The internet has changed the real estate marketplace and as a result of websites such as Trulia, Realtor.com, Craigslist and Zillow, more and more homeowners are opting to sell their homes without the assistance of a real estate agent. These sales are often referred to as For Sale by Owner (FSBO) transactions. When a homeowner elects to sell a home on their own, the services of a qualified real estate attorney can help ensure the sale goes through without a hitch while at the same time saving thousands of dollars on real estate commissions customarily charged by a real estate agent.
Can’t I just use the standard forms off the internet?
Although standard real estate forms are available from websites online, these forms do not come with an explanation of the various terms or when certain disclosures are required. For most people, the sale or purchase of a home is one of the most significant transactions they will ever be a party to. With so much money at stake, it’s important to ensure that all the paperwork is completed correctly and that the buyer/seller are protected from future liability. An experienced real estate attorney can ensure the property ownership is properly transferred and help address issues that arise during the closing process.
Isn’t a real estate attorney expensive?
Especially when comparing the costs to that of a real estate agent, an experienced real estate attorney is rather inexpensive. For Sale By Owner (FSBO) services can start at only a couple of hundred dollars; but on the other hand, a typical real estate agent’s commission on a $100,000 property would be $6,000 , which is approximately 12 times the cost of hiring an experienced Real Estate Attorney.
FSBO Attorney Packages
Call our office today to inquire about a FSBO package that suits your specific needs. Below are some examples of the services included in a basic FSBO package:
- Drafting of the Purchase Contract
- Legal compliance with lead paint and other required disclosures
- Consultation and advice regarding property inspections
- Drafting and review of necessary Deeds to effectuate the transfer of the property
- Draft and review of transactional paperwork prior to closing
If the seller is agreeing to finance all or part of the purchase, we can assist with drafting the proper loan or contract for deed paperwork to ensure the interests of both the buyer and seller are fully protected.
To get started with one of FSBO packages give us a call at 954-461-5809.
Do I need title insurance?
If the buyer is paying in cash or the seller is providing financing, title insurance may not be required to complete the transaction. However, it is strongly recommended that title insurance is a part of every real estate transaction. Title insurance protects the buyer (and mortgage company, if applicable) in the event another party claims an ownership interest in part or all of the property. In coordination with our affiliated title company, we can offer title insurance and closing services all under one roof so as to ensure the most efficient and cost effective closing for your real estate transaction.