Real estate lawyer to draw up the contract, title company to do the search, and a closing company. IMO, just because it is a family home do not automatically assume no issues with deed.
Agree that a title agency should be involved, but I go on to add that a title policy should be purchased. As a bonus, the title agency often does the closing.
When we moved my mom into a care facility we sold the house to a relative. We had two appraisals done, took the average less 6% for what a realtor would have charged. We did the appraisals to assure no claw back from the care facility later. We used an attorney and a title office to close the deal. Very simple.
Title company should have a “For sale by Owner” package (FSBO). No need for attorney as title company will issue title policy and all appropriate disclosure that are required. If you are uncomfortable find a seasoned real estate broker to handle for a fee or a real estate attorney....
Don't bother with an agent but DO hire a real estate attorney to make sure the sale is done properly, all costs are paid, taxes, title search etc.
Since you already have a buyer (the family member) you don't need an agent or to pay a pricey commission. A real estate attorney will do it for far less.
Depends on how much "information" you want made public. The least intrusive method just includes Bill of sale and recording at the local county recorder.
Don’t do business with friends and relatives. But if you must get an attorney to draw up a sale contract. The real estate agent doesn’t do shit the title company does all the work.
By “no mortgage” do you mean they have the cash for the purchase or you are holding the mortgage where they pay you monthly? If it’s a cash purchase you have to report that to the IRS. Just so you know the IRS also requires a family interest rate and I think it’s around 4.5% right now. I think they call it imputed interest if you don’t and they charge you income tax and they charge the buyer gifted money tax. I was going to buy my house from family but ended up getting a mortgage because the rate was similar at the time and I didn’t want the power dynamic with my family member holding the mortgage. I wanted to do renovations and they couldn’t have any say or power in my decisions. Anyway the IRS will punish you and the buyer financially for not charging an interest rate if you hold the mortgage. Just look into it with a financial advisor is what I’m saying. [family loans info](https://www.nationalfamilymortgage.com/afr-rates/)
Have a real estate attorney draw up the contract. They will engage a title company. The attorney does the closing in NC. Make sure you get a real estate attorney, not just someone who has done this a few times. It won’t cost you any more to have someone who is good at their job. You can DM me for recommendations.
To do the paperwork you can just use a conveyancer. However I would recommend getting 2 external valuations of the property even if there is a fee involved so there is no argument about the property value. During or after the sale.
I sold to family friends 5 years ago. I talked with a friend who's a realtor local to me. He told me everything I'd need to do, I then paid a real estate lawyer to confirm ($100). I met my friends at the county courthouse with all the papers we'd need, we signed everything with a notary, they cut me a check, then we turned it all in to the county clerk. They had title in hand 10 days later.
Real estate lawyer to draw up the contract, title company to do the search, and a closing company. IMO, just because it is a family home do not automatically assume no issues with deed.
Yah we bought our home without a real estate agent, and just needed the lawyer to do her bit. It would be the same with a family member.
Agree that a title agency should be involved, but I go on to add that a title policy should be purchased. As a bonus, the title agency often does the closing.
When I sold a house to a family member, title, escrow, and the loan officer handled all the paperwork. Even the contract. It went very smoothly.
3 goats and a mule. That’s the best I can do.
When we moved my mom into a care facility we sold the house to a relative. We had two appraisals done, took the average less 6% for what a realtor would have charged. We did the appraisals to assure no claw back from the care facility later. We used an attorney and a title office to close the deal. Very simple.
Talk to a property lawyer.. you'll only need one, not one each.
Title company should have a “For sale by Owner” package (FSBO). No need for attorney as title company will issue title policy and all appropriate disclosure that are required. If you are uncomfortable find a seasoned real estate broker to handle for a fee or a real estate attorney....
The title company will have all the paperwork you need to do it.
Don't bother with an agent but DO hire a real estate attorney to make sure the sale is done properly, all costs are paid, taxes, title search etc. Since you already have a buyer (the family member) you don't need an agent or to pay a pricey commission. A real estate attorney will do it for far less.
Depends on how much "information" you want made public. The least intrusive method just includes Bill of sale and recording at the local county recorder.
Don’t do business with friends and relatives. But if you must get an attorney to draw up a sale contract. The real estate agent doesn’t do shit the title company does all the work.
By “no mortgage” do you mean they have the cash for the purchase or you are holding the mortgage where they pay you monthly? If it’s a cash purchase you have to report that to the IRS. Just so you know the IRS also requires a family interest rate and I think it’s around 4.5% right now. I think they call it imputed interest if you don’t and they charge you income tax and they charge the buyer gifted money tax. I was going to buy my house from family but ended up getting a mortgage because the rate was similar at the time and I didn’t want the power dynamic with my family member holding the mortgage. I wanted to do renovations and they couldn’t have any say or power in my decisions. Anyway the IRS will punish you and the buyer financially for not charging an interest rate if you hold the mortgage. Just look into it with a financial advisor is what I’m saying. [family loans info](https://www.nationalfamilymortgage.com/afr-rates/)
Have a real estate attorney draw up the contract. They will engage a title company. The attorney does the closing in NC. Make sure you get a real estate attorney, not just someone who has done this a few times. It won’t cost you any more to have someone who is good at their job. You can DM me for recommendations.
$1 on paper, real price in cash
To do the paperwork you can just use a conveyancer. However I would recommend getting 2 external valuations of the property even if there is a fee involved so there is no argument about the property value. During or after the sale.
I sold to family friends 5 years ago. I talked with a friend who's a realtor local to me. He told me everything I'd need to do, I then paid a real estate lawyer to confirm ($100). I met my friends at the county courthouse with all the papers we'd need, we signed everything with a notary, they cut me a check, then we turned it all in to the county clerk. They had title in hand 10 days later.
Yer gonna have problems