If I am selling my house to a friend, what paperwork do we need to do?

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If I am selling my house to a friend, what paperwork do we need to do?

Asked on April 9, 2012 under Real Estate Law, Wisconsin

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If you are selling your home to a friend, you would need a real estate broker to help you with the process of preparing the proper documentation to ensure all disclosures are properly made so you and your friend remain friends. Handshakes are not enforceable in this type of situation and depending on your state's registry of deeds, title changes may be very formalized and require certain documents during the process of sale. Further, check with your state department of financial institutions to make sure you can lend money to your friend (i.e., fund the mortgage) if this is your intent. Otherwise, just concentrate on the real estate transfer portion of the sale and see if you can "share" the broker to make sure all are covered.


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