ANSWERS: 3
  • The best way to make sure that all the necessary documentation is taken care of is to either go through an agent or go through one of the many "sell your own house" companies. If you decide to go through an agent, you should be able to negotiate a set low fee for handling it, since the agent won't have to post listings, show the house, or do any of the other things they mostly charge you for. One other option would be to talk to your banker. If the bank can't make sure all the documentation is handled, they can probably advise you ont he best way to handle it for your area.
  • Please make sure that you have every single verbal agreement between you and the family member in writing. We were going to be transferring our home over to an ex-family member and things went very sour between us and the family. Luckily we had everything in writing, as now she is going back on her agreement with us.
  • This is for FLORIDA, and maybe other states are similar. Definitely make any agreements in writing. If you are paying cash for the property, then you and your family member can agree on a Quit Claim Deed. You can buy a Quit Claim Deed in any office supply store, like Office Max. Fill in the blanks, transfering title from your family member to you. Some people have problems with the wording of these documents, and end up not filling them out correctly, so beware. Then take your filled out QCD, that probably needs to be notarized, and witnessed, and get it recorded in your county clerk's office, or where ever it is land documents get recorded in your state. However, if you will owner finance, your family member may not want to deed it to you right away. If you are going through a lender to finance the property, the lender may want some type of coverage, which they get through title insurance companies. You can use a title company to insure all documents and recordings are done correctly. It is essential that you write up a contract. Besides, being a good idea to have everything in writing, the title company will ask you for one in order to process your file. They can probably offer you a blank contract, and you fill in the blanks. The title company cannot do it for you. If this is a cash deal, title companies, cannot do the closing of your property if you don't purchase title insurance from them. Title insurance isn't a bad idea, even if you are buying it from a family member. It's a one time purchase for as long as you have the property, and it insures that there are no defects in title that would render the property unmarketable. Your other option is to use a real estate lawyer.

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