Can one sell a house, paid for, without lawyer involvement on the sellers side? If yes, how? What to watch for and what to make sure of? Any step-by-step instructions?
Thank you.
2006-11-23 23:57:19 · 7 answers · asked by gakorj 2 in Business & Finance ➔ Renting & Real Estate
YES in my country but as you don't seem to think letting us know where you are is a good idea i cant help you
THINK THINK THINK when you ask a question please
2006-11-24 00:06:41 · answer #1 · answered by Anonymous · 0⤊ 0⤋
After you find a seller, you'll need a contract. Do you know how to make an enforceable contract? Know what disclosures are required? What contingencies you should have to protect yourself? What "time is of the essence" means to you?
Assuming you required one in the contract, do you know what a Mortgage Commitment should say? One unexperienced with them might mistake a letter asserting that the lender is generally in the business to make loans from an actual commitment.
If the sale doesn't happen, do you think you can keep the deposit without getting sued for it? Do you think you can refund it without getting sued for not refunding it anyway?
If you have a mortgage, do you know how to get and interpret a payoff statement, and calculate what you will send? Do you plan to follow up on the Release, which you are promising the Buyer you will do, and do you know what to do with it when you get it? Do you know what to do if they neglect to send it?
Do you understand your obligations with the various Closing Costs? Even under FHA? Conveyance taxes? Can you produce a legitimate Warranty Deed? Do you know what a pro-ration is, how to calculate it, and what does and doesn't get pro-rated?
Do you understand everything in the Title Affidavit? Better be sure, because it's under oath and the purpose of it is to make you responsible for anything in it that isn't correct.
Do you know whether you need to provide the Buyer with a 1099 or not? Can you provide him with the documents he needs?
Now, a lot of this you can hand off to the Buyer's attorney, who will handle this if you don't, but guess what?
He's going to charge you for doing those things your attorney is supposed to do anyway.
Bottom line is that you're probably going to pay for a lawyer's services, might as well have one there to cover you.
Or, you can just run naked through the blackberries.
2006-11-24 01:00:04 · answer #2 · answered by open4one 7 · 1⤊ 0⤋
You can sell your own house without a lawyer or Realtor. You're allowed to write the contract and disclosure information on the back of a used napkin if you want.
You're also allowed to represent yourself in court withour a lawyer. That would be kinda dumb too.
2006-11-24 05:35:20 · answer #3 · answered by teran_realtor 7 · 0⤊ 0⤋
lawyers make deals..ask the rates.. i've had lawyers on a simple transaction go as low as $500 for a real simple deal..and the time..the middle of the month lawyers are not as busy as end of the month closing and will gladly with lots of time make a deal
notary's can give a deal and work cheap but be sure they can finish the job.
2006-11-24 02:41:36 · answer #4 · answered by m2 5 · 0⤊ 0⤋
it snot smart to do cause the new owner can sue you for anything you miss. i suppose if you get a binding contract that states that your sale is final and anything found from this day forward is buyers responsibility and then you g4et it notorized in court i suppose they cant turn around and sue you. but the lawyers are to prevent that from happening in the first place.
if your not gonna hire one notorize everything that way you dont get sued
2006-11-24 00:01:01 · answer #5 · answered by Anonymous · 0⤊ 0⤋
In this case being cheap is the same as being stupid. Too many pitfalls to watch out for. Pay the fee and be protected.
2006-11-24 02:10:23 · answer #6 · answered by Anonymous · 0⤊ 0⤋
It depends on your state laws. There are some states that require a lawyer to do real estate transactions. Try:
http://www.helpusell.com/
.
.
2006-11-24 00:00:02 · answer #7 · answered by John L 5 · 0⤊ 0⤋