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Updated about 6 years ago,

User Stats

4
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0
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Greg Pekaar
  • Investor
  • West Milford, NJ
0
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4
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Transfer of NJ property for $1- is a lawyer necessary?

Greg Pekaar
  • Investor
  • West Milford, NJ
Posted

I have a deal in which a relative of a friend has a small house in rough shape that they would like to give away. It needs extensive work and they don't have the time or knowledge to deal with it. They are willing to transfer(sell) the property to me for $1. They basically don't want to or can't afford to pay taxes on the property anymore and don't want to be bothered selling it otherwise. There is no mortgage or liens as far as the seller knows. Taxes are current till Q1 2019 as per town.

I've only ever bought properties that were foreclosures, listed on MLS and had realtors, lawyers and title companies involved in the closing. All that is customary in Northern NJ where this is. I will have a title search done to verify clear title.

My question is, is there any reason to involve a lawyer? The seller will not have one. Can I just hire a title company to handle the transfer? I think technically anyone, even me, could fill out and file the deed with the county clerk but probably makes sense to involve a title company in the closing.

I will after closing be taking out a HML on the property for renovations so there will likely be another title search done, etc.

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