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 ?
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.
And in some states, an attorney is no longer required by law (NC for
Buyer should hire attorney and the costs incurred are usually his...but it
It's like riding a motorcycle without a helmet. You're just asking for a
serious injury if you don't involve an attorney.
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.
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
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.
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!
On 19 Aug 2004 14:11:31 -0700, firstname.lastname@example.org (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
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.
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).
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.
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