2006-08-31 16:32:57 · 3 answers · asked by lala 3 in Business & Finance ➔ Renting & Real Estate
And who determines if a property is classed as arms length?
2006-08-31 16:40:21 · update #1
Arms length refers to type of sale; An arms length sale involves a seller and a buyer that are NOT related. With no interest to each other. Because if they are related then the price may be lower beacuase it is family. Sometimes you see in the tax records a sale for $1. That is probably family and NOT arms lenghts.
2006-09-01 03:45:27 · answer #1 · answered by Anonymous · 1⤊ 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.
2016-03-18 21:56:03 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It means that you want someone to represent you because you don't want to put yourself in a vulnerable situation. Arms length generally means to be careful not to get to close to the situation. If you are buying/selling a home you are emotionally tied to it and sometimes it's better to get a professional to help.
2006-08-31 16:37:22 · answer #3 · answered by Tampa Real Estate Insider 1 · 0⤊ 2⤋
Arms length is a transaction involving two unrelated parties.
2006-09-01 04:25:36 · answer #4 · answered by Anonymous · 1⤊ 0⤋