[PA] Certifications & Conveyance

[pixelrogue1]

Delaware County PA: Conveyance Process

We are selling an investment property in Delaware County PA. What paperwork is needed by the seller to sell the property? What 'type' of paperwork is needed? How is this obtained? Is this something anyone can do, or complicated enough to hire someone (Conveyancer?) to handle? What would be typical or common fees for such work?

Mortgage Payoff...
Taxes...
Utility bills....
Domestic relations...(?)
Patriot search...(?)

 

[FlyingRon]

You want to talk to a settlement house (commonly the title companies in your area) or an attorney. There's more to the settlement than just paperwork. You need someone with a trust account to hold the funds and handle the deeds and releases. No bank is going to remit funds without first having the former security interests (liens, deeds of trust, mortgages) removed and nobody is going to release them without their money.

Mortgage payoffs, taxes, utility bills, etc.. are NOT "documents" per se, just amounts of money that need to be reseearched and calculated and reflected on the HUD-1.

The documents are primarily the HUD-1 itself and the deed.

No lender will complete the sale without a title search and a title insurance policy to protect their interests. No sane person would buy property without the owner's title insurance policy. This search will typically include the prohibited persons (Patriot Act) and check for any pending domestic relations issue.

Your lender may also require a survey (at least a house location plat) and almost assuredly an assessment. These will run a few hundred dollars.

The title company/attorney can usually quote you a fixed fee for the actual services involved, and give you estimates on what the various other costs will be: filing fees, title insurance premiums, pro rated shares of the taxes/utilities, etc...

 

[pixelrogue1]

You want to talk to a settlement house (commonly the title companies in your area) or an attorney. There's more to the settlement than just paperwork. You need someone with a trust account to hold the funds and handle the deeds and releases. No bank is going to remit funds without first having the former security interests (liens, deeds of trust, mortgages) removed and nobody is going to release them without their money.

Mortgage payoffs, taxes, utility bills, etc.. are NOT "documents" per se, just amounts of money that need to be reseearched and calculated and reflected on the HUD-1.

The documents are primarily the HUD-1 itself and the deed.

No lender will complete the sale without a title search and a title insurance policy to protect their interests. No sane person would buy property without the owner's title insurance policy. This search will typically include the prohibited persons (Patriot Act) and check for any pending domestic relations issue.

Your lender may also require a survey (at least a house location plat) and almost assuredly an assessment. These will run a few hundred dollars.

The title company/attorney can usually quote you a fixed fee for the actual services involved, and give you estimates on what the various other costs will be: filing fees, title insurance premiums, pro rated shares of the taxes/utilities, etc...

There is a title company, real estate company, lender all involved. None of them appear to be handling any conveyance needs....which is historically a realtor function.

I am asking what 'items' are needed to address these concerns? Is it a matter of chasing down final amounts (ie.mortgage payment statement) and, if so, what 'items' - and a reasonable range for cost (for both conveyance services and possibly other fees)

 

[FlyingRon]

It is not a REALTOR function. In fact, they can't legally. As I stated, it's almost always handled by some sort of real estate settlement business be it called a title, settlement, or escrow company, or an attorney.

I told you what documentation is needed. You have to have the HUD-1. You have to have a deed prepared. You must make a representation that you are not on the prohibited person's list. The deed has to be recorded. The recording fee and transfer (stamp) tax need to be paid. This is all SALE requires.

Now there's a whole slew of things the lenders involved may require, and things that it would behoove you to have. The rest is up for negotiation between you and the seller (possibly reflected in the purchase contract). Most of what you are talking about falls in there

You're going way beyond what we can explain in a couple of paragraphs in a forum.

If you're really curious, get the HUD-1 form. Here's one that's a sample that's filled out already: https://aas-title.com/sample.pdf
You'll need to ascertain how to research where each of those numbers came from.