2007-05-03 10:32:22 · 10 answers · asked by Patricia C 1 in Business & Finance ➔ Renting & Real Estate
Do not get a lawyer... He will take all of your money and you do not need him. Just make sure you understand everything checked off in the purchase contract. CHECK section 7 and 8.
2007-05-03 10:52:02 · answer #1 · answered by touhuni 2 · 0⤊ 0⤋
What you need is an escrow closing agent. In some states this closing is done by lawyers. The escrow closing agent will be in a position to tell you want is needed, assist in the escrow instructions.
You need to bring up questions to the escrow closing agent if you want them to answered or be able to help. They are not in the business of giving advise, but they will and can answer questions in regards to closing this transaction.
You do not need an attorney and you definitely don't need a Realtor.
In the agreement you sign with most Realtors in California that they do not even decide on a price the buyer and seller is to charge for a property, will not provide other advice or information that exceeds the knowledge, education and experience required to obtain a real estate license. (what the hell do that mean?) Buyer and seller agree to seek legal, tax, insurance, title and other desired assistance from appropriate professionals.
I am now trying to figure out what a Realtor do in a real estate transaction. The can not help set the selling price, help with the escrow, title insurance, hazard insurance. I am beginning to see no use for them.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-05-03 18:15:44 · answer #2 · answered by loanmasterone 7 · 0⤊ 0⤋
Hello,
No you are not crazy, but as long as sale of the house is able to pay off your old note and you are able to walk away with some profit you will be fine. What do you need a lawyer for, you are doing this deal as a for sale by owner. Do you have a signed contract with a deposit on the house? If not you can easily go to fsboamerica.org to get one. The buyer of the property, will get the financing needed to close the deal. You can take the deposit check and deposit it into your bank account, then provide the buyers broker with a copy of the cancelled check. The buyers broker/lender will get you to the closing table without the need for a lawyer but you will pick the title company(in any state you are in) or a closing lawyer(if you state needs one). Is the home in bad shape? If not you will be fine. Just sell the house as long as you are not upside down and it appraises for the price you are asking for!
2007-05-03 17:43:45 · answer #3 · answered by Arthur D. 2 · 0⤊ 0⤋
Yes, you are crazy. Unless you know about your local real estate rules & regulations. There are WAY to many loop holes in the real estate process.
If you live in a state where Title Companies perform the closing, it is in your best interest to just have the contract reviewed by an atty or a Realtor. If you live in a state where the Atty's perform the closings, you need to know if the attorney represents the seller or the buyer. If it's the buyer, you really should have the contract looked over by a realtor or a lawyer.
Finally, if you are using a contract other than a standard purchase contract put out by your local Board of Realtors, you DEFINATELY need a lawyer. You need to be sure you are in a neutral contract. If the contract seems to be preferential to one side or the other, it can be thrown out if you are taken to court.
Don't be greedy. It will cost you more in the end.
2007-05-03 18:30:50 · answer #4 · answered by Jesica G 1 · 0⤊ 0⤋
I dont know about a lawyer, but do you have a Realtor involved? They will be familiar with all of your State's real estate laws and requirements. If you are selling "for sale by owner" you should certainly consult someone. Don't assume a lawyer (or I should say any lawyer) will be able to provide you the required guidance. If you select a lawyer, choose a firm that operates a real estate settlement practice. You don't want a lawyer that specializes in other areas, i.e divorce, bankruptcy, malpractice, etc, handling your real estate sale.
2007-05-03 17:44:53 · answer #5 · answered by dk 3 · 0⤊ 0⤋
We purchased both of our homes without a lawyer and sold our first house without a lawyer and for sale by owner. Everything went fine. Our first home was "as is" and as long as everything is spelled out in the offer (like that the house is "as is" and that you won't be willing to put any money into repairs) there shouldn't be any problem at all.
Our second home had some problems: we bought for sale by owner and she offered to pay up to $1000 for necessary repairs, we had her sign the offer stating that, but when we had someone over to check out the house there were a lot of necessary repairs, including needing a whole new roof. She said she refused to pay for a new roof for us and we said we just wanted the $1000 that she offered and we would pay the rest (even though we could technically have pulled out of the offer at that point) and she said she wouldn't pay the $1000, so if we didn't pull out she would refuse to sign at closing.
Luckily, we had the signed offer letter, spelling out the responsibilities of each side and they had to give in and also had to sign on the agreed date or we could take them to court.
If you don't want to go with a lawyer, just make sure to spell everything out for both sides so there aren't any disagreements later. Your title company, realtor, or mortgage broker should be able to give you a copy of a simple offer letter and you can add as many things as you want as long as both parties agree and sign the documents. Then just leave it in the hands of your agents. Good luck.
2007-05-03 17:43:36 · answer #6 · answered by Manda B 4 · 1⤊ 0⤋
It depends where the property is located. Some US states, like New York and New Jersey, require a lawyer. Others, like California, do not. You will need either a lawyer or a title company, but not both.
2007-05-03 17:59:07 · answer #7 · answered by Anonymous · 0⤊ 0⤋
First of all....I do not know what state you are in but in most states there is no such thing as "as is". If there is something wrong with the property you must, must disclose it to the purchasers. If you don't disclose and try to sell "as is" and there is something wrong they can come back and sue you. And almost undoubtably win.
The old concept of "let the buyer beware" has absolutely no weight in today's courtrooms.
For Pete's sake....use a lawyer or escrow/title or whatever is appropriate in your state.
2007-05-03 19:11:07 · answer #8 · answered by loandude 4 · 0⤊ 0⤋
In a single word, YES. It is a small price to pay to make sure everything is done legally. You don't want it to come back on you in the future. You have saved the money you would have paid a Realtor.
Selling "AS IS" is too iffy not to have legal advice.
2007-05-03 17:39:50 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Yes and no.....if you know the game no. to say money no....
Yes for it a legal transaction......
2007-05-03 17:42:57 · answer #10 · answered by ron d 3 · 0⤊ 0⤋