In some cases a seller or buyer may choose to not involve a real estate agent or bank and this is known as For Sale By Owner.
With an owner finance sale the typical checks and balances such as surveys, appraisals, inspections, title work, and approved real estate forms often are not utilized. In these cases it is absolutely critical to have an experienced real estate attorney who represents only your interests. There are many things to consider in drafting a sales contract – who the appropriate parties to the contract are going to be, the amount of down payment, interest rate, amortization, deciding to record or not record the contract with the recorder of deeds office, type of deed to be delivered, whether the contract is assignable or not, limits on borrowing or encumbering the property during the term of the contract, time limit for refinancing, and consequences to the buyer or remedies for the seller for failure to perform on the terms of the contract just to name a few.
Often these issues are not addressed in the sales contract and this is a recipe for disaster. Drafting the real estate sales contract and specific terms of that contract are critical to the ultimate success of the sale. Your home is your biggest asset. My fees to represent sellers or buyers in FSBO residential transactions are extremely competitive flat fee rates and are well worth the money in lost time and preventable mistakes.
If you are selling a property without the use of a realtor or bank it is critical to have an experienced real estate attorney to avoid problems down the road. Often the problems associated with failure to draft an air tight contract do not present themselves for many years. When these problems present themselves the consequences can be very significant. If you are buying or selling a property without the use of a realtor or bank please contact me and allow me to assist you through the process.
My services in for sale by owner and seller financed transactions include:
- Reviewing and outlining the real estate transaction process in general
- Drafting and reviewing real estate sales contracts or lease purchase contracts
- Drafting and reviewing real estate condition reports
- Drafting and reviewing residential offers to purchase and counter offers Assisting buyers and sellers through the property inspection and financing contingencies
- Working with your lender, appraiser, and surveyor
- Working with the title company and reviewing title insurance commitments
- Checking the HUD-1 and settlement statement figures with you prior to closing
- Providing support and acting as a facilitator during the course of your sale or purchase
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