Property - buying through lawyer?

Asked by Rick, Virginia Wed Jan 14, 2009

Any suggestions regarding buying a property/condo directly from owner. Is this a transaction that can be done directly witht the owner - maybe with a real estate lawyer involved?

Wgat is the best way to approach a FSBO situation, even if they are willing to apy an agent? Has any home buyer had this experience? Thanks

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Vicky Chrisn…, Agent, Purcellvile, VA
Wed Jan 14, 2009
There's nothing wrong with buying FSBO, I do recommend someone look over the contract - be it an attorney or a real estate agent. You probably also could benefit from someone running comps for you and giving you advise on the contract terms and price. If you are interested in something limited service, I'd be glad to assist you - In addition actively being a full time, full service agent, I do offer limited service, where you pay only for the services you need.... feel free to call me 703-669-3142 or email me directly vchrisner@kw.com
Web Reference:  http://www.vickychrisner.com
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Marty Jones,…, , Cashiers, NC
Wed Jan 14, 2009
Hi Rick,

Any property can be bought between two parties without and agent, or an attorney for that matter. You could bring cash to the seller, in which case he give you a deed, and you're done. I have closed transactions in precisely that manner during my 23 year real estate career. It isn't advisable, however.

The problem is, unless you hire a title company or real estate attorney to research the title, you don't know if the property is free of liens or not. Unless at least a preliminary title search is done, the seller may not even be the true owner of record.

Secondly, once you have your deed, someone will have to record it. That will also require the deed to be in a recordable fashion for the county in which it's being recorded. That can vary. An attorney or title company should review the deed to make sure it's proper.

A good real estate attorney or broker can help you through the process.

Good luck and happy buying!

Marty Jones, CRS, CRB
REALTOR
0 votes
Joseph Reef, Agent, Arlington, VA
Wed Jan 14, 2009
Rick,

You can most certainly do a FSBO with or without an agent. It is preferred to have an agent at least on one side so that somebody knows what they are doing. Whether you are using an agent or not you will need to have your ratified contract submitted to a title company or settlement attorney who will act as the attorney on behalf of the contract, not either party. If you do decide to use an agent they can review the contract prior to it being submitted to clear up any potential problems that may arise. However a FSBO will need to agree to pay the agent a commission or honor you agreement with them in advance.

Joe Reef
Coldwell Banker
Web Reference:  http://www.JoeReef.com
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