I have a basic question about property titles. My agent told me that the home I am interested in is being sold by the family’s lawyer. I am planning to take a bank loan on the property. I am a bit wary of the family lawyer selling the property. Is there anything that I need to be concerned about regarding the title? I am hoping that the title company will make sure that the lawyer actually has the right to sell etc. I am also hoping that the bank guys know what they are doing even if I don’t. LOL. Highly appreciate any suggestions. Thanks.
Will you be represented by a licensed RE agent who uses a standard contract, e.g. CAR or PRDS?
The attorney vs agent is meaningless, but I would be suspicious of a custom contract that is crafted by the seller’s attorney.
CAR and PRDS contracts favor the buyer, IMHO
Yes, I have a regular real estate agent but the seller is a lawyer not related to the original owner. That’s why I am concerned.
You should be fine. Who signs the paperwork… owner or attorney? Still doesn’t matter to you, IMO
@ptiemann Thanks so much for your response. It looks like the original owner passed away and the attorney is the trustee. He is selling the property and he will sign the paperwork.
The only thing in “Trustee sale” is you need to have all inspections and ensure home is good condition.
Trustee sale, the trustee are not owners and they do not know past history (even if they know, they are not bound to declare) or any issue about the home.
You will be given trust paper for review and also bank will ask all trust paper from seller. Managing trustee can sell the property. Of course, he would have formally taken court or necessary approval which will also be shared.
IMO, Your agent will be able to answer the questions, review and ensure transaction is going smooth.
To add more, I purchased such property in 2009, the lady was living 89 years at the home, moved to hospital, gave power of attorney, trust to lawyer to sell. The lawyer is the final decision maker, it went smooth.
@Jil Thank you very much for the detailed response.
When it comes to the property being sold by the family’s lawyer, it’s natural to have some concerns. The title company should indeed verify if the lawyer has the right to sell the property. They’ll do their due diligence and ensure everything is legit. It’s always good to have that extra layer of protection.
By the way, https://www.familienrecht-ratgeber.com/de/scheidungsanwalt/fachanwalt-scheidung-muenchen.html/ might not be directly related to your property purchase question, but hey, maybe you found it helpful for some other reason. If you need specific advice or resources related to property titles, it’s best to consult local experts or reliable sources specific to your area.
When it comes to property titles, it’s not uncommon for a family’s lawyer to handle the sale of a property. However, it’s important to exercise due diligence. You can rely on a reputable title company to verify the lawyer’s authority to sell the property and conduct a thorough title search. Additionally, the bank providing your loan will also perform their own due diligence to protect their investment. By choosing a reputable title company and relying on their expertise, as well as that of your bank, you can ensure a smooth and secure transaction.
Everybody buys title insurance. You choose a title company and they investigate the title, and they sell you title insurance. A bank will not give you a loan without title insurance. It is a simple process and part of purchasing property.