Expert: Ray Beggs - 3/30/2007

Question
I'm selling my investment property to my brother do I need a realestate lawyer because it has a mortgage and he is obtaining a new mortgage. also tell me with the down payment who gets it seller or mortgage company

Answer
Hi Gale,

Yes, I would use and attorney (or escrow company) because of the title transfer. You want to make sure that you preserve the chain o title and that everything is done correctly. Family deals are famous for causing "clouds on title" because there simply wasn't the right paperwork filed. You will keep the down payment.

Best of luck,

Ray