Not looking for a debate on whether to use a realtor or not. We have a potential scenario where our neighbor may buy our place and we both want a 3rd party to handle the paperwork so nothing is missed. What should we expect to pay for that service?
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Cost for realtor/lawyer to handle real estate transaction?
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Last: 1 mo ago by 07&09Ag
You don't necessarily need a realtor or a re lawyer if you have an agreement in place. However, I would highly suggest you go through at least a title company to ensure that everything is clean with the ownership records going forward.
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We normally charge 1.5% to sell a house but help with these situations for an even further discounted fee. The benefit to working with us is that we can help you with comps and pricing assurance and we have agents around Texas covering most markets.
If you want to go the cheapest route, you can get a title company to write up the forms for you. They likely won't charge anything and most forms are also available for free online. It's just knowing which forms to use and when. The admin/intern at the title company probably won't get it 100% right but maybe close enough?
And then for under $2,000 you should be able to find an attorney who will draft it up for you in a way that you know you're legally protected. I can refer you to an attorney or two if you shoot me a text or PM.
If you want to go the cheapest route, you can get a title company to write up the forms for you. They likely won't charge anything and most forms are also available for free online. It's just knowing which forms to use and when. The admin/intern at the title company probably won't get it 100% right but maybe close enough?
And then for under $2,000 you should be able to find an attorney who will draft it up for you in a way that you know you're legally protected. I can refer you to an attorney or two if you shoot me a text or PM.
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Depends on what service you are talking about.
Typically the seller pays for the Warranty Deed that transfers title of the real estate to the buyer. Attorney fees for preparing that document should be around $300.
The biggest expense the seller usually pays for is the title insurance policy. But this expense can certainly be negotiated with the buyer. If the buyer is borrowing money for this purchase then the entity loaning the money will require this title insurance policy. If the buyer is not borrowing money then there is no legal requirement that title insurance be purchased.
Typically the seller pays for the Warranty Deed that transfers title of the real estate to the buyer. Attorney fees for preparing that document should be around $300.
The biggest expense the seller usually pays for is the title insurance policy. But this expense can certainly be negotiated with the buyer. If the buyer is borrowing money for this purchase then the entity loaning the money will require this title insurance policy. If the buyer is not borrowing money then there is no legal requirement that title insurance be purchased.
This works for us. We've use a closing office with an attorney on staff for cash buys. It's pretty cheap & they handle all the paperwork.Quote:
Typically the seller pays for the Warranty Deed that transfers title of the real estate to the buyer. Attorney fees for preparing that document should be around $300.
The title policy is the most expensive part, but IMO it's necessary.
I agree.
I would absolutely want a title policy if I was the Buyer. In this situation with you being the Seller, I would also encourage a title policy so the Buyer will know of any potential issues that might show up in the commitment (likely none). You don't want potential issues to pop up down the road. The deal needs to be documented properly so both sides are comfortable with the agreement. Since you aren't using an agent, you might also look into getting help with disclosures as part of the transaction. Preparing the Warranty Deed is the easiest part of the transaction.
Do you have a "closing services" company where you are?
We have one in our area - that does it all. "We specialize in real estate closings, including cash, for sale by owner, and third party financing."
A couple of local attorney's have staff that do it, too. Call around.
We have one in our area - that does it all. "We specialize in real estate closings, including cash, for sale by owner, and third party financing."
A couple of local attorney's have staff that do it, too. Call around.
Thanks all. It will be a cash buyer but my thought is handle as if it were not just so all parties are comfortable/covered. I'm not looking to nickel and dime it given the sales price but don't want to pay a realtor multiple points for what seems like should be minimal effort.
I'll do some research on "closing services" to see what options are available in the area. The property is NW of Houston so I'd imagine there are some around given the growth in the area.
I'll do some research on "closing services" to see what options are available in the area. The property is NW of Houston so I'd imagine there are some around given the growth in the area.
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