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
Yes !
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
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 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.
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 representation.
randy
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.
absolutely
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
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.
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).
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.
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
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
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.
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.
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.
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.
HomeOwnersHub website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.