Selling a House is Not Like Selling a Car
It’s important to know that selling a house is not like selling a car, truck or motorcycle. Vehicles can be bought and sold with a simple title transfer between individuals. Although lenders may place a lien on any vehicle when they loan money on it, that information is usually printed on the paper title.
Selling a house is much more complicated. It’s not a simple matter of signing and handing over a piece of paper prepared by the state, stating you have ownership, or legal title to the property.
Someone explained it to me this way – a house is real estate and real estate is also called “real property,” which has different rules for transferring ownership than vehicles, which are called “personal property.” Even if the vehicle is owned by a business it’s still legally considered personal property under the law.
All this to say that the process of selling a house requires more steps, which means it costs more time and money to convey it to a new owner. You can’t meet up and transfer ownership of a house by handing over the keys and a new deed, as you might hand over car keys and title. It just doesn’t work that way because a new deed must be prepared by an attorney, a title company or escrow company with real estate knowledge and experience.
The Legal Process of Selling a House
The process of selling a house involves careful, thorough research to assure the buyers they are purchasing real estate from its legal owner. A history of ownership is recorded at the county courthouse wherever the property is located, and this history is researched to make sure there are no unpaid mortgage loans, liens, notes, judgments or taxes, among many issues that may be uncovered in a title search.
A title search doesn’t start until a buyer and seller have agreed on a sale price and signed a written purchase agreement. This agreement starts the ball rolling for all the legal work to follow. And until it’s completed, a new deed conveying ownership to the buyer cannot be prepared, and the sale cannot close.
We Pay Fast Handles the Legal Process
Avoid making mistakes in the legal process of selling a house, paying a real estate commission, transfer taxes and all other costs associated with the sale. Call We Pay Fast at 405-521-1807 or email [email protected] to speak to a professional buyer with a legal team on speed dial.
We Pay Fast takes care of all the documents and expenses and pays you cash at closing, which can be scheduled at your convenience, in as little as a week to ten days after the purchase agreement is signed. For a fast, easy transaction with no legal hassles, talk to the buying specialists at We Pay Fast.