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Posted by
Kevin Brock

What is involved in selling my house to a family member for cash?

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What is involved in selling my house to a family member for cash?

By Kevin Brock   
Posted on Feb 11, 2018 in Topic: Realtor Only
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Status: Open
Viewed: 323
Asked by: REALTORS®
Posted: 3 months ago
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Carel Bosman
about 3 months ago
There are set requirements and rules established by Texas Real Estate Law as well as HAR, TREC, NAR, as well as your broker. Specifically, the One to Four Family Residential Contract TAR1603 Par.4, requires notice of Licence Holder Disclosure if you are a party to the transaction. It is not specified if your family member will be represented by another licensed real estate agent, however, if not then I would be wary. As outlined by TREC, Texas Law does not permit dual agency and an intermediary will have to be appointed. I would approach my broker for more clarity, be fully aware of Texas Real Estate Law as well as consult an attorney for Legal Counsel. Remember, TREC rules prohibit Real Estate License Holders from giving legal advice. I hope this points you in the right direction.


Source:


https://www.trec.texas.gov/may-broker-act-dual-agent

about 3 months ago
Bronze
Rebecca Drake
about 3 months ago
Hi Kevin,

You will need to fill in a TREC (Texas Real Estate Commission) contract form spelling out the price, closing date, and a few other details about whether a home warranty plan is being purchased. Do you need help with this? Please let me know. This is Becky Drake with RE/MAX The Woodlands & Spring. My cell is 713-203-3209.


about 3 months ago
Bronze
Shelly Mattingly
about 3 months ago
I just assisted a client do this and it's a little tricky. Best suggestion I can provide is talk to the title company involved. The price and the way the 1-4 contract is completed is important. The house cannot be sold for an unrealistic price and the family member selling the house usually has to provide proof they are leaving the property if they are current residing in the selling property.


about 3 months ago
Bronze
Greg Bennett
about 3 months ago
Why family? They expect special deals and then think they got taken! If you must:

Its a non-arms length transaction. Taxing authorities don't lend much credence to sales price if not on the market. Just make it simple and use the promulgated forms we use everyday. Title insurance? Really? Now, because familial situations can be tricky with potential hurt feelings just play it as a typical transaction to protect you and them. You don't want them coming back saying you took advantage as family members have a tendency to do. If your not invited to thanksgiving next year you'll know why!

Keep it simple.





Source:


aunt mary

about 3 months ago
Bronze
Alice Harness
about 3 months ago
Call me, a broker, 281-923-7213. Make sure it is done right and go to closing.


about 3 months ago
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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