Selling a home without a real estate agent is referred to as “For Sale By Owner” (FSBO). Although going FSBO can save thousands of dollars of real estate agent commissions, it requires careful planning and research.
Start by determining the listing price of your property. This may be as simple as figuring out the price per square foot of homes selling in your neighborhood and multiplying by your home’s square footage. It may be more complex. You may need to hire an appraiser to ensure your asking price is fair and competitive.
Here’s where Timely Contract® steps in:
- Contract Drafting: FSBO sellers need help when boilerplate purchase and sale contracts won’t do. Use TC Drafting for a custom-drafted purchase and sale agreement that memorializes your terms including but not limited to purchase price, earnest money deposit, contingencies, inspection rights, closing date, and other relevant clauses, and complies with State and local laws.
- Additional legal help: If you think you will need legal help after your draft contract is complete, your attorney may have you sign a modification of your original Fee Agreement. This will allow them to perform services beyond the limited Scope of Service of your original agreement.
A TC Certified attorney is able to help with the legal aspects of your FSBO sale, but you are responsible for the pricing, marketing, showings, negotiations, and other aspects of the sale typically managed by a real estate agent.
For Sale By Owner can be a smart way to save on real estate commissions, especially when you use TC Drafting to produce a customized purchase and sale agreement.
The information in this Post is not legal advice. Legal advice is based on specific facts. This information is necessarily general in nature.