We are closing soon on selling our home. Our aging mother-in-law owns two homes outright and is going to sell us one of them at the end of next May (happily letting the current tenants complete their lease). We have arranged temporary housing for now until then. Our current estate agent helping us sell our first home was asking questions about that future sale and implied that we would have to have an agent to complete the sale. Can we not just handle that on our own (both seller and buyer)? We will be financing, but with over half the cost being a down payment with the proceeds of our current sale.
Use a RE atty and don’t skip on the usual title search & insurance, or property survey.
This is the way.
Not if you’re in the US you don’t. Signed, a Realtor.
I agree. Signed, another Realtor.
No agent needed. The point of an agent is to help you find a house, or help a seller find a buyer. Both those things are taken care of already. You can hire a real estate attorney or pay an agent to just do the paperwork. Agent will probably be cheaper than an attorney for this.
No they need an attorney for title insurance, the mortgage lender is going to require the attorney for that, and usually the same attorney can do the lender and owners policy.
Depends on the state. You are correct for VA (that I know of for sure). Not the case in CA. You can use an escrow company in CA and they coordinate with title company.
No you don’t need that agent. just use a lawyer.
No, but you do need a real estate attorney.
Lawyer can do it.
No agent needed, Title company can do it all… cheaply.
Your mother should be giving you the house or something cause you would inherit it anyway. Why pay probate taxes later.
If they are purchasing it from the MIL, why would it have to go through probate later? It’s not being given to them.
No you definitely do not need an agent for this. I would have a lawyer draw up the contract, and make sure you hire someone reputable to do inspections so everyone knows what is good and bad so there’s no hard feelings later.
You can absolutely handle this on your own. I’d advise you enlist the services of a real estate attorney. Between them, the title company, closing agent (if applicable), and the lender you’ll have plenty of eyes on the transaction and help navigating the process!