Buying a condo from a family member?

Asked by ddd, 34470 Tue Jan 6, 2009

I will soon be buying my sister's condo from her in ocala fl. Marion County. We will not be using a realtor to complete the sale. We have agreed on a sale price, it will be owner financing at 5% interest rate, we have come up will a monthly payment plan with down payment. What do I need to do next? What legal paper/forms need to be filled out by the seller and buyer? She has a loan against the condo which will be paid off using my down payment. Will that hold up the sale of the house? Do we both need to get lawyers? Thanks so much in advance.

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Brooke 'The…, Agent, Camp Hill, PA
Tue Jan 6, 2009
Yes Pumpkin - you need to get title insurance, home owners insurance, maybe flood insurance, you need a lawyer or settlement agent (maybe provided directly by title company), you'll need a state approved contract for sale of real estate...and a few others too - possibly.
THis is no light matter so I am glad you posted this because many newer-ish home owners need to ask these kind of questions - Bravo to you!!!
My ULTIMATE suggestion is to get a Broker/Realtor with experience enough to be able to handle the transaction for BOTH parties. You could arrange a fee for service or percentage of sales price for service depending on how you would normally handle this type of transaction.
Hope this helps...Brooke...
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ddd, , 34470
Tue Jan 6, 2009
Do I need to do a tile search even tho my sister is telling me there is no other liens just the one loan to be paid off with our down payment? About how much does it cost to get all the paper work done?
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Scott Godzyk, Agent, Manchester, NH
Tue Jan 6, 2009
You need a real estate attorney or closing company to complete the sale. they will complete a settlement statement that will show the buyer and sellers side. The loan will have to be paid off to convey the property to you. they will have to write the deed from her to you and do a mortgage from her to you and record them. You will want to have a title search done as well to make sure there are no other mortgages or liens on the property. good luck with your purchase.
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