Home Selling in 19145>Question Details

June, Real Estate Pro in Philadelphia, PA

Please, share with me how to do an transaction between the seller title company and the buyer.

Asked by June, Philadelphia, PA Fri Nov 4, 2011

Also, adding in your conclusion the time frame that this would take. Will it be 30 days or /2 months?
Thank you in advance for your honest feedback. (South Philadelphia Tittle Companies)

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Answers

7
Before entering into a contract for sale of real estate, make sure any disclosure statements and consumer notices are exchanged between the parties as is required by that state's laws. Once, that is completed, a written contract should be prepared explaining the rights and obligations as well as the time frame to complete any contigencies of the contract. Oonce that is completed, the chosen title insurance company can be given a list of charges by both parties and a HUD 1 settlement sheet can be prepared and reviewed by both parties. If all is acceptable then a final settlement date can be set. If there are items of disagreement, they should be resolved before setting up a settlement date. If, the disagreements cannot be resolved between the parties, than an attorney or real estate professional should be retained to work out any difficulties. If the difficulties cannot be resolved perhaps it would be best to terminate the transaction.
Best wishes
1 vote Thank Flag Link Sat Nov 5, 2011
Please be careful No two States are the same when it comes to Real Estate they may have different laws about some things and the same laws about others. The easy way is to contact a local Realtor close to you in the same state.

Philip J. Cunningham Sr.
V.I.P. Realty Corp
7942 Bustleton Ave
Philadelphia, PA 19152
215-725-5700
Web Reference: http://www.GreatPaRE.com
0 votes Thank Flag Link Sat Nov 5, 2011
I suggest that you contact the title company, which has been selected for your transaction, for a written explanation of the process. I am sure that the selected title company is used to FSBO (For Sale By Owner) transactions; and, the title company will be happy to have a seller who understands the process. You also need to know what forms are needed in the state of MO, not advice from other states.
0 votes Thank Flag Link Fri Nov 4, 2011
read it here , plenty of information you are looking for:

http://homeguides.sfgate.com/selling-real-estate/
0 votes Thank Flag Link Fri Nov 4, 2011
June:

It apprears that more information would better help us understand your question.

Often, a seller signs a contract with a listing agent to sell a piece of property. The list agent markets the property and frequently a different agent brings buyers in to see the property and then may find one that wishes to make the purchase.

At this point an offer is written and negotiated with the agents representing each side. The parties reach agreements on all matters: Price Inspections Mortgage Type and many many more details. They sign a legal binding document that includes a timeline. Each of the agent representatives take care of all the details and get the property to settlement - the time where the property title moves from one owner to another and the mortgage is actually signed.

This is a fairly straightforward concept, but the process can be complex and you most likely need to hire either an attorney or an agent to guide you. Most people need professional help along the way.

Ana Barlow, Coldwell Banker Preferred, Philadelphia
anabarlow@gmail.com
0 votes Thank Flag Link Fri Nov 4, 2011
Greetings: Erica, I'm the seller and I would like helpful information / how does the transaction
work when dealing with the tittle company when you have a buyer on hand.
0 votes Thank Flag Link Fri Nov 4, 2011
I don't understand the question. Are you a buyer or seller? Do you have an agent or an attorney to help you?
0 votes Thank Flag Link Fri Nov 4, 2011
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