Sell a lot without a realtor

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Hi,
we're selling a lot without a realtor; I need advice about paperwork required, closing, ...  Thanks much.
 

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I can provide this advice (for 3% of the closing price).

chuong1 said:   Hi,
we're selling a lot without a realtor; I need advice about paperwork required, closing, ...  Thanks much.

  That's what a title company is for

No problem. Wire me 6% and I will do it for u.

Check your state real estate authority website for guidance. Some states have standard real estate transaction forms published there.

Hey guys, I want to be rich and get my finances in order. Tell me how to do that. GO

Ma171aC said:   Hey guys, I want to be rich and get my finances in order. Tell me how to do that. GO
  crown vic

1. Fill out a quit claim deed
2. Collect your money
3. Let the buyer tie up loose ends at his own expense later on if/when he goes to sell the property or get a loan.

Owning the property in the first place is optional.

Actually for empty lots, the typical commission is 10% (5/5) 
I was a buyer, seller was paying that but the percentage surprised me.  Perhaps a local thing, in SWFL

Have the buyer prepare the paperwork for you. They usually hire a title company or attorney. You can usually find a flat rate one.

is the custom that the buyer hire the title company ? do I need anything beside the quit claim deed ?

chuong1 said:   is the custom that the buyer hire the title company ? do I need anything beside the quit claim deed ?
You will want warranty deed

It would probably help if you mention the state. Some do quit claim, some warranty deed. The local custom varies from area to area. But here the seller usually just signs over the deed and doesn't need an attorney/title company as much as the buyer. However if you do it without an attorney, then the buyer's attorney/title company will probably draw up paperwork that favors the buyer and you won't know enough to have those terms removed unless you have an attorney.

henry33 said:   It would probably help if you mention the state. Some do quit claim, some warranty deed. 
  Well I guess that's good advice for the seller, but in what state would a buyer in an arms-length transaction accept a quit claim deed?

answer: me, buying a small lot adjacent to my rental (I posted about this in another thread) for $500 plus outstanding taxes. The title was messed up so would have had to paid $1500 to an attorney for quiet title process. Plus because of the way the house on the other wise of lot was positioned, the lot was worthless to anyone but me.

chuong1 said:   
we're selling a lot without a realtor; 

  
It will be easier if you just sell a little - don't sell a lot.  

rufflesinc said:   
henry33 said:   It would probably help if you mention the state. Some do quit claim, some warranty deed. 
  Well I guess that's good advice for the seller, but in what state would a buyer in an arms-length transaction accept a quit claim deed?

answer: me, buying a small lot adjacent to my rental (I posted about this in another thread) for $500 plus outstanding taxes. The title was messed up so would have had to paid $1500 to an attorney for quiet title process. Plus because of the way the house on the other wise of lot was positioned, the lot was worthless to anyone but me.

  
Didn't read your other thread, but in MA it's standard to use a quit claim to convey property. Title searches are typically done by the buyer and it's up to the seller to fix title defects or the buyer walks. 

rufflesinc said:   You will want warranty deed
 
No, he won't "want" it.  The buyer might.  That's different.

I'm reading these comments about what's "customary" in state X Y and Z, and shaking my head.  All that matters is what's legal.  If the buyer doesn't want the property on the terms that are set down, let him friggin walk.  Yes, that goes the other way too.  I've had buyers walk when I refused to update the abstract or even give them one (because I didn't have it, property acquired through deadbeat tax sale.)  I've had just as many agree to it.  It depends who's holding the aces.

If two people agree on a transaction then it doesn't matter one iota what's customary in your area, as long as it's not contrary to the law in your state.  It also doesn't really matter if the buyer is going to have some headaches later.  He wants the stuff now; let him have it.  I've been on both ends of this, for what it's worth.  Just sold a house 3 weeks ago, where the bank was whining about this and that, because I saved several hundred bucks when I bought it.  Guess who paid those costs when the buyer had to crawl to the bank for mortgage money and get stuff squared away?  Not me.  That's what FatWallet is all about, I thought?  And as an aside, things are much more simple when you have the money for things you want to buy.

borisr said:   Actually for empty lots, the typical commission is 10% (5/5) 
I was a buyer, seller was paying that but the percentage surprised me.  Perhaps a local thing, in SWFL


10% is pretty standard for raw land everywhere I know of.

A lot of what?

civ2k1 said:   
chuong1 said:   
we're selling a lot without a realtor; 

  
It will be easier if you just sell a little - don't sell a lot.  

  Damn that tricky English language!



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