On Mar 25, 8:38 am, Nate Nagel wrote:
wrote:
I am buying a small house not in the best shape but anyway. Never owed
a house before.

The real estate guy is nice but how honest and smart he is - I don't
know.

What do I have to do to handle this purchase as best as possible?

What I know is that

1) I pay a deposit, (couple of thousands) and then monthly
installments. So, I need a contact for that and a receipt, right?

2) What do I need to make sure that I really get the house? I sign a
purchase agreement for the house? Who prepares it? Who signs it?

3) I pay the real estate guy or the owner? Or depends?

4) I need title insurance? When is the best to get it? Same day, I
purchase the house?

5) What about a warranty deed?

6) Do I have to go to local agencies to inform them that I am the
owner? Do I have to sign papers with them?

7) How can I find out if unpaid taxes or lien or other stuff is on the
property? And do I need an insurance against that too?

Did I forget something?

Joe

P.S. Thanks for the answers to the other thread with the noise
reduction. Some gave good advice.

If the house is "not in the best of shape" I would get a *good* home
inspector out to look at the house. Get your realtor to structure your
offer so that it allows you room to renegotiate and/or back out of the
deal if it turns out that he uncovers some issues of which you were not
previously aware.

Very bad advice. By all appearances, the real estate agent he is
dealing with
represents the seller, not him. The agent is there to get the
property sold for the seller and earn their commission. The one who
should be structuring the purchase
agreement that spells out contigency clauses to get out of the deal
should be his lawyer, who represents his interests.





It sounds like you're not 100% confident in your
abilities and I don't mean that in a derogatory way, it just would be a
good idea to get some professional input so you can estimate what work
you need to do to get it in shape and estimate cost of repairs you don't
want to do yourself.

Also keep in mind that there will probably still be one or two things
that even he won't find...

good luck!

nate

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