Real estate question

[gregintenn]

I would like to sell a neighbor a piece of property I own. How is this correctly done? Does it require a lawyer, or can we just go into the register of deeds office and do it there?

[TomInMN]

22 minutes ago, gregintenn said:

I would like to sell a neighbor a piece of property I own. How is this correctly done? Does it require a lawyer, or can we just go into the register of deeds office and do it there?

Does what you intend to sell already exist as its own distinct parcel (in the legal sense)? Is your neighbor buying a piece that adjoins their property?

"No" to either of those questions might complicate things. You're probably best off calling your County's Register Of Deeds or land management department to ask them about local requirements that apply to your specific case.

Lawyer and/ or surveyor might be prudent in any case, to protect both your and your neighbor's interests.

[Raoul]

Short answer is no. You'll need someone to prepare a deed at the very least. They won't do that for you at the registrar's office.

[gregintenn]

49 minutes ago, TomInMN said:

Does what you intend to sell already exist as its own distinct parcel (in the legal sense)? Is your neighbor buying a piece that adjoins their property?

"No" to either of those questions might complicate things. You're probably best off calling your County's Register Of Deeds or land management department to ask them about local requirements that apply to your specific case.

Lawyer and/ or surveyor might be prudent in any case, to protect both your and your neighbor's interests.

Yes and yes. A farm was subdivided three years ago. I bought two lots at auction, and the neighbor bought some other lots. All of this connected to his property. He recently decided he would like to buy my lots, and we agreed on terms and a price. I just didn’t know how to finalize the deal. The land was surveyed before it was auctioned and the pins are still in place. No liens involved. Just a straightforward sale. 

Thank you for the information.

Edited September 27, 2019 by gregintenn

[gregintenn]

10 minutes ago, Raoul said:

Short answer is no. You'll need someone to prepare a deed at the very least. They won't do that for you at the registrar's office.

Thanks. I figured as much, but have never sold property and have only bought at auctions.

[owejia]

You can write the deed yourself, just copy the deed you were given and change dates, names etc. You have to state on the deed who prepared it also, or you can pay a lawyer a couple hundred bucks to do for you.

[Raoul]

3 minutes ago, owejia said:

You can write the deed yourself, just copy the deed you were given and change dates, names etc. You have to state on the deed who prepared it also, or you can pay a lawyer a couple hundred bucks to do for you.

Wouldn't that typically be a buyers expense?

[DaveTN]

2 minutes ago, Raoul said:

Wouldn't that typically be a buyers expense?

Only if you could get them to pay it. I would have a lawyer, buyer or seller; and they would be working for me only.

[Raoul]

Just now, DaveTN said:

Only if you could get them to pay it. I would have a lawyer, buyer or seller; and they would be working for me only.

I agree. One of the few good uses for a lawyer....assuming they are a RE lawyer. I've seen some messed up deeds from lawyers that don't specialize in real estate...

[DaveTN]

2 minutes ago, Raoul said:

I agree. One of the few good uses for a lawyer....assuming they are a RE lawyer. I've seen some messed up deeds from lawyers that don't specialize in real estate...

 And I’ve seen people quote their Real Estate lawyers on criminal law. Best to stay with what you do.

[eRay]

I used to get a lawyer to make all my deeds. Last couple of times I just went to a title company and told them I just needed a deed made up. They did it for a lot less than an attorney. I sold a farm a few months ago. The title company charged me $ 100 to make the deed and notarize my signature. Buyer pays recording fees when he records the deed at the courthouse. Seller usually pays for the deed preparation.

[gregintenn]

1 hour ago, Raoul said:

Wouldn't that typically be a buyers expense?

It will be on this one. We nave a local lawyer who does this stuff. I've known all these people my entire life. I do not expect any trouble.

[gregintenn]

1 hour ago, DaveTN said:

Only if you could get them to pay it. I would have a lawyer, buyer or seller; and they would be working for me only.

Small town here. We'd be using the same one. I'll just let him pay the bill.

[Ronald_55]

15 minutes ago, gregintenn said:

It will be on this one. We nave a local lawyer who does this stuff. I've known all these people my entire life. I do not expect any trouble.

Yep, you just doomed yourself. Lol

[gregintenn]

2 hours ago, Ronald_55 said:

Yep, you just doomed yourself. Lol

How’s that?

I guess you know what you’re talking about. He went today and discovered how much the costs are and wanted me to pay half. That was NOT what we agreed to.

I told him I’d pay 2019 taxes, and he’d cover any other costs incurred. He agreed. Now he doesn’t. I have a difficult time loving my neighbor as the good book commands.

