I am looking to sell my condo to my current tenant. He has already gotten pre-approved, and we just had an appraisal done. While we haven’t agreed on a price yet, we plan to discuss that this week. I’m seeking advice on the next steps after we agree on the price. I found some information suggesting that I should hire a real estate agent to draft the contract and that I might need a lawyer. Is this accurate? How much should I expect to pay an agent given that this is an off-market transaction? The condo is located in Washington DC, if that helps. I’m learning as I go, so I appreciate any guidance. Thanks.
After agreeing on a price, hire a real estate attorney to draft the purchase agreement and handle disclosures. You’ll also need a title company for the title search and closing. Expect to pay $1-2k for the attorney. Don’t forget to negotiate closing costs with your tenant.
You don’t necessarily need an agent. A title company or closing attorney can provide the necessary documents. Real estate contracts are generally straightforward. Once the contracts are signed, you’ll open escrow, and the title company or closing attorney will start the title process.
You don’t need a realtor. If you agree on the price and terms, hire a lawyer to create the paperwork and represent you at closing. Chances are the buyer will need his own lawyer as well. If it’s a condo, apply for a Status Certificate from your condo corporation to outline its financial status and any lawsuits. This usually costs around $100.
Since this is an off-market deal, it’s better to work with a real estate attorney for drafting the agreement and managing the legal aspects. A title company can help with the title transfer and oversee the closing process.
Super helpful. Thanks, everyone!