QUESTION

Looking to sell a rental property to the tenants renting the property now. would like to have the deed inspected...

Asked on Mar 29th, 2012 on Real Estate - Washington
More details to this question:
I would like to have shared well rights and would like to sell the property without a real estate agent seeding as I know the people who want to buy already.
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1 ANSWER

Real Estate Law Attorney serving Anniston, AL at Isom Stanko & Senter, LLC
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You don't need a real estate agent, but you do need a real estate attorney to handle the matter.  The deed does not need inspecting, but the title history will probably need to be examined, particularly if the buyer is to borrow the purchase proceeds.  The lender will almost certainly require a policy of title insurance be issued on the property a condition to making the loan.  You should agree with the buyer about the need to reserve rights to the well (and by that I assume you live on adjoining property), and be sure your closing attorney understands the need to reserve those rights.  As you do that, I strongly recommend that you agree with the buyer that you will share in the costs of repairs and maintenance to the well, the well motor/equipment and the pipes delivering the water.  You will need an easement to any portion of the piping and equipment that lies on the property being sold but that will serve your property.
Answered on Apr 10th, 2012 at 4:30 PM

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