Not difficult. Draw up a contract, outlining the terms; it is good to crib from a standard realty sales contract form which is available at stationery stores. (There are a lot of what-ifs, and they all need to be dealt with.) If you are financing the deal, you will need an escrow […]
Written on Wednesday, July 9th, 2008 by sanfordmarks :: 0 comments to this post
Not difficult. Draw up a contract, outlining the terms; it is good to crib from a standard realty sales contract form which is available at stationery stores. (There are a lot of what-ifs, and they all need to be dealt with.) If you are financing the deal, you will need an escrow or closing agent to handle the paperwork, but if there is no outside lender involved, you can do that yourself. At closing, the seller will deliver a deed, with wording similar to this:
“Grant Deed
For a good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, John Doe conveys all the real estate commonly known as [insert street address], and more particularly described as [copy legal description from previous deed], to Richard Roe and Mary Roe, husband and wife [or such other tenancy arrangement as you want].”
This must be notarized. Buyer takes this to the county recorder of deeds to be recorded. Buyer also hands to seller the agreed consideration.
Although you don’t need a realtor to do any of this, having an escrow company or other closing agent involved is a good idea. They will get the paperwork done, and arrange for title insurance — which is a very good idea indeed. And, as I mentioned earlier, if there is an outside lender, they will require the use of such an agent in order to insure that the mortgage is properly done and recorded.
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