I have a buyer for my house and I don't want to pay a realitor's fee. I'm in the state of Texas. What are the steps that I will go thru? (1.) And will either one of us have to pay a closing cost. And if so, Approximately how much is it on a $80,000 sale? (2.) Will I need a Lawyer? (Approximately how much should he cost?
Thank You
2007-01-15 12:21:09 · 8 answers · asked by Ken G 1 in Business & Finance ➔ Renting & Real Estate
Get a lawyer,get a lawyer ,get a lawyer...Be thankful you found a buyer on your own..You saved at least 4500...Know let a professional finish the job..you'll walk away happy..and for about 400-600 most likely...I do this often with homes ..Please don't think you can get this done alone..Its not worth it..and don't use buyers lawyer,get one of your own....
2007-01-15 12:27:17 · answer #1 · answered by overhereyoupretty 3 · 1⤊ 0⤋
A thorough answer to your question is; You and the buyer meet at the title company you select in your area. They take care of all the paper work, title search, and everything. What you need is once you get ready to sign the papers, have your own lawyer look over the way you answered questions on forms about the condition your home is in; as any misleading answer can allow the buyer to sue you should something not be disclosed properly. The lawyer shouldn't cost you anymore than 100.00 bucks to review and advise you of what you need to know. Yes the title company will allow you to take papers to your lawyer before you and your buyer schedule to meet at title company. Here's a fact most people don't even realize, the title company and realtors are not resposible for any mistakes in your answers of your home thouogh most people seem to think the realtors are protecting their best interest. By law the realtor or title company cannot do this even though you hire them, so make sure all your i's are dotted and t's crossed, which is what you need the lawyer for! One last thing seller pays closing costs, so your total fee to sell your house by having a title co. will be 1300.00 plus the lawyer! You can ask your buyer to share in the closing costs as sometimes they will, especially if they want your house bad enough-the title company can tell you more, or just ask your lawyer.
2007-01-15 20:57:24 · answer #2 · answered by Lady 2 · 0⤊ 0⤋
Yes there are closing costs, but they should all be paid for by the buyer with the exception of the attorney fee. Yes, you absolutely should have an attorney. It is absolutely essential.
A few things that will be needed:
Title search by buyer
Mortgage documents by buyer
contract of sale (between you & buyer)
Engineer inspection (if buyer wants it)
Just hire a good real estate attorney (it will cost you $500 -$600) and they will walk you through the entire process.
2007-01-15 20:32:03 · answer #3 · answered by AirDevil 4 · 1⤊ 0⤋
Get a purchase & sale template from an office supply store and make sure its 100% filled out.
The buyer gives this to their mortgage co, and you need to make sure a title company has a copy of this. They'll handle all the paperwork from there.
Yes, you'll have closing costs. Usually $400-500 for the escrow charge, and then 1.8-2% in excise tax. The escrow company will provie you with an estimate of your costs prior to closing.
Sellers are also usually responsible for pumping & inspecting the septic (if applicable) and doing the pest inspection.
2007-01-15 21:12:47 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Why not check out those "by owner" places as they have limited services available too!
It is not as easy as getting the information online from this site. Real estate has special regulations for sale.
1. A lawyer will cost you, but may really help if you prepare before you go to the office.
2. Why not do as much as you can with the paperwork from those by owner places, or visiting the library, and then take it to a lawyer for approval. That would save you money.
GOD bless us one and all, always.
I sold real estate working my way through college - not easy.
CPA-retired
2007-01-15 20:26:59 · answer #5 · answered by May I help You? 6 · 0⤊ 0⤋
Yes, there are closing costs. In addition to your portion of the transfer tax and title fees, you might also need to obtain a use and occupancy permit(depending on your local municipality.) You will need to go to your local municipal building and ask if this is needed.
I would suggest going to a lawyer or see if there is a real estate agent in your area that will complete paperwork and act as a transaction licensee (some will do it for a fixed price.)
2007-01-15 21:21:10 · answer #6 · answered by c21bucks 2 · 0⤊ 0⤋
Check out the link below for some general info on how to sell your house.
2007-01-15 20:26:03 · answer #7 · answered by Digital Haruspex 5 · 0⤊ 0⤋
where in tx. r u cause i am looking for a home and would like to do like a rent to own but only through the seller no one else and not such a big down payment
2007-01-15 20:26:34 · answer #8 · answered by just bored 2 · 0⤊ 2⤋