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Ron

wrote:
On Oct 7, 7:20 am, "John Grabowski" wrote:
I have a relative who is going to sell a home on a land contract.
The price and terms have been discussed with the buyer. Now the
paperwork needs to be filled out and legalized. Who who do they go
to to do this legal paperwork? I assume it's either a realtor or
lawyer. But which is the preferred method? If it's a lawyer, I know
lawyers specialize in different matters, what would be the type of
lawyer needed? (definition). Also, the home to be sold and home of
the seller are in two different states. Am I correct to assume the
transaction has to be done in the same state and county of the home
to be sold?

*Ideally the buyer and seller will each have their own attorney to
represent their respective interests. It is most important for the
buyer to have an attorney, however the seller doesn't want something
from the transaction to come back and bite them in the tush
afterwards.

I would hire an attorney located in the county that the property is
located and who has experience in real estate transactions. Be wary
of attorney's who advertise low rates. There may be a lot of
"Extras" tacked on that are standard procedure for any real estate
transaction. Also, find an attorney who returns phone calls in a
timely manner.

In some states it's routine to do real estate transactions
without an attorney, using for example a title company
to do the closing. Here in NJ, sales are almost always
handled by an attorney, which I would think is the safest
and best way for most people. You really should have
someone that is looking out for YOUR interests when
writing the contract and making sure it's all done
correctly.

Just a note about New Jersey (which is where I am located). There are
actually two different "typical" systems or "standard practices" in New
Jersey regarding real estate transactions. In North Jersey the closings are
almost always handled by an attorney and usually conducted in the attorney's
office. In South Jersey, many (or most?) closings are handled by title
companies, often in the title company office, and people may or may not have
attorneys representing them in the transaction. That is what the "custom"
is in New Jersey.

In this case in particular, especially since the plan is to sell using a
land contract and the seller is out of state, using an attorney would be
important.