OT: Sold house by owner, now what

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That is about what I had to pay for the BANK'S attorney when we bought our first house in NJ (in addition to what my attorney charged me)

In states where they have 'table' closing with all parties usually represented by their respective attorneys (buyer, seller, lender) any questions related to paid and unpaid taxes, etc. and other apportioned or prorated charges would be clearly disclosed and assigned to the appropriate parties in the closing documentation and checks would be exchanged at the closing
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A title agency can often provide this service, and sometimes the buyers' lender will provide it. I don't think there is any legal requirement that you retain an attorney, but if you really don't know what you are doing, it might be a good idea. Shared attorneys is a bad idea; you get an attorney to protect your interests, and in a sale there are conflicting interests, even if you don't know about them. Have the title agency do the paperwork, and have your attorney review it; there is no reason to pay an attorney's rate for clerical work.
RSMEINER wrote:

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wrote:

This may be true where it is accepted custom for title agencies to do this, but in some parts of the country the only thing a title company does is search and guarantee the title history and sell insurance for it.
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"Shared attorneys is a bad idea."
I don't see this having bought once and sold once this way. Buyer and seller were in good agreement both times. Together, we asked a qualified attorney to do the paperwork so that we could make a sound transaction. His roll was to clarify and arbitrate the agreement we had already reached. We paid 50/50. Why would we expect that he would favor one party over the other? ------ SJF
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On 19 Aug 2004 14:58:26 GMT, snipped-for-privacy@aol.comcrap (RSMEINER) wrote:

Depends on where you live really. I'm in Florida and bought my house through a buy owner. The tile company and mortgage person handled all the paperwork for both sides. Neither of us had a lawyer.
Look for a title company in your state and call them up to see how you need to proceed.
Steve B.
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(RSMEINER) wrote:

I'd have to disagree. I don't think it depends at all on where you live. I would always have a lawyer involved to protect my interests. You are dealing with another party, whom you generally know zippo about. Signing a contract without advice could be a costly mistake. If you sell a $200K house, paying a lawyer $600 amounts to a cost of .3% of the value of the house, which is very reasonable to make sure the transaction is done correctly. You want a lawyer who has handled hundreds of these transactions, been through it all before, so they know what to look out for. And it's better to have one from the beginning instead of going to one after it's all screwed up.
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On 20 Aug 2004 01:09:21 -0700, snipped-for-privacy@optonline.net (Chet Hayes) wrote:

Open up your phone book and you can quickly determine that lawyers handle very few of the real estate transactioons. In my area-Atty, real estate, 18 listings. Title Companies 28 with a total of over 70 offices. Real estate agents 8 pages. A little foolish to think that 18 lawyers are reviewing and certifying every routine transaction. Now if you are doing something tricky like a "rent to own " contract, you need a lawyer. But of course our advice is worth a lot less than $600.
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On 20 Aug 2004 01:09:21 -0700, snipped-for-privacy@optonline.net (Chet Hayes) wrote:

If you open up your phone book it is easy to determine that lawyers handle very few real estate transactions. In my area Atty-Real Estate 18 total. Title Companies 28, with over 70 seperate offices. Real estate agents 8 pages. Of course our advice is worth a lot less than $600.
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(RSMEINER) wrote:

That may be true where you live, but it's certainly not true in the NYC metropolitan area. Here, virtually all real estate sales have an attorney for the buyer and the seller. And it's not clear to me how you can determine what percentage of transactions have an attorney from the phone book. Most attorneys that do real estate transactions are generalists, they do everything from real estate to traffic cases and wills. And regardless of what the practice is in any given area, I think it's just foolish to not have legal representation. If you get involved in a bad contract, for example, you could be tied up for months or years, unable to sell a property while it gets resolved in court.
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On Fri, 20 Aug 2004 00:50:02 GMT, Steve B. <this is not my real

There are several (many?) states where they do not perform these functions!
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I've seen "Doc U Prep" type businesses that claim to have all the forms you need to complete the sale. I suppose you and the buyer can reach some sort of agreement that can easily be broken or even better, overturned by the courts.
Bill
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