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+--- Thread: Selling lot (seller to buyer, no agents) (/showthread.php?tid=19109)
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Selling lot (seller to buyer, no agents) - Linchpin - 01-18-2018
Someone contacted me and offered to buy a lot I own. It's just a hand cleared space with an unpermitted shed on it. It's a cash sale. They are aware of unpermitted building issues and such.
I just don't know how to do this. I'm sure I use a title company for somehting, but I really don't want to waste cash on a realty agent for this stuff.
Anyone point me in the right direction on this as to what steps I need to take. It should be an easy thing... my car cost more than this transaction will be.
RE: Selling lot (seller to buyer, no agents) - EightFingers - 01-18-2018
Title company does all the important paperwork, you do need to come up with contract to purchase. Title co. May even help you with that.
RE: Selling lot (seller to buyer, no agents) - LazyLehua - 01-18-2018
Yes, just need a contract for purchase and a Title Company to transfer the property to the new owner. I used Title Guaranty in Hilo. They were very helpful and price was reasonable.
RE: Selling lot (seller to buyer, no agents) - nanasohana - 01-18-2018
I bought lots years ago and filled out my part and had sellers fill out their part of the deed. I had a purchase agreement, too. You need to see if its required to have an attorney do this now though. See what the State of Hawaii Bureau of Conveyances may require to record a deed. Here is a site to get a deed. I would only give a special warranty deed though.
https://eforms.com/deeds/hi/hawaii-special-warranty-deed-form/
RE: Selling lot (seller to buyer, no agents) - nanasohana - 01-18-2018
The title company would open escrow and hold the funds too right?
RE: Selling lot (seller to buyer, no agents) - eigoya - 01-18-2018
The title company will do escrow (money exchange). Just get an agreement, contract and earnest money. Look on-line and revise as needed: hawaii property transfer
RE: Selling lot (seller to buyer, no agents) - onrway - 01-18-2018
Not nesicarrily. If you are nervous about it you should use a title co. But if you can create a warrantee deed to exchange for a chashiers check. They can just take it down to the county clerks office and have it recorded. Warantee deed should be available on line someplace.
RE: Selling lot (seller to buyer, no agents) - dayna - 01-18-2018
I'm sure terracore can chime in. We have bought and sold 3 properties without a realtor. One we even financed for the buyer.
Dayna
www.E-Z-Caps.com
RE: Selling lot (seller to buyer, no agents) - ericlp - 01-19-2018
I just sold my house in Pahoa. No realtor involved. Quick and easy at American Title, Hilo has two of them American Tile and Title Guarantee. I've used them both a handful of times, and are equally the same. Usually the cost is about 600 bucks and is usually split between buyer and seller.
Tho, if you are both willing and trusting, you can save some of that cash and time by drawing up a sales agreement contract, getting it notarized, then, wait for the FUNDS to clear your bank.... and once it's cleared (3-5 days), then hand over the notoriety deed... The new owner would take it down to the county to get transferred. Never ever think a bank note OR a cashier check is legit, plenty... I mean PLENTY of scams out there.
I find title insurance to be a scam... As in usually unnecessary, but, it is peace of mind.
RE: Selling lot (seller to buyer, no agents) - terracore - 01-19-2018
All the realtor really does is find the seller a buyer, fill out a standard contract, and give it to the title company.
The title company will convert the contract using standard Hawaii legalese, check for any liens (including things that aren't liens yet, but have the potential to become one, like unpaid road fees), taxes etc, and deduct those things from the sellers proceeds and pay them off. It's standard practice to pro-rate the taxes and road fees (For example if it's half way through the year and the taxes and road fees have already been paid for the entire year, the buyer owes the seller 6 months worth of each in addition to the purchase price, unless it has been stipulated in the contract to the contrary).
The title companies no longer offer sample contracts. I can't remember the reason they gave but the contracts really only have to be 2-3 sentences for the title company to turn it into a real estate transaction.
Most contracts stipulate who pays the title company as it's usually split between buyer and seller (but that is always negotiable). Of course the buyer brings all the money to the transaction, the fees are deducted from that, the percentage of the split is just accounting.
After the contracts are finalized, signed/notarized, the buyer transfers the money to the title agency. The title agency deducts their fees, pays off any road fees, taxes, liens, etc, and gives the remainder to the seller. Then they file the court paperwork to transfer the deed.
"Anyone point me in the right direction on this as to what steps I need to take. It should be an easy thing... my car cost more than this transaction will be."
If it's going to be a small purchase price, try to get the buyer to pay all the title fees, let them pick the title company. The two companies are more or less the same, though I prefer First American Title.
I guess it can be done either way, but since the title insurance is really for the buyer's benefit, the buyer should initiate a purchase contact the seller agrees to, they both sign it, and the buyer submits it to the title company along with their earnest deposit. That gets the wheels in motion to turn a simple purchase agreement into a binding real estate sale.
I can post a generic purchase contract if its helpful.