Edited September 27, 2019 by gregintenn

[jpx2rk]

All of the RE transactions I've been involved in (close to 10 moves +/- since the late 70's) some expenses are the sellers responsibility and some are the buyers responsibility.  RE taxes are usually pro-rated to the date of sale, unless it's part of the agreement.  A closing statement, or settlement statement details out where all the pennies come and go.  Some expenses are negotiable, if not, then the "standard" method applies as a general rule.  

Did you get a legally binding contract on the sale with the terms detailed out, or just the "good 'ol boy" contract of "sure, I'll pay that for it " ??????

[gregintenn]

33 minutes ago, jpx2rk said:

All of the RE transactions I've been involved in (close to 10 moves +/- since the late 70's) some expenses are the sellers responsibility and some are the buyers responsibility.  RE taxes are usually pro-rated to the date of sale, unless it's part of the agreement.  A closing statement, or settlement statement details out where all the pennies come and go.  Some expenses are negotiable, if not, then the "standard" method applies as a general rule.  

Did you get a legally binding contract on the sale with the terms detailed out, or just the "good 'ol boy" contract of "sure, I'll pay that for it " ??????

Word of mouth only. I don’t care about selling it, but it adjoins him, so I’m cool with it if he wants it.

What is standard isn’t relevant in my mind, since we both agreed on the terms. I’d probably pay half, but I don’t like someone crawfishing on me.

I figure he’ll be back in a few days. I will stand by my word as always.

A cursory google search says the closing costs are usually the buyer’s responsibility. I’ve always had to pay them when I bought property.

Not that I trust him any longer, but he said he got a copy of my deed today and took it to the lawyer’s office. If so, he’ll still have a bill. LOL!

Edited September 28, 2019 by gregintenn

[Ronald_55]

3 hours ago, gregintenn said:

How’s that?

I guess you know what you’re talking about. He went today and discovered how much the costs are and wanted me to pay half. That was NOT what we agreed to.

I told him I’d pay 2019 taxes, and he’d cover any other costs incurred. He agreed. Now he doesn’t. I have a difficult time loving my neighbor as the good book commands.

I was just joking....

Yep family and friends can easily become enemies when money is involved. 

[gregintenn]

3 minutes ago, Ronald_55 said:

I was just joking....

Yep family and friends can easily become enemies when money is involved. 

You are a wise man indeed, my friend. I sometimes forget this, and it usually bites me in the caboose.

Another wise adage: No good deed goes unpunished.

[Ronald_55]

5 minutes ago, gregintenn said:

You are a wise man indeed, my friend. I sometimes forget this, and it usually bites me in the caboose.

Another wise adage: No good deed goes unpunished.

I speak from experience. My aunt bulldozed her own Mom's house because she was mad at my Dad about how things were finalized from the 'estate'. That is after having my Mamaw sign a bunch of checks over to her a little while before she passed. Greed is a nasty thing. 

Hopefully yours works put well one way or another. 

Edited September 28, 2019 by Ronald_55
Spelling

[No_0ne]

If the buyer is smart, he will also have a title search done.  Although I'm sure your property is free and clear of old liens, taxes, etc., there have been numerous instances where buyers get surprised by such things.  A title search is simply good insurance ...

[gregintenn]

2 minutes ago, Ronald_55 said:

I speak from experience. My aunt bulldozed her own Mom's house because she was mad at my Dad about how things were finalized from the 'estate'. That is after having my Mamaw sign a bunch of checks over to her a little while before she passed. Greed is a nasty thing. 

Hopefully yours works put well one way or another. 

Oh, it’ll work out. I deal with contractors all day every day. He won’t likely come up with any tricks I haven’t seen before. I was raised to treat your neighbor with honesty and respect. I guess it’s too much to expect the same from others.

[gregintenn]

5 minutes ago, No_0ne said:

If the buyer is smart, he will also have a title search done.  Although I'm sure your property is free and clear of old liens, taxes, etc., there have been numerous instances where buyers get surprised by such things.  A title search is simply good insurance ...

No need here.

, but generally, you are correct.

Edited September 28, 2019 by gregintenn

[Jeb48]

6 hours ago, gregintenn said:

Small town here. We'd be using the same one. I'll just let him pay the bill.

Going through a similar situation in another state and talked to a lawyer I was using to settle my Mother's estate a few days ago and he informed me he was already the buyers lawyer so he could not do the paperwork but would recommend a good lawyer.

I think in TN all you need is the title company.

[MacGyver]

What’s that old saying? Why are lawyers so expensive? Because they’re worth it. 

I expect it applies here.  Maybe especially here.  

It’s probably worth the few hundred bucks it’ll cost just to put a professional in as a buffer between you and someone you’ve got a relationship with. They’ll take the “personal” out of it and just get the deal done.