Legal Question in Real Estate Law in Georgia
I am attempting to seller finance my property. I own it free and clear as I paid cash for it from the bank. I need to know if the purchase and sales agreement has to be recorded as well as the passing of title, like a normal real estate transaction would occur? Also, would I be able to draft the promissory note and P&S agreement myself and just have the borrower sign?
If I do in fact hire an attorney to do all the work needed (i.e. draft the agreement and promissory note, record contracts and perform title work) how much would this cost me? Are normal closing costs incurred? I am willing to hire a Georgia attorney if the fees aren't too high. No more than a couple hundred dollors. What amount is normal?
1 Answer from Attorneys
Closing attorneys represent the lender, typically a bank, and get compensated as such. So, if you hire an attorney to draft a purchase agreement, draft and record a deed, draft a promissory note, and otherwise provide advice and counsel, it should cost you more than a couple hundred dollars. If someone does offer to do it for that amount, don't use them. This is too important to try and do it on the cheap. Talk to a few local real estate attorneys and see what they quote and compare.
If you would like to discuss any issues further, please feel free to contact my office. My contact information is below. Thank you.
The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.
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