Sicklerville, NJ asked in Real Estate Law for Virginia

Q: How would I go about a home sale if we are buying a house from a friend without Realtors?

An acquaintance let us know that hey would like to sell their house and move. We are buying connected property already. She has not listed it. Can someone tell me in simple terms, how this would need to be handled legally in Virginia? Also, we would be buying it outright in cash. Thank you.

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2 Lawyer Answers
Richard Sternberg
Richard Sternberg
Answered
  • Potomac, MD
  • Licensed in Virginia

A: If you already have your price and don't need marketing services or advice on pricing and market analysis, you don't need a real estate agent. A lawyer will be much cheaper. Even cheaper is a new development I've been trying of employing a real estate agent in my office to handle paperwork for this kind of transaction on an hourly basis as a legal assistant who has a real estate license. Further, if the lawyer you pick is also a title agent, he will receive some of his compensation from the title insurance commission and can turn off the clock once the deal is signed. The cash deal will make it easier, but there are pitfalls that a mortgage lender would insist you avoid. You need to calendar payment of taxes, condo fees, and getting the utility accounts switched.

Ross Cameron Hart agrees with this answer

Ross Cameron Hart
Ross Cameron Hart
Answered
  • Salem, VA
  • Licensed in Virginia

A: As Mr. Sternberg says, for many good reasons, go to an experienced real estate lawyer. (hadn't thought of having a licensed agent in my office . . . hmmm)

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