Home purchase
Hi Terry,…..I am 60 years old and interested in buying my first house. I may be interested in buying a family owned house which is in a land trust. Would I need a real estate agent if I’m buying the house from my siblings or just a real estate attorney. Your suggestions or referrals would be greatly appreciated. Thank you.
Terry Says
You definitely need a real estate ATTORNEY — someone to represent YOU in this transaction with family members. It’s important to make sure the title is transferred properly, liens (prior mortgage) released, and title is insured. That all requires the services of a professional. But since buyer and seller (you and your family members) have met and agreed on a price for this transaction, you don’t need a real estate agent.
As for how to find a real estate attorney, you could ask at your local bank, do an online search of attorneys specializing in real estate near you, or if you have a friend who is a real estate agent, he or she might recommend one. Just don’t use the attorney recommended by your family members! It’s important to keep this transaction at arms length.
