OT: Sold house by owner, now what

Good answer. I contacted our attorney and thats what he told us to do also.

Thanks

Randy

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Reply to
RSMEINER
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No mortgage and no financing on the buyers part. Strictly a cash deal.

Randy

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Reply to
RSMEINER

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

Reply to
FurPaw

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.

Reply to
Chet Hayes

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!

Reply to
avoidspam

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

Reply to
avoidspam

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

Reply to
avoidspam

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.

Reply to
avoidspam

There are several (many?) states where they do not perform these functions!

Reply to
avoidspam

I'm the original poster. Both sides have attorneys handling the deal. Fairly cheap way to cover our butts.

Randy

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Reply to
RSMEINER

"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

Reply to
SJF

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