If I’m selling my house to a friend via seller financing, do I need an attorney?

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If I’m selling my house to a friend via seller financing, do I need an attorney?

My friend doesn’t have the best credit due to ex-husband. She wants a house and I want to move out of state. So it worked out great. I want to do it as legal as possible and not have it backfire on me later, not that I expect it to. I have seen do-it-yourself forms. From what I understand about the forms, I fill in the blanks and get the docs notarized and upon terms I set. Then I sign the house over to her by a quit claim deed.

Asked on February 4, 2012 under Real Estate Law, Oklahoma

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

It seems like a perfect deal for both of you.  But I really would suggest that each of you retain an attorney, especially since you are owner financing.  You need to make sure that your rights are protected should she default and with out seeing all these forms one can not tell if they actually comply with YOUR state laws. Good luck.


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