Expert: Jessica Bryan - 1/26/2007

Question
Hi,

We've shortlisted a few homes (after doing some research),
in the Phoenix area which are 5 - 15 yrs old & will negotiate a discount with the seller (since we will not be using a realtor).

Identified Title Company & Appraiser and will not need a loan. Will have the Home/Termite Inspection done.
When sign the "Sale agreement" & deposit earnest money.

Questions -:

1. Apart from the above, is there anything else we need
  to do before closing ?

2. We might have "Realestate Attorney" go over the
  contract during closing. How much would this cost ?

3. Is it necessary to get "Owner's Policy of
  Title Insurance" and how much would it cost ?

Appreciate your help
Thanks

Hari


Answer
Dear Hari;
Each state in the US has different laws governing the sale of real property.  As a real estate agent in North Carolina (and before that in Los Angeles, California) I am required to take an update course every year along with additional classes to keep me current on laws and practices in my locale. One might say I "live and breathe real estate."  It is always amusing to me that there are so many people who choose to get involved in transactions without professional help and then ask if there is anything they need to know.  The answer: "YES!  There is lots of stuff you need to know!"  We learn all of this so we can trouble shoot for our clients just in case something arises.  We hope that it doesn't and it will be a seamless transaction. Often, however, there are problems that arise and I take care of them without troubling my clients. I have been in real estate for 23 years and am still learning new things every day.  It is a changing field.  So, while it appears you have everything covered, I cannot assure your that there won't be problems.  If there are, you will have to employ an attorney or a real estate professional to assist you.  It seems, by your questions, that cost is the most important part of the transaction.  I am not able to answer cost questions since the fees are different in different parts of the country. What I can say is that those expenses are well worth the cost since they will act as insurance policies against any problems with title or contract.  The attorney can help advise you of what else is needed in your area.  I hope that your transaction is an easy and positive one with no outside issues that cause trouble.  If not, make sure that you have some cash set aside to seek professional help.

Good luck and best wishes.
Jessica Bryan