Rhee, the bottom line is to treat this transaction the same as if the Buyer was getting a loan from a mortgage company. Do not take any chances by going on the cheap just because the Buyer is paying cash.
If you have any questions, give me a call and I will be happy to help you with the process.
Dianne Y. Ayala Steffey, MBA, CLU, ChFC, NMLS#267658
Your Personal Mortgage Consultant for Life!
Sterling Mortgage Services NMLS#373771
2929 Mossrock, Ste 222
San Antonio, TX 78230
I agree with everyone else and must also stress that the serivces of a title company are crucial. Both parties need to be protected by title insurance, so call a few title companies and get the best rate.
Have a Blessed Day!
Prudent for you to get in touch with a Real Estate Lawyer or Open Title at.a Title company
Such as Chicago Title Company or Old Republic Title and go from there.
If transferring Real Estate were easy, there wouldn't be so many Title Companies and Real Estate Attorneys in town. There are MANY issues that can expose you to liabilities and financial loss.
Most agents will draft the contracts for you and supervise the details for a small fee. Make sure that you are dealing with a competent and experienced agent, not a newbie. Your agent will recommend a good Title Company that can handle all the Title Search details, and gather the necessary closing documents for both sides.
You will want to protect yourself and the Buyer with Title Insurance (cost = about 1% of the price) and you will want to make sure that you have made and documented all the proper disclosures. There are many other "Risk Management" tools that your agent can provide for you that will protect you later if questions arise.
Don't try to do it on the cheap - you might find that is the MOST expensive way to handle your financial affairs. There are too many traps in Real Estate transactions that can be VERY costly. Get some help.
Doc Stephens, REALTOR
Of course they do charge a fee for those services :)
2. Does the buyer wish to have title insurance or a title search?
If the answer to both of the above questions is yes, then you'll need the services of a title company or fee attorney. If the answer is no, you can always hire an attorney to draft a deed and facilitate the transfer of the property to the buyer in exchange for the cash payment. You certainly don't have to use an attorney or a title company although not doing so would be foolish unless you and the buyer have considerable experience in these types of business matters.
I would always consult a Realtor. If you need to purchase a home, and if the Realtor could collect a commission from the seller of the home you will be purchasing, you should be able to find a Realtor who would check over the current contract for "free"
Congratulations! I would be interested in the address and what price you negotiated/agreed to for the sale. You may have saved thousands, or you may have left thousands on the table.
If you have further questions please do not hesitate to call:
(210) 281-1604 HALF PRICED REAL ESTATE
will help you with the transaction. You can also have a Real Estate
Agent prepare the paper work and then take it to a Title Co. The
Agent should do this for a small fee.