I would advise you to contact a realtor or a real estate attorney that would charge you a flat fee for putting the contract together. The contract would be receipted at a title company where the escrow officer would do a title search to ensure that you are able to transfer title without any encumbrances or title problems. Also, if you have an outstanding mortgage lien, title would pay this off once your transaction funds or when the cash has reached the title company's bank. It's advisable for the Buyer to get an owner's title policy to ensure clear title and to have that guarantee of that transfer of title. It's about 1% of the purchase price or to get an exact figure based on the purchase price, you can go to http://www.missiontitle.com
to find out the cost of the title policy. This is usually paid by the Seller, but this is a negotiable item.
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