Selling a home is a stressful process, wrought with opportunities for unpleasant surprises and hidden costs. One way that many sellers are combatting the high costs is by selling their homes without a real estate agent. Choosing the “for sale by owner” (FSBO) route can be an appealing option if you are looking to cut out some of the costs associated with selling a house (including paying a Realtor commission).
However, real estate transactions are notoriously complicated, and navigating the process from listing to closing on your own can be overwhelming. Working with a real estate lawyer who knows the ins and outs of Florida property and contract law is beneficial to ensure you do not jeopardize a successful sale.
What Does For Sale By Owner Mean?
FSBO is exactly what it sounds like; it means that the owner of the house, as opposed to a real estate broker or company, is the one listing the house for sale. There are advantages to this, but not everyone sees the benefit. Because few people fully understand all of the intricacies of Florida real estate law and contract law, people who decide to go the FSBO route often feel as though they’re in over their heads. A qualified and experienced Florida FSBO lawyer will know what steps you need to take and can guide you through each step to maximize your chances for a seamless sale.
Why Choose For Sale By Owner?
You can reap the benefits of forgoing a Realtor and listing your property on your own. These benefits often include saving on commission costs, retaining control over how your property is listed, and making your own decisions regarding marketing and showings. Listing your property FSBO and hiring a real estate lawyer to help you through the trickier stages is a smart financial decision. For example, if your home sells for $300,000 and your agent charges a 6% commission, you will be giving up $18,000 from the sale price by working with a real estate agent. Working with an attorney is a small fraction of that cost.
Are There Disadvantages to FSBO?
As with most things, there are potential disadvantages to the FSBO option. A competent and efficient real estate professional may be of value to help determine the best price to list your property and to also field and negotiate offers. Furthermore, if you are not well-versed in the state and federal laws that regulate real estate and contracts in Florida, you could miss important requirements or make costly mistakes. These risks can be mitigated, however, by having legal counsel who is experienced in FSBO real estate transactions by your side.
How Can an FSBO Lawyer Assist You?
With thorough knowledge of all areas of applicable law and legal procedure, a real estate lawyer can provide valuable peace of mind to you during this stressful time. Farshchian Law, P.A. takes a personalized approach because we understand that you, your property, and your needs are unique. We can help you by:
- Preparing the purchase and sale contract;
- Negotiating the terms;
- Handling the closing transaction;
- Holding the buyer’s escrow deposit;
- Resolving title and lien issues;
- Issuing title insurance;
- Obtaining loan payoffs;
- Preparing the closing documents; and
- Handling all disbursements.
Our real estate and title lawyers can also facilitate sales involving foreign nationals or investors. If you would like to schedule a free consultation, call us at (305) 901-5628 or (239) 935-8599, or send an email to Info@JFRealEstateLaw.com. We provide sellers with FSBO legal, closing, and title services throughout the entire State of Florida.