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caticecab, Home Buyer in Birmingham, AL

I'm buying a home through a private owner,we don't have any legal paper work.what should I do.?

Asked by caticecab, Birmingham, AL Tue Jun 4, 2013

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A Real Estate transaction for us involves about 2" of paperwork:
Contracts, Disclosures, Advisories, Notices, Agreements, Adendums, Loan papers, Title Searches, and more.

These documents are created because, like stoplights, they were the scene of a fatal crash.

If you feel that you do not need these safeguards, then you are proceding at your own peril.
0 votes Thank Flag Link Tue Jun 4, 2013
You should definitely draft a purchase agreement spelling out each parties' rights in the transaction. A real estate attorney or agent should be able to provide you with these documents.

You'll also want to contact a title company to facilitate things as well.

As the others said, there are a number of things that can pop up on transactions like these.

Best of luck!
0 votes Thank Flag Link Tue Jun 4, 2013
You can go to "google" and request Real Estate Disclosures. You should have a TDS (TRANSFER DISCLOSURE STATEMENT), this tells you what the buyer is leaving in the home. For instance stove, dishwasher, etc. This makes it clear what is included with the price of the home. You should also have WPA - this is the form that says the seller will pay for a termite inspection and pay for any work to be done on active infestation before you close escrow. You should also have the disclosure for your seller to sign letting you know that the water heater is strapped properly, and their are smoke detectors in the home. If the home was built before 1978, you will need a lead based paint disclosure. The seller should also fill out a Seller Property Questionnaire. This will disclose what has happened in the home and surrounding area. Be very careful about buying from a "for sale by owner". Most are honest sellers, however don't get stuck with a home that looks ok on the outside and then you find out what you really purchased once escrow closes. Hope this helps.
0 votes Thank Flag Link Tue Jun 4, 2013
You will need to contact a lawyer or if you are financing this property the bank may have the required documents
0 votes Thank Flag Link Tue Jun 4, 2013
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