i am getting close to purchasing an investment property; i have almost completed negotiating a sale price with the seller. this has all transpired directly between myself and the seller. i have never bought a prop w/o using a buyer’s agent. i have a trustable, good sellers agent that in theory i could bring in on the deal, IF it was in my best interest. we have yet to negotiate closing costs. this would be a cash deal.
my question: would it be in my best interest to try to execute the sale direct w/ the seller? obviously, i would need some legal assistance. if so, what kind of team would i need to pull together/have represent me? lawyer, title insurance company, etc? thanks for the advice!-rj
A Real Estate lawyer can give you a good purchase contract to use, research the title for you, and close the deal for you too. No need to bring in an agent if you’re already talking to the seller. That’s just going to cost you some money. The RE lawyer will keep the deal straight. No need for a separate title company.
The reason I ask, is because mine charges about that, but all I do is bring the completed paperwork to him (duplicates of previous deals) and he handles the “escrow” on my Sub2 deals.
Is an attorney required in your state to handle RE transactions?
rjd2,
My title company provides purchase contracts and other misc. documents, but most don’t want to provide help or advice, since it’s a liability for them. And they stay away from legal advice almost like the plague. Of course, I found the title guy that helped me do what I needed to do, without paying an attorney …“off the record, that is.”
Either I or my Realtor call my RE atty and tell him I have a new property under contract. We give him the address. He does all the title work - searching for any liens or encumberances against the property. His secretary gathers all the paper work and schedules the closing. He then presides over the closing in his office.
Not sure if there’s an actual requirement for an atty to handle RE transactions, but we do our deals this way unless we’re buying an REO where the bank provides owner’s title insurance for us.
Any title company can help you with everything, and the fees for a cash purchase should not be too bad. Make sure you get title insurance. No need to hire an agent, title companies are in the business of closing real estate transactions just like yours. Simply explain you don’t know exactly what to do and they will walk you through it.
If you have no clue what you are doing then get a real estate agent to help with the transaction. If you have done your due diligence, did an inspection and the deal looks great then why do you need an agent? You already found the deal, negotiated the deal, did your due diligence, now you just need a title rep to handle the close.
I agree!
Anyone new in the business (real estate) should not do it alone: look for an experienced real estate agent or a mentor-investor willing to partner with you on a few deals and teach you the ropes.
There are so many “exceptions to the rule” in real estate to venture out there on your own.
Don’t worry, the learning curve is fast in real estate and in no time any investor can do deals “solo.”