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| JIM.H. |
 Posted: Sat Oct 07, 2006 2:01 pm Post subject: buy a house without mortgage |
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| I am planning to buy a house. If I am able to pay the whole price, do I have to go though a bank for a mortgage and do I have to have an attorney. |
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| t-bag |
| Posted: Sat Oct 07, 2006 3:55 pm Post subject: |
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Investing Sr. Associate
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No if you have all the money then you don't need to mortgage the house, nor do you have to go through a bank to get one, there are plenty of mortgage companies and private lenders which typically give better terms, but be careful with them some of them can be screwey thus requiring an attorney see #2 below. People here are investors so they will tell you to leverage the house and use the money for further investments but based solely on these questions more research is needed on your part before you go risking houndreds of thousands of dollars. So go ahead and buy the house flat out and you can leverage the equity in the house later.
As for attorneys they are only needed to do two things in real estate:
1) Make the terms in your favor, in which case having YOUR attorney write the contract is the best way to go or
2) Have your attorney review a contract to get rid of any terms that aren't in your best intrest.
If your attorney questions pertain to titles then yes it is in your best interest to have a title company (one that you pick not the seller) do the title searches and insure it, banks require title insurance but if you don't need a mortgage then I suggest you still get a professional title company to do these things for you, again YOU need to select them not the seller.
In your case I would suggest that you have an attorney present throughout the transaction based solely on the questions that you have asked here. But please feel free to ask more we are here to help  |
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| crazymonk |
| Posted: Sun Oct 08, 2006 1:58 pm Post subject: |
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| If you buy through a realtor/broker you don't need an attorney. But it safer to go through a title company who will also do a land survey for you. Make sure you get the deed within a couple month (from the city/county) that have your name on it. |
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| JIM.H. |
| Posted: Sun Oct 08, 2006 2:13 pm Post subject: |
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| Thanks for your help. Where should I find a title company in NC? If I go online and find one, would that be ok or there should be a governmental company. |
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| t-bag |
| Posted: Sun Oct 08, 2006 3:02 pm Post subject: |
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Investing Sr. Associate
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| Title companies can be found in the yellow pages, online etc. Just ask around. |
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