Tri County Land Title and Escrowoffers for sale by owner closings.
How to Close a For Sale By Owner Transaction
Tri-County Land Title & Escrow Company, LLC can assist you in a sale where the Buyer and the Seller choose to effect the sale of property without the services of a real estate agent. Our title company will perform all necessary services as the closing agent but will not represent either party in a legal capacity. The parties themselves have to come to terms for an agreement.
The Buyer and the Seller must determine who will pay the various charges. We cannot act as agent of either party in negotiations. Once the parties have agreed upon sales price, earnest money, closing costs, closing date and other related closing charges, you can contact our office for an appointment with one of our contract specialists to have the proper documents prepared and schedule a closing.
What Services Does Tri-County Provide?
Our closing services include preparing the sales contract as agreed by the parties, holding the escrow monies, preparation of all closing documents, overseeing the execution of all required documents, recording of all instruments with the clerk of the court and disbursing of funds per the closing statement and purchase agreement.
As a title company, we firmly believe there must be an owner’s title insurance policy issued to the purchaser. We cannot facilitate a closing if the parties do not wish to purchase title insurance.
What Fees are Customary?
The following fees are customary in this area. The closing costs are subject to the agreement of the parties and are not dictated by law but by the standards on the Far Bar contract. Closing costs are based on the purchase price. Please contact our office for an estimate of fees.
• Owner’s Title Insurance Policy
• Documentary Stamps on the Deed
• Processing Fee
• Title Search
• Inspections: Home and Termite
• Recordings of Deed/Mortgage
• Processing Fee
There will be a $395.00 transaction fee to Tri-County to proceed with each For Sale By Owner closing. It is customary for the Seller and Buyer to split this fee.
If the Buyer chooses to finance their purchase with a commercial lender there will be fees in addition to those listed above for the Buyer. The estimate of these costs will be provided by the lender. In a mortgage real estate closing Tri-County will usually represent the lender.
For manufactured homes there will be additional fees for $350.00 to transfer two titles and $150.00 for one title. Manufactured home titles are now being retired by the request of most lenders and for the convenience of owners. The fee for retirement of mobile home titles is $150.00. There will also be a recording fee to file an affidavit with the clerk’s office upon closing.
An additional fee to the Seller may be charged if the original mobile home titles have been misplaced or if real property decals have never been issued. Property taxes for the current year and homeowner’s association fees or monthly assessments shall be prorated between the Buyer and the Seller as of the day of closing. Properties with Special Assessments (Sumter and Marion Counties) must be paid at closing or assumed by the Buyer.
For Sale By Owner Packet
To help you prepare to initiate the closing process, we have included some forms in this packet that you, as a Seller can complete when you have a Buyer that is ready to enter into a purchase agreement.
They include the following:
– Contract Information Sheet: Please complete with known information regarding your agreement. (Download PDF)
– Seller’s Disclosure Form: Please complete all questions, initial at the bottom of each page, and sign/date on Page 5. (Download PDF)
– Mortgage Payoff Authorization: Please fill in the highlighted areas and have all parties listed on the current mortgage sign and date where indicated. (Download PDF)
– Local Resources & Helpful Contacts: For the convenience of both parties, this is a listing of contact numbers for various utility companies and government offices that you may need to contact during the process. (Download PDF)
Having the forms above completed prior to the scheduling of the contract will aid us in generating your contract forms quickly and accurately. Please feel free to contact our office with any questions, or to schedule a contract or consultation appointment. We look forward to being of service to you!
You can also fill in this form and a representative will get back to you as soon as possible.