Contact an attorney. Please! Relatives or not, disagreements can happen as well as "Issues" with what you want to do. Yes, you can do the proces yourself, but I would strongly advise you against it and would strongly advise you to obtain and attorney to do the paperwork. You will then have the legal protection and the attorney will make sure that all parties are made aware of the process in writing. I have had clients do the very same thing for a minimal fee. Good luck!
Deborah Conti, Associate Broker, CSR, CBR, SRES, CIREB
Re/Max Park Place - Re/Max Multi-Millions Top Producer - Hundreds SOLD!
Phone: 448-9101... more
I think it's O.K. to have the listing agent buy the house form the seller, as long as the two agreed on the terms and conditions. If the seller is happy with what he is getting, then it should be O.K. However, if the seller has any doubt, then it is best not to pursue the sale to avoid further complication. But again, if both sides are happy, then that's a deal made.
On the second issue, I wonder why the listing agent wants the seller to carry the loan. Was that something the seller already offered to any buyers, or is it because the listing agent can not get a regular loan otherwise? If the seller agrees with this (along with the interest rate, the payment plan, etc) of the loan, it should be drawn up by an attorney to make sure the seller is protected should the listing agent default on the loan for whatever reason (same as if it's purchased by any other buyer asking the seller to carry back).
Basically if all is out in the open, agreed upon, with real estate attorney advise. then I would think it's O.K.