Real estate

[CAJUNLAWYER]

You don't necessarily need a real estate layer as stated above, any lawyer would do.

Ahhhhh.....no. You really want a lawyer experienced in real estate. That statement makes as much sense as asking your parents tax attorney to represent you in criminal court or a personal injury lawyer to prepare your Chapter 7 filings

 

[jdlii]

Title companies, as previously stated, have an attorney on staff or a law firm that they use for real estate closings. I understand the desire to avoid real estate broker fees but who is going to perform the necessary title work, prepare the documents and have malpractice insurance in case something goes wrong?

Really, we don't need not stinking lawyers!! I guess those who signed the Declaration of Independence were not necessary either.

Good luck in all of your future business endeavors.

 

[gregintenn]

A neighbor wanted to buy a piece of property from me last year. We agreed on a price, and I told him I would pay the current year's taxes and he would be responsible for the closing costs. He went to the courthouse and got a copy of the deed. I think it was $50 but not sure. He then wanted me to split the cost of the title company writing the contract. It was a few hundred dollars. I reminded him of our agreement. After a bit of pouting, he got that done. I met him at the local bank to sign the contract, get it notarized, and get his money. Pretty straightforward stuff.

 

[ancient-one]

When I sold my house the buyer had a Title company that he used(He had several pieces of rental property). Everything went smooth. I furnished the abstract to the Title company, they researched it for flaws. When they were through we met, signed the paper work and got the check.

 

[Golddollar]

I spent 38 years working with land titles. As I described above regarding the first title abstract I ever did, clouds on title can last for decades and with few exceptions do not go away without some sort of corrective action.

When I was working in the underwriting department of the title insurer, our agents were required under their agency agreement to submit to my office for review any case involving a matter out of a long list of potentially serious title issues, regardless of the amount of money involved. This got another set of eyes and expertise involved to determine the seriousness of the risk.

 

[DWalt]

Here in PA you use a title company for real estate sales. The fees are much lower that traditional lawyers fees. Law firms also do the same work in NJ. The only places I have experience. You don't need the expense of a realtor for a private sale.

Ditto in Texas. Title companies can handle all the details of transfer and closing. But that doesn't mean there can't be some complications that may need cleaning up prior to closing. I have done two houses that way. Different states may have different procedures.

 

[schutz5]

If it's cash sale , can't a quit claim on title work to transfer new name to title?
I do think a contract is prudent though, sold 'as-is'.

 

[DWalt]

If it's cash sale , can't a quit claim on title work to transfer new name to title?
I do think a contract is prudent though, sold 'as-is'.

A title company might not consider a quit claim deed as legitimate when the property is sold to someone else in the future. Might be asking for big trouble. Recently I was involved in a situation involving a transfer of my dying B-I-L's house while he was on his deathbed. We needed to get his house re-deeded to his daughter quickly before he died. I talked to two different lawyers about using a quit claim deed, both emphatically advised against it. Ended up doing a Transfer on Death (TOD) deed, very simple and cheap to do. When he died, the house passed instantly to his daughter with no hassle at all. She sold it quickly. The TOD also avoids probate. Some states allow it (Texas does), others may not.

I highly recommend that everyone look into a TOD deed if your state allows it. After the instance above, I immediately did a TOD for my own house. You can actually do it yourself without a lawyer. Texas has a publication that provides detailed instructions on how it's done. Fill out one simple document (which basically says "Upon my death, my house will pass to (whoever you wish)", have it notarized, and file it for record. It works for any real property, not just a house. Big advantages are instant transfer and it bypasses probate. It also preserves the step-up valuation and takes precedence over the provisions of any existing will.

 

[islamoradamark]

Title company and title insurance no problem

 

[mxbob]

Thanks for all the help.
Bob

 

[oink]

My wife is a long time Florida Real Estate broker (and Hawaii licensed sales associate). I'm a licensed FL sales associate.

Unless you are very experienced with Real Estate deals don't do it without some sort of professional representation. Most states have required disclosure laws, some even federal disclosure laws depending on the age of the property. Know what your state requires and disclose to the buyer.

Real Estate laws vary by State. Advice from someone from another State isn't worth much.

If you use a lawyer definitely use one that specializes in Real Estate law.
Many real estate lawyers own their own title companies, so you can use the same attorney to write your sales contract and do the title. (Two separate fees there, but well worth it, if you're not using a Realtor you've negotiated a fee with to do the contract. In Florida, title companies do not write contracts, real estate attorneys or Realtors do. Well, technically Florida and Hawaii Realtors don't "write" contracts. They "prepare" contracts approved by their respective Realtor Associations and their state attorney BAR associations. In FL it would almost always be what's called a FAR/BAR (FL Association of Realtors/Florida BAR) contract, which is what most lawyers will also use. The same is true in Hawaii and many other states.

Real Estate brokerage fees are negotiable. If you already have the buyer you should be able to negotiate a VERY favorable rate. Going through a brokerage can offer a lot of peace of mind and great reduction in aggravation as well as liability and other protections.

The on-line Real Estate sites such as Zillow and Trulia are notoriously inaccurate and generally outdated. Yes, look at those sites. NO, don't base your decisions on them. Often a Real Estate brokerage will do a CMA for free. A CMA is not an official or legal appraisal but when done by a competent agent, it will give you a very good idea of property value. CMA = Competitive Market Analysis. Don't trust an on-line source for that.

Good luck.

 

[Golddollar]

Another important part of the real estate transaction is identifying and describing the subject property. If the property has already been surveyed and depicted on a recorded plat in the land records, that simplifies the issue. But if it is a "metes and bounds" description (compass bearings and distances), then it gets a lot more complicated. I learned how to take the bearing and distances and draw a picture of the configuration of the property. If the last bearing and distance didn't come back to the point of beginning, then there is a problem. Mistakes can be made in deeds by deleting a bearing and distance, or combining a bearing from one line with the distance from the next line during transcription. Computer programs can now draw the legal description as it stands but it takes an experienced title examiner or even a surveyor to understand where a mistake was made.

I've heard a lot of chuckles when I read a line from an old description like "thence North 38 degrees 12 minutes 26 seconds East 345.82 feet to the rock pile", but surveying practice and at least in Maryland case law gives great deference to calling to the rock pile as a monument that everyone could see.