Sold my house to my parents

Asked by Michelle, Schaumburg, IL Tue Mar 10, 2009

My parents is going to buy my current home with cash. I still have mortgage with Citibank. What should I do to complete the transaction in the simply way and cost less?

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6
Bob Brandt, Agent, Schaumburg, IL
Wed Mar 11, 2009
You should call a reasonable priced professional real estate attorney, like Henry James at 847-428-0048. He and his staff will make it easy.
Web Reference:  http://www.realtybob.com
1 vote
Bob Brandt, Agent, Schaumburg, IL
Wed Mar 11, 2009
As some of the answers you are getting are coming from out of state Realtors with differing laws and customs, the easy answer is to just have one attorney handle everything for the both of you. A friendly family transaction will go smoothly and the inexpensive attorney does it all for you.
0 votes
Dallas Texas, Agent, Dallas, TN
Wed Mar 11, 2009
Title can not be transferred to your parents till your loan, taxes, any liens are paid in full.

a) Contact mortgage company determine pay off
b) Sales contract parent purchase home
c) Register sale with title company or attorney
d) Parents funding be wired transferred to title company
e) Title company wires those funds to your mortgage company and county tax office
f) Title company completes all paperwork all home transferred to your parents with clear title

GREAT QUESTION

Lynn911 ~ National Featured Realtor
Web Reference:  http://www.lynn911.com
0 votes
Bill Eckler, Agent, Venice, FL
Wed Mar 11, 2009
The previous postings are on the mark............ Be in touch with a local real estate attorney for their support.
We would suggest shopping around to see what it would cost from several sources.

Congrats and good luck
0 votes
Lyn Sims, Agent, Schaumburg, IL
Wed Mar 11, 2009
Congrats on your sale! I would suggest getting a good real estate attorney in Schaumburg to complete the details for you. All the paperwork should be reviewed by an attorney and they will coordinate all the title and other transfers for you. This is something you wouldn't want to do incorrectly.
Web Reference:  http://www.LynSims.net
0 votes
Lori Jeltema, Agent, Suffolk, VA
Tue Mar 10, 2009
Visit a local real estate/settlement attorney. You can always hire an agent to manage the paperwork for you but if you do not plan on doing that visit a local real estate attorney/title company for details. Even if you don't have/use an agent, they can recommend a good person to close your transaction. Seller's closing costs are not usually as costly as buyers but since your parents are paying cash, they also will not have the typical costs involved with a mortgage closing costs, escrow, etc., Your closing company will make sure that the payoffs and recordings are done.
0 votes
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