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Make sure the deposit is held by the conveyancer of the vendor, not the vendor if unrepresented. A conveyancer has professional obligations with respect to the retaining of deposits which are effectively held on trust for both parties in a transaction pending completion of its terms. A lay vendor has no such professional obligations, although they of course have legal obligations but those obligations can often only be “policed” in Court.
I had a question related to buying land lots from over the counter tax deeds (stuff people didn’t buy from tax deed auctions), which I know isn’t what you mainly focus on here going after owners BEFORE the tax auction (but I have nothing for a marketing budget now). As I understand it, if you buy land tax deeds over the counter, the county gives you a quitclaim deed. We are probably going to be getting quitclaim deeds anyway from many customers we buy land from as well, so I guess there is some relevance to this question.
If youre providing seller financing, youll still need to draft a deed, but this deed will be held in escrow until the final payment is made. Once that payment is made, the deed will be filed with its respective government agency, typically the county clerk. You can have an attorney, title agency, or a financial institution hold the median in escrow for you until the buyer makes the final payment.
Hmm, I would think that most attorneys would want to control the recording process themselves rather than leaving it up to the buyer (because most buyers have no idea how to do this). Does the deed say that it was drafted by the buyer, or by the attorney? I’ve never heard of a rule where ONLY the buyer could record these things (maybe it works differently in Illinois, I’m not sure), but I know most recorders will only accept the original copies… so if you didn’t have the original copies (with “wet ink”), that could’ve been the issue too.
Writing a legally enforceable contract for sale with your buyer means spelling out any contingencies like the buyer obtaining financing if needed and doing due diligence to ensure the property suits intended needs. Look online to review real estate land contracts for your state to ensure that you don't overlook crucial factors. Processing the sale through an escrow at a title company will ensure that there are no liens or other claims to the deed that could cause problems down the road. Title companies also make sure that all legal details are in order, all documents are properly prepared and signed and the deed is officially recorded.
Real estate agents typically charge a 4% to 6% commission on the sale price, so selling without an agent could certainly save you big bucks. Even after you pay $1,000 or so for your own online ads, open-house brochures, and a lawn sign, you would still probably clear an extra $14,000 on a $300,000 sale, $24,000 on a $500,000 sale, or $36,500 on a $750,000 sale.
So your home is for sale, and you've signed a contract with a real estate agent, but you were actually able to nab a buyer through your own efforts. Maybe it was through word of mouth or your aggressive push on Facebook (you should really apologize to your friends for posting so many pictures of your house!), but someone is writing you an offer and really wants to buy your house. Having found a buyer on your own, are you still legally obligated to pay real estate fees or commission? Here's how to know if you're on the hook.
Consider all offers. An offer can be accepted, rejected or countered. You choose how to respond but it's important to remain focused on your bottom line. Don't take any offers personal. Buyers generally are looking out for their best interest; you need to look out for yours. As the seller, you may decide not to counter if you think that the buyer is not serious enough to continue negotiations.