Home Buying in 73150>Question Details

crownp8, Home Seller in 73150

I will be selling my paid off home to my son. He has qualified for adequate financing and question if it is necessary to have a realtor involved?

Asked by crownp8, 73150 Tue Nov 5, 2013

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Sharon Hopkins’ answer
A Title company is what you really need. They will make sure the title is clear and they will get the name on the title changed at the county court house. Their fee will be minimal. You do not need a lawyer.
0 votes Thank Flag Link Wed Nov 6, 2013
Hi Crownp8,

No, you don't need a Realtor involved in this. If your son is getting financed, chances are he will want or need to go through the regular steps of having inspections and an appraisal done. His lender will be a good source of information as well. I would definitely still plan on having everything in writing.

Here's a link to the Oklahoma Real Estate Commission's purchase contract: http://www.ok.gov/OREC/documents/Residential%20Sales%20(11-2012R).pdf

If you are both a little contract shy, you could consider paying to have a Realtor prepare this for you and discuss the necessary steps to take between contract and closing, or you might consider a real estate attorney.

Best of luck to both of you and feel free to give me a shout if need a little guidance.

Suzanne Backstrom
Metro First Realty West
1 vote Thank Flag Link Tue Nov 5, 2013
Josh is right. You could use a real estate attorney as well, but it would probably end up costing you more. The reasons you need to have a professional involved are:
1. Making sure the title process is initiated and followed through.
2. If ALL of the necessary documents aren't used, then you may open yourself, or your son up to legal difficulties in the future. You wouldn't want someone to contest the transfer some day after you have passed on, or in other situations.
There are other reasons, but these are the most important. I hope that helps!
0 votes Thank Flag Link Tue Nov 5, 2013
The link Suzanne provided is the old contract. Here is the updated one compliant with the law as of 11/1/2013. This is not the only form you need. You will need the disclosures, possibly the lead based paint, and the correct finance page. http://www.ok.gov/OREC/Contract_Forms_and_Related_Addenda/
Flag Tue Nov 5, 2013
I think it is necessary to have an attorney and an accountant involved, crownp8, because when either property or money is in motion, potential tax events may be triggered.

All the best,
0 votes Thank Flag Link Tue Nov 5, 2013
It is highly recommend to use a Realtor, in this situation it would be a basic fee service to help coach you both through the process and ensure everything is squared away.

Email me at Josh@JoshBarnettOKC.com or call me at 405-315-7965 and I can get your both started.
0 votes Thank Flag Link Tue Nov 5, 2013
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