2006-08-27 10:49:59 · 8 answers · asked by scuba 2 in Business & Finance ➔ Renting & Real Estate
First get a appraisal an establish an unbiased opinion of value. Whether your relative wants to give you an better deal is between the two of you. But at least you two know where to start. Besides, you will need the appraisal when you apply for the mortgage. So find out what your bank appraiser is and use him so you don't have to pay for it twice.
Get a hold of a real estate contract. You can buy one at Office Depot or get one from a Realtor friend. More important, spend a few bucks and have an attorney explain to the two of you together what those fine prints means. Please keep in mind the bank attorney or the title company attorney represents their own client, not you or your relative.
Your attorney will only represent one party. However, if you ask him to help the two of you drafting a fair contract while explaining the pros and cons, he might do it because you are asking him to be more of a mediator.
2006-08-27 11:11:28 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Buying A House From Family
2016-11-11 05:46:39 · answer #2 · answered by ? 4 · 0⤊ 0⤋
You don't need a real estate agent to handle everything, since there's no sales work involved. But you may want to hire an agent -- or a real estate attorney -- for an hourly or negotiated fee to manage all aspects of the transaction.
Unfortunately, it's more than a layman can handle. There are issues with title, with state and local laws that have to be followed with any property transfer, with payment of taxes... etc., etc.
I am sure that you mean well and you both want it to be as simple and inexpensive as possible. But if something is done incorrectly in the transaction -- no matter how small -- it can come back to bite you in the backside later.
If you know any agents, they can refer you to an attorney who can help you. If you happen to be in Los Angeles, I know a couple good ones -- e-mail me.
2006-08-27 11:00:15 · answer #3 · answered by Andy G 3 · 0⤊ 1⤋
I would contact a local 'title company' or if you are in one of certain states, an attorney. They can handle all the paper work and you are right THE SELLER will save the fee for no RE agent. This may be a point of negotitation as the Seller will not have to pay this and 'should' split the cost (i.e. lower the price)
2006-08-27 10:55:17 · answer #4 · answered by Russ 2 · 0⤊ 2⤋
You do not have to get a lawyer involved we did it 9 years ago we did have a family friend who was a real estate agent help us. I don't know if close family friend though mine was in in-laws.
2006-08-27 10:54:26 · answer #5 · answered by jodi_lynn_124 2 · 0⤊ 2⤋
Dangerous ones! At least get a lawyer invloved with a written agreement involved.
2006-08-27 10:52:49 · answer #6 · answered by Cyn 3 · 1⤊ 1⤋
get everything in writing,have a binding agreement between you
the quickest to end a relationship between family is money
2006-08-27 11:25:34 · answer #7 · answered by elizabeth_davis28 6 · 0⤊ 0⤋
if your state allows for a title company then have them do it, you will need clean title anyway so cheapest way
2006-08-27 13:24:42 · answer #8 · answered by goz1111 7 · 0⤊ 0⤋