These days many homeowners are putting their homes on the market without the assistance of a real estate agent. With so much information available online, selling “For Sale by Owner” can help you avoid paying a realtor a commission and let you keep more money from the sale of your home. Although it’s easy to look up comparables in your area and research the local market to determine a fair price, the legal and financial complexities of real estate transactions require an experienced lawyer to review contracts, prepare sales agreements and ensure that the sale of your home goes smoothly from start to finish.
Advantages of Hiring a Real Estate Lawyer for FSBO
Hiring a skilled real estate lawyer in PA to assist you with selling your home can end up costing far less than paying a realtor a six percent commission fee. Your attorney will guide you through the entire process—he or she will ensure your rights are protected and help you avoid common mistakes that often surround FSBO transactions. An experienced real estate lawyer can help you come up with a successful strategy for selling your home, negotiate on your behalf and accompany you to the closing to make sure all loose ends are properly tied up. Real estate lawyers also have resources and connections that can help you find a reputable title insurance company, appraisers and other services.
Real Estate Purchase and Sale Agreement
A residential real estate lawyer will save you the hassle of handling the more complicated aspects of your FSBO sale. Once you accept an offer from a serious buyer, your attorney will create a real estate purchase and sale agreement, a vital document that’s designed to safeguard both parties’ rights and interests. This contract outlines many important aspects of the sale of property, including title condition, property details, final sale price, earnest money deposit, disclosures, contingencies and closing date. Your attorney may also act as an escrow agent by holding the buyer’s earnest money in a lawyers’ trust account.
Preparing a Deed For Sale By Owner
There are many specific details and language that must be included when preparing a deed for sale by owner. There are multiple steps, documents and standards that are required by all recorders of deeds in Pennsylvania. A lawyer who is well-versed in handling for sale by owner transactions knows exactly what is required when creating and registering a new deed, including how to correctly prepare payments for fees and transfer taxes. Having a lawyer prepare the deed will ensure that ownership of the property is transferred according to all local and state laws and requirements. If these requirements and procedures are not properly followed, transfer of ownership could be deemed invalid and result in costly legal claims down the road.
At Carosella & Associates, our experienced West Chester real estate attorneys offer exceptional legal counsel and real estate law services. Our skilled legal team will work hard to make your FSBO transaction trouble-free from beginning to end.