Home Buying in 86001>Question Details

Erica Gau, Home Seller in Flagstaff, AZ

Should I work with a title company, realtor, or real estate attorney to execute paperwork for a "for sale by owner" deal?

Asked by Erica Gau, Flagstaff, AZ Mon Mar 18, 2013

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Depends on what stage you've gotten yourself into and what state you are in. Attorneys generally don't get involved in real estate transactions in Arizona unless there is trouble. The Arizona Constitution authorizes real estate licenses do write contracts in connection with sale transactions they are involved with and as a result, attorneys don't do what they do in other states for most residential sales. When you say "execute paperwork," that implies you've completed all negotiations on your own behalf, signed some sort of agreement that was intended to memorialize those negotiations (but may not) and all you're looking for is a deed and the report to the assessor's office. If so, perhaps all you need is a title company. Who's handling the money transfer? If there is a loan involved, the lender will insist on a title company (and you should insist on an escrow for your own protection anyway).
Good luck. If you need help, call.
1 vote Thank Flag Link Mon Mar 18, 2013
Hi Erica-
Ask yourself what level of comfort you have with the transaction. Is the Seller someone you know and trust and will work with you to resolve problems or delays in the transaction? Have you experience in writing a contract that will cover all the contingencies that can come up in the transaction? Have you been pre-qualified with a local lender that knows the Flagstaff Market?
Today's real estate transaction is not always handled best by parties that may be inexperienced in the mechanics of closing a real estate transaction. The title company will ask you to sign a waiver that they did not negotiate the terms. The attorney may not be experienced in handling financing problems. The Realtor makes their living by actually closing the transaction. They will want to be paid. Who will pay them and how much to pay need to be negotiated. It is not a simple answer.
0 votes Thank Flag Link Mon Mar 18, 2013
Dear Erica,
You probably will be very well served if you find a good Realtor to help you with the real estate transaction - a realtor could provide you with various ideas how to structure the transaction, arrange financing, disclosures, inspections, request for repairs, walk-through etc. Would the Seller be doing a Seller carryback, or are you buying cash, or maybe financing - conventional, FHA, VA loan? Many times the Sellers agree to have a Buyer be represented by a Realtor, without this changing the purchase price for you.
Please call me if you would like a more in-depth conversation, or have specific form.

Steffy Hristova, MBA, SFR, Realtor®
Tel: (480) 966-9353 Fax: (602) 507-3703
3131 E. Camelback Rd. #125
Phoenix AZ 85016
Web Reference: http://www.talktosteffy.com
0 votes Thank Flag Link Mon Mar 18, 2013
I would suggest you pick a realtor and have the realtor contact the owner to see if they'll work with a realtor. A realtor will be able to negotiate for you with your best interests at heart. A title company is bipartisan and won't help you find a home warranty, home inspector, termite inspector, appraiser, etc., like a realtor. A realtor in Arizona is like a tour guide - getting you through the maize of buying and selling a home. Good luck!
0 votes Thank Flag Link Mon Mar 18, 2013
In Florida, title co. handle majority of closings (usually they are owned by an attorney)
A Realtor can do things an attorney will not (arrange inspections; meet different professional at the property, as needed, etc)

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0 votes Thank Flag Link Mon Mar 18, 2013
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