Best way to draft a purchase agreement without realtors

[James Sullivan]

What’s the best way to draft a purchase agreement without realtors?

I’m attempting to buy a house from an elderly family friend who would like to sell the house to me. We aren’t involving agents, and I need to draft a purchase agreement.

Is my best option to approach a local attorney with real estate experience? My lender suggested going through a local title company’s attorney as that may be cheaper.

I can provide more details if needed. Any suggestions/advice would be appreciated.

[Michael J.]

While your lender's suggestion about going through a local title company's attorney could be cheaper, you've got to look at this like a BUSINESS deal. Cheaper isn't always better.

You're dealing with an elderly family friend here, and that means trust is involved. You don't want to break that trust by screwing up the paperwork. A local attorney with REAL ESTATE experience knows your local laws, knows the industry, and can navigate this deal like a shark in bloody water.

Invest in that attorney and protect both sides of the deal. That's how you WIN. It might cost a little more upfront, but think about the money you're already saving and the value you're creating in the long run. 

Good luck and get that house!