Buying or Selling a Home/Sel & carry loan

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Expert: - 12/30/2005


Question
Thank you Jessica for the FAST reply.
I live in Arizona....and we do use Title Companies here.
I just wasn't sure if they would also handle the personal "loan" documents".   
Thanks.

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Followup To
Question -
I have a friend who wants to buy a home I own.
I want to carry the loan.

Who should I see about having the loan documents drawn up so that it is a "legal" loan?

Does a Title Company provide forms (for personal loans) or help us with this part of the sale as well?
Thanks!
Answer -
Dear Joy;
In most parts of the country, attorneys are used for real estate closings. If you live on the West Coast you may use a title company. Therefore, unless you are on the west coast I suggest that you contact a real estate attorney for this kind of help.  Only an attorney will know what a legally binding document is.  The title company can of course help as well but an attorney will give greater piece of mind and will know about the entire process of transferring the title. An attorney will advise you about transfer and recording title, the correct documents needed for the sale, and will assist in the title search.

Good luck and best wishes,
Jessica Bryan
Managing Broker
House to Home Realty Services

Answer
Hi Joy;
Yes, they will handle the documents (meaning they will have the Buyers sign and will notorize, arrange recording, do title search, etc. but the attorney should still draw them up for you so you are sure to have a binding agreement. The title company does not draw up the documents.  They do originate the HUD I statement which is the closing statement with all of the fees disclosed.
I hope that this helps.
Jessica Bryan  

Buying or Selling a Home

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Jessica Bryan

Expertise

buying and selling process such as:
General questions from first time buyers
How to market a home
Why choose a REALTOR
How do I find a REALTOR
Should I consider buying or selling without a REALTOR--how much can I save
Should I remodel or move
How much can I expect to gain by fixing up my home before selling
Helpful tips when selling
Helpful tips when buying
finding a good mortgage loan
what is the difference between banks, mortgage bankers, and mortgage brokers
Questions from the general public, people thinking about getting their real estate license, newly licensed.
Fellow professionals who have interests in networking and how to get started
What is a market evaluation and how does it differ from an appraisal what are the different loan programs
services a REALTOR can perform
when to use a lawyer
when to use escrow
what are the regional differences in the buying and selling process
what is the MLS and how does it work
how can the layman access information on the web--listings and other information
These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.

Experience

Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.

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