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Discussion Starter · #1 · (Edited)
Hi Everyone,

My tenants' daughter is considering buying the apartment condo that I own. She will be calling me at some point to discuss a deal. In this case, I'm wondering if I should use a realtor, or just find a lawyer to help us complete the sale privately.

Thanks!
 

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All you need is a lawyer to do the paperwork.
 

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All you need is to write up a purchase agreement and arrange for a solicitor to process the sale.

If you are not knowledgeable in the field, consulting an agent may be wise, however, you will be forking over a hefty commission. You could try to negotiate a flat fee, but this could still remain costly.

Start by consulting a lawyer. They should be able to assist you by drafting a purchase agreement with clauses that protect both you and the buyer. The buyer should also provide proof of financing. Once you are both in agreement, the lawyer will arrange to close the deal.
 

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All you need is a lawyer to do the paperwork.
Depends on the circumstances. We are planning to sell an older bungalow in a community some distance from the city. We were approached about a private sale. Paid $350 for an independent appraisal since we are uncertain as to value. By all means a lawyer must be used.
 

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Depends on the circumstances. We are planning to sell an older bungalow in a community some distance from the city. We were approached about a private sale. Paid $350 for an independent appraisal since we are uncertain as to value. By all means a lawyer must be used.
has the appraisal been completed?
I'm curious - was it close to what you think the value is?
 

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Discussion Starter · #9 ·
Just curious what the point of an appraisal would be? There are about 240 units in my development, and I have access to all of the recent sales, so I have a very good idea already as to what my unit is worth.
 

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Just curious what the point of an appraisal would be? There are about 240 units in my development, and I have access to all of the recent sales, so I have a very good idea already as to what my unit is worth.
You need an unbiased opinion of value. You may think you know what your value is but a potential buyer will want to draw their own conclusion. Hence, an appraisal will settle the score.

Okay, thanks! So they will have to get an appraisal done themselves? Or should I get that done?
Although the lender will mandate their own appraisal, it is always wise to have your own done when selling privately. The lender will not tell you if the value comes in higher - they will simply seek to accept the value of the purchase price.

Although you and the buyer conclude a sale price, you cannot use the lender's value as a negotiation tool.
 
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