For Sale By Owner

My legal services are particularly helpful for For Sale By Owners (FSBOs), those who are selling their property without the aid of a broker or real estate salesperson (Realtor). As a FSBO, you should retain a lawyer who specifically practices in the area of residential real estate law to prepare all of the necessary documents of a real estate transaction. Do not make the mistake of hiring an attorney not familiar with the complexities of real estate.

Many FSBOs engage the services of Internet web sites that aid in listing and selling their property. Those sites, at times, can perform well if you decide that you do not want a real estate professional listing your property. However, absent from those listing services is the component of professional legal advice and services.

Your legal documents are the most important facet of your sale and if not done properly can likely cause significant problems. Do not use a generic form from the Internet or from a stationary store. While these documents may work in a very simplistic transaction, they often lack well tested language and many important contingencies, which if not properly addressed often lead to litigation.

I am commonly retained by FSBOs to prepare and review the Agreement of Sale which dictates the terms of the transaction. This document contains comprehensive writing, with time-sensitive dates and contingencies that need to be accurately addressed.

In Illinois, the Agreement of Sale recommended by the Illinois Association of Realtors has over 30 paragraphs, many of which contain detailed sub-parts. It is essential as a FSBO to have a competent professional either draft or review the Agreement of Sale. Do not take the word of the buyer, or their representative; they are not in a position to protect your interest. You need your own representation.

In addition to creating the Agreement of Sale, I can provide, explain and review the Seller's Property Disclosure Statement. This is a required document in most jurisdictions that obligates Sellers to disclose material defects in the property they are selling. In recent years the disclosure statement has become a lightening rod for law suits for the failure of Sellers to adequately disclose defects. Therefore, it is important to have a lawyer advise you in completing this document.

In addition, I can review the title report, ordered by the buyer, to look for encumbrances and defects in the title. Also, if you desire, prior to settlement, I can review and explain the Uniform Settlement Statement (the HUD-1), the document that lists the expenses of the parties. Also, if you choose, I can prepare for and attend the settlement.

If piece of mind is important to your deal you will find my fees reasonable and perhaps the best money you spend in selling your real estate.

If you take away one piece of advice from my site it is this: CONTACT ME BEFORE YOU SIGN ANY DOCUMENTS! Your first telephone consultation is free.