Are you actually selling it to him like a buyer that you don't know, so that he will pay you money and you will pay off all of the taxes, the mortgage loan and other possible liens? If the answer is yes, you need a sales agreement of some sort and a deed. The transfer of title isn't necessarily difficult or complex, but it is technical and needs to be completed in an orderly fashion. I suggest that you hire a real estate attorney to help you. Additionally, transactions usually will require title insurance, so the title insurer will likely act as your escrow agent to "close" the transaction, to make sure that all of the documents are properly filed, your mortgage loan and taxes are properly paid off and you get any money that may be due to you after everything else.
If he isn't paying you enough money, at lease up front, you probably are going to sell it by land contract, but that is a more extended process. You really should talk to an attorney about that.
Answered on Jun 05th, 2013 at 2:00 AM