probably should. especially if there isnt a bank involved. from the buyers standpoint, the bank will do what is necessary to make sure they (which really means the bank since its their money) isnt getting taken. they have teams of experts that have made sure this doesnt happen. the seller needs his own representation.
randy

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We sold our house ourselves - it was paid for so there wasn't a loan still on it to worry about. The buyer hired the attorney. Each state has "customary practices" which apply to who pays for what and it varies from state to state. You need to find out who is financing the buy and be sure the loan is going through all right before you either take it off the market or move your furniture out if you are living there.
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No mortgage and no financing on the buyers part. Strictly a cash deal.
Randy http://members.aol.com/rsmeiner
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wrote:

Since this is a real estate transaction - "handshake" is irrelevant and has no influence on the deal - only binding contract MUST be in writing, as well as any modifications that both parties agree to.
Also since this is a sale, it would be advisable for the SELLER to get an attorney to draw up the contract of sale - if the buyer has any problem they can get THEIR attorney to review and suggest any negotiating points in the content of the contract term!
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I'm the original poster. Both sides have attorneys handling the deal. Fairly cheap way to cover our butts.
Randy http://members.aol.com/rsmeiner
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absolutely
snipped-for-privacy@aol.comcrap (RSMEINER) wrote in message

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On 19 Aug 2004 14:11:31 -0700, snipped-for-privacy@gmail.com (davefr) wrote:

A title company should be able to handle a routine transaction, draw up the deed, certify that you have clear title to transfer, etc. They may also be able to recomend a lawyer who can review thier work for a much lower fee than if the lawyer took credit for it all himself. In fact, I would suspect that a lawyer would have a title company do the routine anyway and charge you 50% (or more) overhead on what they charged him.
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Good advise. I have sold one home and purchased one home without a real estate agent. Both transactions were handled by a title company with no problems. The cost was shared 50/50 in both cases.
Don

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That might be only if the house is located in a state or area where this is the customary method of transferring property.
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RSMEINER wrote:

I would. There are a number of steps and legal documents that an experienced real estate atty (or his/her paralegal) will handle without batting an eye. The atty will also handle the closing. When we sold our house in NJ recently, the atty fee was $650 and well worth it.
FurPaw
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wrote:

Wow, $650. Mine was $140, although I did not have a loan officer present at closing. Still, $650 is small compared to the cost of a house. It is smart to hire a real-estate lawyer to help reduce the chance of a mistake in the transaction. My real-estate lawyer did not figure the property taxes (I guess they don't do that), but I got a county tax bill for the property for time that I did not own it (thankfully, I was able to settle this with the seller directly).
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Phisherman wrote:

Wow, $140!!!! $600-700 is fairly standard in the area of NJ I lived in. But then, everything was expensive. My new house's appraised value is about 60% of the NJ house, but the property taxes are only about 15% of what I paid in NJ.
FurPaw
FurPaw
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