house sell to friend and pay it off

[ksh2964]

i would like to sell my house to my very closed friend i still have loan for 50,000 left . my friend would buy my house just in cash for restof loan, and pay off it . Do i need a lawyer to trasfer the deed ? even,without borrow money from bank ? can we do it DIY?

 

[army judge]

i would like to sell my house to my very closed friend i still have loan for 50,000 left . my friend would buy my house just in cash for restof loan, and pay off it . Do i need a lawyer to trasfer the deed ? even,without borrow money from bank ? can we do it DIY?

You can do what you wish yourselves.

I suggest you BOTH speak with a lawyer before you do anything.

Often, however, these DIY legal projects go awry.

You'd BOTH be better off speaking with your own lawyer.

You could go together and speak with the same lawyer.

This is a $50,000 deal (at minimum), so why are avoiding expending another $2,000 to $3,000?

It isn't wise to be pound wise and penny foolish.

 

[Gail_in_Georgia]

In addition (and depending on where you live) purchasing a house for cash requires far less work on the part of an attorney...and thus less legal fees.

I've bought all my houses with cash and the closing costs have never exceeded $1000 and are typically around $800 to do the whole deal (this includes purchasing title insurance, taxes, filing fees, etc.).

Gail