I'm looking for the least expensive way to sell a home. I already have a buyer (my son). Do I have to go through an attorney? Or a title company? Surely not both. I feel there is no need for a title search but will I have to have one to sell the house? Will I have to have the house appraised? I've gotten a free estimate from a Realtor and the price is okay with me and my son. My son cannot pay cash for the home.
Add your voice! Click below to answer. ThriftyFun is powered by your wisdom!
You'll most likely need the title search to please his financers. Talk to the bank he's getting his loan from & ask them these questions.
Search this site:
public.findlaw.com/
Hi, I'm a realtor in NJ so, I don't know your laws but, it's best to get a Real Estate attorney. You'll need a contract to satisfy the mortgage company and they will get an appraisal to varify that the home is worth the amount they are lending your son. You will also go through a title company because your son will need homeowners insurance and they won't insure the home without clear title. Best of luck...
I'm a mortgage banker in Illinois so I don't know your laws. But, check with a local title company. Some times they'll let their agent close the loan for you without any attorney. But, you will need a title commitment for the mortgage lender.
In Missouri the lenders take care of all that. Have your son check with his lender.
There is a company that advertises here in CA (not sure if it's nationwide) it's regarding making loans to family memembers. Might want to check them out as they might have some good information, just google Loaning money to family members companies to help, or some thing along those lines.
Is he planning on taking out a loan? If not, you may owner finance, and have him to sign a Contract for Deed. Basically, he pays you a monthly mortgage and upon completing his last payment, you prepare a quitclaim deed, which is filed with the Recorder of Deeds Office and the transfer is complete.
I am a licensed realtor in CT. Is he getting a mortgage? If so, they will let him know what is needed for paperwork, ect-he can get pre-approved for no fee.
If he is making payments directly to you, consult a lawyer who does real estate transactions (most lawyers do). The lawyer will take care of changing the title and will do all the necessary contracts/paperwork. It will probably several hundred dollars, but it is worth the piece of mind that it was done correctly.
I believe Louisiana state laws are a little different than those of other states, because they are based on the French system of law, not the English system that other states use. Ask your local banker or a local realtor for the name of a good real estate attorney, and then call him or her and explain your situation or make an office appointment.
Don't do it. Family never pays for what they get from family! Un less he gets money from a bank or loan co & pays you every penny you ask for the house! Good luck.
In times like these you may want to do a private sale between you and your son. You will still need to see a lawyer to draw up papers but if you can figure out what you need a month to live on and let your son pay that it will save him thousands in interest that you or him will never see if you make him mortgage through a lender.
You have to have a title search and they will do all the paper work. Hopefully your son will have his own mortgage, and you will be free and clear of it. You don't have to have an attorney or realtor but to sell a house.
Add your voice! Click below to answer. ThriftyFun is powered by your wisdom!
