3 ms·

In my experience there's a bunch of stuff that goes with it. For the actual purchase/sale yes there might be a standard form. But what about the mortgage? Wh

In my experience there's a bunch of stuff that goes with it. For the actual purchase/sale yes there might be a standard form. But what about the mortgage? What about refunds/credits after the sale to help finance big repairs that need to be made? There are more things involved in a a total transaction than the act of transferring the title from their bank to your bank.

quesera 14y ago
All of that paperwork involves other parties and is not strictly necessary. Your secured loan paperwork is just between you and the lender. The state has nothing to do with it. It might not exist. Refund/credit after the sale? Like a warranty? I've never considered offering or requesting such a thing, but it would be ancillary to the sale, not required. There's a federal (FHA) form to enumerate all of the costs, which is a required part of the paperwork. Numbers come from seller, lender, local tax authorities, etc. All(?) states have disclosure requirements, though they vary greatly. I've seen four-inch thick binders of disclosure in San Francisco, to a few boilerplate sheets with checkboxes and initials in Boston (maybe the federal minimum?) I agree that there is a lot of variation in the transaction process, mostly variable by state law. But that's a problem many businesses on the web have to navigate. It's a challenge, but not The Roadblock to modernization of the industry.
- msandford 14y ago
  When a homeowner sells a home some kind of semi-serious problem is often discovered during the home inspection. I.e. a new roof is needed, foundation settling, etc. Often when you're buying all your readily available funds are being used to satisfy the down payment. In that case the seller and buyer agree to "discount" the house by $x in the form of a post-sale rebate where $x is roughly appropriate for the repair. That way you don't move into a house that's badly in need of repair at a time when you're exceptionally cash-poor. The better situation is to have the seller perform the repairs prior to the sale but often times the house is already under contract and you're expected to close on a certain date and it's easier to decide how much would be appropriate for the repairs and let the buyer handle it with their preferred contractor after the sale.
  - quesera 14y ago
    Right, well those are attached as riders to the P&S, again in a very standard (and legally simple) form, since the contract was contingent on the acceptance of the inspection report. Anyway, I agree with you that the process is unfamiliar and can be overwhelming for most buyers. The sea of forms and signatures induces glazed eyes, for sure. I don't think nationally-standardized forms would help there (and it's very likely to be impossible anyway). Any RE attorney can make quick work of the problem (hire your own, don't use the seller's!). It would be unwise to transact with any set of forms without an attorney or equivalent experience.

quesera 14y ago

All of that paperwork involves other parties and is not strictly necessary. Your secured loan paperwork is just between you and the lender. The state has nothing to do with it. It might not exist. Refund/credit after the sale? Like a warranty? I've never considered offering or requesting such a thing, but it would be ancillary to the sale, not required. There's a federal (FHA) form to enumerate all of the costs, which is a required part of the paperwork. Numbers come from seller, lender, local tax authorities, etc. All(?) states have disclosure requirements, though they vary greatly. I've seen four-inch thick binders of disclosure in San Francisco, to a few boilerplate sheets with checkboxes and initials in Boston (maybe the federal minimum?) I agree that there is a lot of variation in the transaction process, mostly variable by state law. But that's a problem many businesses on the web have to navigate. It's a challenge, but not The Roadblock to modernization of the industry.

msandford 14y ago
When a homeowner sells a home some kind of semi-serious problem is often discovered during the home inspection. I.e. a new roof is needed, foundation settling, etc. Often when you're buying all your readily available funds are being used to satisfy the down payment. In that case the seller and buyer agree to "discount" the house by $x in the form of a post-sale rebate where $x is roughly appropriate for the repair. That way you don't move into a house that's badly in need of repair at a time when you're exceptionally cash-poor. The better situation is to have the seller perform the repairs prior to the sale but often times the house is already under contract and you're expected to close on a certain date and it's easier to decide how much would be appropriate for the repairs and let the buyer handle it with their preferred contractor after the sale.
- quesera 14y ago
  Right, well those are attached as riders to the P&S, again in a very standard (and legally simple) form, since the contract was contingent on the acceptance of the inspection report. Anyway, I agree with you that the process is unfamiliar and can be overwhelming for most buyers. The sea of forms and signatures induces glazed eyes, for sure. I don't think nationally-standardized forms would help there (and it's very likely to be impossible anyway). Any RE attorney can make quick work of the problem (hire your own, don't use the seller's!). It would be unwise to transact with any set of forms without an attorney or equivalent experience.