For Sale By Owner
What is a “For Sale by Owner” Property Listing?
A “For Sale by Owner” or “FSBO” is exactly how it sounds. If a seller is listing their home FSBO, there are no real estate agents involved in the transaction. Therefore, the buyer and seller agree on terms themselves, and must enter a contract. Unlike a traditional sale, there will be no 3-day attorney review if you purchase a FSBO Property. This makes it even more essential for you, as the buyer or seller, to hire a real estate attorney. What is typically considered attorney review happens before the contract is signed.
Review All Documents
Without professional real estate agents involved in the process, attorneys will need to pay extra attention to any paperwork in the transaction. They will need to confirm that the contract protects your financial and legal interests. They will also handle any negotiations necessary. Sometimes a FSBO can be a bit complicated when it comes to negotiating, so having a lawyer on your side is helpful.
One of the downfalls of purchasing a FSBO property is that sometimes you do not receive a Seller disclosure. This could include information about mold, a damaged roof, septic tank issues, etc.. An experienced real estate attorney can guide you through the process and advise you of any concerns that should be addressed prior to the purchase of the property.
Are you interested in purchasing a FSBO property? Having a qualified, experienced real estate attorney on your team will give you peace of mind during a For Sale By Owner transaction.