Real Estate Buy Sell Contract

Real Estate Buy Sell Contract

Real Estate Contract Question – Sign away title, close later?

I have a buyer for my house. She has a title company and mortgage company and is very familiar with “creative financing.” She was to purchase my house but with a 6 month closing date. She would like me to sign over the title. She would pay the mortgage for 6 months and refinance. She says that most banks look for 6 continous months of payments before financing. All this would be on the contract. In return she would pay full price for my house(15K is in equity) and pay about 15K cash. 7.5K upfront and the other 7.5K when I close. She is basically taking over my debts minus 15K. Only concern is handling over my title to her.

I have never heard this before. I have bought and sold a few homes but this is very new. Is this legal? Can she sell my house if I still own the mortgage? Is that a lein that must be paid first? Any thoughts? Any help would be appriciated.

Run, don’t walk from that deal! She gets the deed at closing and not a day before or there’s NO DEAL.

Exception: You take back a wrap mortgage from her with a first trust deed. If she then fails to complete the deal you foreclose on that and take back possession and legal title.

Whever you work with “creative” financing such as this, you need an attorney to structure the deal to protect your rights. Don’t do anything other than a straight sale without the services of an attorney! (And even then, an attorney is money well spent.)

Free Special Report: Real Estate Buy Sell Contract

Whenever you buy or sell real estate, you may be like millions of other people out there, in thinking that you don’t need a real estate agent. Most people who buy or sell homes, generally think that a real estate agent is a waste of money. Those who choose to buy a new home, think that real estate agents only add to the cost of purchasing the home.

What most people aren’t aware of, is the fact that real estate agents are normally paid by the seller, not by the buyer. As a buyer, you’ll get to work with a professional real estate agent without really having to pay for it yourself. The policies can vary greatly from state to state and company to company, which is why you should always check any paperwork or contracts that are provided to you to ensure this is the case. When you are interviewing agents, make certain to ask about any type of fees as well.

A lot of real estate agents out there may work with both buyers and sellers, although most specialize in working with either the buyer or the seller. If you are buying a home, make sure that the agent you choose has prior experience of working with buyers and transactions that involve no money down. This way, you can count on your agent to be there when you need him the most – especially if you don’t have a down payment.

If you are interviewing a real estate agent and he or she isn’t familiar with down payment assistance programs, you shouldn’t hire their services. Agents who aren’t familiar with these types of programs generally aren’t on the level, or they may lack the experience necessary to help you purchase the home of your dreams.

You can also make a list of real estate agents that you can interview based on referrals from friends, lenders, and even family. Lender referrals are normally a great choice as most lenders have worked with their recommendations in the past and both are already familiar with each other. Choosing a lenders referral can also prevent you from encountering any obstacles or surprises.

When you interview a real estate agent, make sure that you have the agent explain his fees. This way, you’ll know exactly how much he will be getting from the purchase. You should also find out how much experience he has in the field, and how long he has been working with real estate. You can also ask about sample contracts as well. If you are buying a home, you should make sure that the agent works with buyers. If you happen to be selling your home, then you’ll want to make sure that the agent works with sellers. Agents that are dedicated to one or the other are the best to choose, as they will have more experience than agents who work with both buyers and sellers.

Find a real estate agent is an easy task – providing you know what to look for. If you take things one step at a time and carefully make a decision, chances are that you’ll end up with an agent who has the experience you want. You should always be careful when you choose, and never rush the process. Real estate agents are easy to find, although finding one who fits your needs and has your budget in mind is a little tougher to locate. When you make that final decision, you should always choose an agent who has your best interest in mind – and isn’t just after the money.

About the Author:

Mark Estates is a freelance writer who frequently writes for such sites as the
real estate investment site sharkbaitsoftware.com
and the
California Online Housing Market
.

Article Source: ArticlesBase.com – Finding Your Real Estate Agent

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