This is in regards to a private party R.E. sale without real estate agents/brokers involvment. Buyer does not want to misrepresent himself as a real estate professional, and wants a transaction at arms length. Or can any title/escrow company do this closing?
2006-06-05 16:04:48 · 4 answers · asked by Ynot 1 in Business & Finance ➔ Renting & Real Estate
Arms length transactions are conducted without an attorney in CA. It doesn't matter whether or not you use an agent. The title/escrow company acts as the settlement agent.
2006-06-05 17:01:00 · answer #1 · answered by SndChaser 5 · 2⤊ 0⤋
In CA a lawyer is not required. As long as the other party is well aware that they are buying or selling from a private party there should be no problems. Most of the Burden will fall on the buyer to make sure that all the appropriate paper work is filled out and recorded properly. It would only NOT be an arm's length transaction if a family member was involved in any of the process, family members selling or quit claiming to other family member,even in acquiring a loan on the property or acting as a notary. A title or escrow company will probably not help you. I would be a good idea to get a real estate agent involved, even as a buyers agent.
2006-06-05 23:37:49 · answer #2 · answered by jafnarf 3 · 0⤊ 0⤋
if a party is a real estate professional, they have to disclose it by law. you can use a title company or an attorney without any real estate agent's involement. make sure the property title is insurable.
2006-06-05 23:23:40 · answer #3 · answered by nickiss 1 · 0⤊ 0⤋
It matters more the terms of the transaction that the representation. The terms need to match those of the open market for the transaction to be "arms length".
2006-06-05 23:09:24 · answer #4 · answered by VATreasures 6 · 0⤊ 0⤋