If a seller sales a house, whose responsibility is it to pay to have the sales agreement written up?

Question

I want to also know how much would it cost do have a sells contract written up, and does a lawyer do this, or is it the responsibility of the buyer to pay for this sells contract. I believe it should be the seller, hes selling it and without a realtor!

Answer 1

you will need to go to a title company or an attorney to have the paperwork done.

you will need a title opinion, a deed and if you are financing, a mortgage drawn up.

usually, a TO and mortgage "closing packet" runs anywhere from 400 to a couple of thousand dollars, depending on the value of the property. A Deed cost anywhere from 50 to a couple of hundred dollars, depending on the length of the deed.

A title opinion is critical. It will tell you if there are any liens, taxes, exceptions, agreements, right of ways or easements that you need to know about. Without this, if someone that owned the property in the past owed money and a lien was place on the property, it can become your problem and you don't want that to happen.

Buyers generally pay the closing cost, recording fees and transfer taxes.

Sellers usually pay for the preparation of the Deed.

Some sellers will "help" with closing costs. check with your realtor or attorney who does your property work to see what kind of deal can be made.

Answer 2

All costs involved in purchasing/selling a home are negotiated between the seller and the buyer. There is no hard fast rule except for paying points, which is always done by the buyer.

Generally the buyer pays for the title search and title insurance. The buyer generally pays for the inspection. These are both items that protect you from buying a bad property.

The seller generally pays the termite inspection, and may or may not pay for the doc fees and other registration fees.

In my experience, the mortgage company or bank handles the closing. Their costs, sometimes referred to as the closing costs, can be paid by either.

That's why it's easier to work through a real estate agent.

A lawyer is almost never involved in the sale/purchase of residential property.

Answer 3

As a Buyer, you are the one making an offer therefor responsible for presenting said offer. This is why Realtors(r) are so indispensable. What I would suggest is that you go to a real estate attorney (you should have one for closing anyway) and have one write one up for you. It will likely be included in your closing costs (for a small additional fee). RULE FOR ALL: ALWAYS ALWAYS ALWAYS USE A REALTOR ESPECIALLY FOR A PURCHASE! As far as sellers go, Seller's ALWAYS make less money without a Realtor than with one after paying a listing agents commission. BTW : TomK: you are incorrect about a lawyer not being involved in residential sales. It depends on what state you are in. Some stated just use an escrow agent or title company closer. In IL for example, we close at a title company but it is very ill advised to close without the assistance of an attorney. MLS contracts specifically have a 5 day attorney review period. In my state, I'd NEVER advise one of my buyers to close without an attorney. Let's remember each state is different.

Answer 4

Either find and pay a Realtor or lawyer now, or find and pay a lawyer (much more) later.