what paperwork needed to sell a home?

[frank]

I sold a property to someone in the family on a land contract. They now want to refinance the balance they owe me to a credit union. I have taken the abstract to have it brought up to date, but the credit union is wanting me to get a lawyer to make out the deed packet and closing disclosure. does anyone here know what a deed packet or a closing disclosure consists of? is it something I can do myself or do I really need to have a lawyer? I have found that things such as land contracts and releasing liens is something I can do, but am not familiar with a deed packet or closing disclosure. any suggestions on how you would handle this?

 

[pb4uski]

Get a lawyer to do it. I've done a number of FSBO transactions and the lawyer fees were less than $500. They do this all the time. They should be able to tell you the cost in advance.

 

[The Cosmic Avenger]

Agreed, this is something that could cost you into the four or five figures or even higher if there's a big mistake.

 

[ExFlyBoy5]

So the sale is already completed? They want to refinance after they consummated the deal? Then let them pay for it.

Property law differs wildly between states, so +1 on contacting an attorney.

 

[calmloki]

Sounds like the credit union wants to see what they always see - no need to think then and less likely to have a screw up. I'd ask the relative to schmooze the nice folks at their local credit union into showing them what a deed packet is (a signed deed from seller to buyer normally held by the escrow company?) and what a closing disclosure is https://www.pdffiller.com/jsfiller-...&loader=tips#dbf5c13f5e308c458d8b8a76b957c16b

Having a lawyer do it is probably the smartest thing. I don't always do what is smartest but try and imagine risk taken. In this case it looks like if you can transfer good title you won't have risk for very long as you will get cashed out. Any failure to provide the right documents means the credit union won't make the loan - no big deal.

BUT. IANAL

 

[Ronstar]

I would get a real estate lawyer in your area. IIRC, there are quite a few papers involved.

 

[Bamaman]

I would think the credit union also would want title insurance on the transaction for their protection.

 

[Cobra9777]

I recently sold a rental house to a family member, who was getting a mortgage. I wrote up the sales contract using standard forms for our state, including the usual seller's disclosures. I then called a few title companies and asked about their fees. After I picked one, they had some other required paperwork, like a related-party disclosure form. They also worked directly with the mortgage loan officer to get all that documentation pulled into the closing package.

It was pretty-much exactly like every other real estate transaction, minus the agent and their commission. As seller, I paid for the title policy. I also paid half of the title company's closing/settlement fee, which was $400. That fee also included review by an in-house lawyer at the title company. Otherwise, we had no private lawyer review anything.

I did a very similar transaction 35 years ago when we bought our first house from an elderly neighbor. I prepared all the required paperwork using paper forms from a local title company. No agent involved. We didn't use a lawyer back then either, although the seller did have her personal lawyer review everything before closing. He said everything looked perfect.

 

[athena53]

So the sale is already completed? They want to refinance after they consummated the deal? Then let them pay for it.

Property law differs wildly between states, so +1 on contacting an attorney.

No, it's a land contract- a sort of rent-to-own. The title is in the OP's name until the final installment payment has been made. Apparently the relative wants to accelerate the transfer of ownership by paying the OP a lump sum, which they're borrowing.

I agree on getting a lawyer.

 

[Splash]

3 years ago, the seller and I used a title company to complete and file all the paperwork necessary for our real estate transaction. It was very easy and less costly than using a realtor and/or a lawyer.

 

[ExFlyBoy5]

No, it's a land contract- a sort of rent-to-own. The title is in the OP's name until the final installment payment has been made. Apparently the relative wants to accelerate the transfer of ownership by paying the OP a lump sum, which they're borrowing.

I agree on getting a lawyer.

Nonetheless, there is an executed contract.

 

[frank]

I hired a lawyer for the closing documents and had to bring the abstract up to date. paid 200 for the abstract and 275 for the deed and closing paperwork. pretty painless for that price. I will see when this is done what was necessary and know next time if I can do it myself or need to spend the money.