Let’s break down the process of selling a house by owner (FSBO) and discuss the legal aspects involved.
How Does For Sale By Owner (FSBO) Work?
FSBO is a home-selling strategy where the seller lists their property without the assistance of a real estate agent. The process involves the following steps:
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— Repair any blemishes or minor damage.
— Professionally clean the property.
— Stage the property to make it appealing. -
— Prepare disclosure documents.
— Get the property listen on various platforms. -
— Market the property online and through social media.
— Schedule private tours and open houses. -
— Review and respond to offers.
— Clear contingencies.
— Prepare sales documents.
— Coodinate the closing.
Is For Sale By Owner Legal?
Yes, it is legal to sell your own home without a real estate professional.
However, you must comply with local laws and regulations related to property sales, including nondiscrimination laws and disclosure requirements.
While it’s legal to sell your own home, state laws generally prohibit unlicensed individuals from selling someone else’s property for a commission.
Listing a House as For Sale By Owner:
Simply placing a “For Sale By Owner” sign in your yard may not attract many buyers.
Utilize online platforms, such as Multiple Listing Services (MLS), to market your property effectively.
Hiring a Real Estate Attorney for FSBO:
Consider hiring a real estate attorney to navigate the legal aspects of the transaction.
An attorney can review offers, ensure the transaction aligns with market standards, and protect your interests.
Remember that while FSBO can save on commissions, it requires effort, time, and legal awareness. Consulting with a real estate attorney can help ensure a smooth transaction.
Inquire about our FSBO services.
You don't have to pay a brokerage commission.
Seller Attorney services provided for a fraction of the cost of commission.