Hello, I am buying my Fathers condo in PA with cash. Do I have to go to a title company...should I just get a real estate lawyer. Is there anything I should know---because I don't know much about this.
Thank you for your help.
2007-08-27 07:51:29 · 4 answers · asked by Jill 2 in Business & Finance ➔ Renting & Real Estate
rhsaunders is correct you can just get a deed sign it and get it recorded, that is legal and recognized throughout the country as a legal method of transferring a property.
Now the best thing to do is follow Cassie's advise, locate a title company for this transaction. It might cost a bit more but it will prevent a lot of legal hassles down the line. This is the absolute best method you can use to close your transaction.
Make some type of contract between you and your father about the sales price, when you expect to close the transaction. Take this contract to the title company. They will then make a legal document for you off this contract.
The title company will also take care of recording all the necessary deeds as well as make sure all other legal things are followed and done correctly for you state.
Since you have indicated you know about title companies, you do not need an attorney for any reason, they will just cost you lots of money and the title company will take care of all the legal matters for this transaction.
You and your father might check with your tax consultants for any tax consequences.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-08-27 08:16:06 · answer #1 · answered by loanmasterone 7 · 0⤊ 0⤋
In most states, you would either go through a title company OR get a real estate lawyer. It depends on the state.
Even though you are buying from your father, you may want to consider title insurance. It can protect you from mistakes or claims made by previous owners.
If you have good credit, you may not want to use all of your cash. You might want to consider financing part of the purchase and putting your cash where it can appreciate in value.
Remember, home values are falling in most areas. Make sure you don't overpay - get an appraisal or speak with a REALTOR® even if you think you don't need one. They can often facilitate the sale at a much lower cost than the normal commission for full representation.
I know people who are very sorry they didn't consult a professional before they purchased for property from a family member. There can be legal issues that can come back to bite you later. Better safe than sorry...
2007-08-27 15:05:34 · answer #2 · answered by Hatlady 3 · 0⤊ 0⤋
Since it's a family thing, and presumably everybody trusts everybody else, the process is almost absurdly simple. Get a deed form from a stationery store, and type on it the following: "Grant Deed. For a good and valuable consideration, receipt of which is hereby acknowledged, John Doe grants to James Doe all the real property known as [here, insert the legal description, copied exactly from the original deed]." Father takes this to a notary, signs it and has the notary witness the signature, then takes the paper to the county recorder's office and files it for recording. There will be a fee of perhaps $20. And that is all there is to it.
2007-08-27 15:01:00 · answer #3 · answered by Anonymous · 0⤊ 2⤋
A title co. is good. They know all the aspects that need to be covered. I think a lawyer would be more expensive. You could call a few and ask for prices they charge for that type of service. I'm not sure if a lawyer would be able to actually close the deal too. They might have to go to a title co. anyway to close.
2007-08-27 14:57:29 · answer #4 · answered by Casie 4 · 0⤊ 1⤋