Selling property?

Discussion in 'Campfire' started by duckhunter2-2007, Jan 7, 2011.

  1. duckhunter2-2007

    duckhunter2-2007 Well-Known Member

    I have a lot in SID (Suburban Improvement District) in NE AR that I'm trying to sell on the trading post. Do I have to go through a realtor to sell or can I just do a "quit claim" deed and make the transaction? I assumed that I could do it myself but I've gotten questions from interested parties that made me wonder if that's the case. Any help would be greatly appreciated.:thumb:
     
  2. You do not have to go through a Realtor but as far as paperwork goes it might be easier for you. With the quite claim deed the buyer really does not get any protection with the new deed it just conveys any interest you might or might not have in the property and no gurantees. Any local title company would close on it though without a Realtor for their normal fee. Legally the quite claim deed would work though but it was designed more for transfer of property between family (parents to children type thing). If I were the buyer I would want the warranty deed. Good luck.
     

  3. duckhunter2-2007

    duckhunter2-2007 Well-Known Member

    Thanks a bunch. Do you have any idea what the normal fee would be? Just a ball park figure. I've seen several people list lots and add $375 or $400 for closing costs.
     
  4. bzbrent

    bzbrent Well-Known Member

    I'm a commercial real estate broker, and agree 100% with Hunt's statement. If there's any financing on the Buyer's side, their lender will likely require that a Special Warranty Deed be transferred at closing. Further, they will likely require a Phase I environmental survey be completed, and an ALTA survery. Without a professionial guiding you through this, it could get hairy (and very costly) for you. Even if they're paying with cash, at the very least they'll want a Warranty Dead and ALTA survey.

    Depends on the size of the transaction. Usually assume closing costs to be 1.5% of the cost of the transaction. That doesn't account for brokerage fees. Even if you don't hire a broker, or Realtor, the Buyer may. You'll be expected to pay their fee (usually 3% of the cost of the transaction).

    -b-
     
  5. duckhunter2-2007

    duckhunter2-2007 Well-Known Member

    Man all that for a $1500 lot.:head:Can I just trade it for something and do a quit claim deed?
     
  6. Selfbow

    Selfbow ...

    Call a good title company and you can get it done and split the costs.
     
  7. bzbrent

    bzbrent Well-Known Member

    Of course you can. You can assign a Quit Claim deed over to the other person's name in exchange for whatever you deem appropriate; however, that person then inherits whatever "clouds" there might be on the title. That's the purpose of title insurance - which would generally require all of the above.

    At the end of the day, if you and another person agree on terms, you don't have to involve another living soul in the transaction - it's your land. The Buyer accepts the responsibility and everyone is happy.

    For a lot that size, I wouldn't lose another penny on involving anyone. Just run an ad and see who shows up.

    -b-
     
  8. duckhunter2-2007

    duckhunter2-2007 Well-Known Member

    Thanks b. I want a buyer to be sure that he's not going to get taken but I don't want to lose money just to get rid of a small lot.
     
  9. johnf

    johnf Well-Known Member

    That's what I was going to say. When we bought our land all we delt with was the owner and the title company. Everything was legal and it took about an hour. When we bought our first house through the realestate co. it took nearly 4 hours with their paperwork and we still had to do the same stuff at the title company.
     
  10. If you really wanted to sell it to someone and net $1500 tell them to pay the closing costs. As I said earlier the quite claim deed will work if they are comfortable with it. If they want title insurance and the ALTA survey let them pay for it and you still net the $1500. By the way if you need a quite claim deed you should be able to pick one up at an office depot. Good luck again
     
  11. ouachita

    ouachita Well-Known Member

    Do what he said. No Realtor. Just the title company. If someone is buying a 1,500 lot they will probably pay cash and may not need a survey.