While the actual act of conveyance has different elements depending on the State that the property is in, the basics of the process is much the same. At this time it is usually the representatives of both the buyer, seller and mortgage company that meet to exchange the deeds to the property. Of course, in a FSBO situation, this could very well be done by the actual buyer and seller. However, the deeds to the property are only the beginning of the documentation that must be dealt with during the conveyance. Other critical matters such as title insurance, promissory notes, pro rata property taxes and any other legal or financial documents concerning the sale of the home must be dealt with by the appropriate parties.

With an FSBO sale, its a good idea to get some help in these matters if you have never dealt with them before as they have a definite bearing on the outcome of the sale. A lot of the time, the mortgage company can offer you assistance or refer you to people who can assist with the paperwork. This is especially true if you are working with a mortgage company that specializes in FSBO funding. The legal implications of errors in this process are worth the time and effort needed to ensure that every step of the process is seen to with exacting detail.

Posted by Gordon Sather on December 13, 2008 at 12:00 AM

About Gordon Sather
Gordon Sather is affliated with Century 21 APD, which is located in El Paso, TX. For further assistance please use the contact information located on the right.




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