Close Without Using A Title Company
Where can I find information on how to close on a property without using a title company?
Specifically, what are my liabilities as the seller?
What forms need to be filled out and filed?
Thx,
SallyMissy
why would you not want to use a title company or a real estate attorney? obviously you do not have experience and the closing agent will make sure that everything is done correctly. If you have never completed a deed before the chances of you doing correctly are pretty remote. Are you going to get title insurance, have them sign an affidavit of no liens, etc.
brenda
sallymssy,
Glad to meet you.
I will speculate a little bit here, but are you talking about selling a property with a Contract for Deed that you aquired through a Subject To purchase?
John $Cash$ Locke
[addsig]
I'm selling a buildable lot that came with a house I recently purchased. I didn't want the extra lot but that came with the house. So I decided to sell the extra lot.
The buyer has asked me if I would be "open" to making the transaction without going through a title company? My response was that I would do some research on that before agreeing to it. So I posted the question in this forum.
Thanks!
Oh, you're the Seller and it's land? Then I would just accept certified funds and then Quitclaim it.
[addsig]
Be careful that you have the exact and correct legal description, and also check to make sure a survey isn't necessary to separate the lot.
[addsig]
If they want to avoid the title company then quit claim it as mentioned before. Triple check the legal decription to make sure you do not inadvertently sell your lot.
Otherwise, it is easy. I do that in about 90%of my land deals however anything over $5k I do through title company
My attorney charges $35 for deed preparation. There are also a few other state specific forms that he charges $20 to complete.
If your buyer is paying cash and the extra lot is already a separate lot, then you can have an attorney handle the whole thing for less than $100.
Just make sure that you know what you are doing...doing this incorrectly will cost you 10-1000+ times more than what it would have cost you to do it right the first time.
GOOD LUCK