Sugar Grove For Sale By Owner (FSBO) Transaction Attorney
Lawyer in Kane County for Real Estate Deals Without an Agent
In our digitally connected world, more people than ever before are willing to take on do-it-yourself projects. It is easy to look up instructions on the internet on how to fix your car, make a gourmet meal, or build a doghouse. This DIY mentality is admirable in many areas, but in others, there might be reasons for concern. One of these concerning areas is the realm of real estate transactions, as "for sale by owner" or FSBO transactions have become increasingly popular in recent decades.
In an FSBO transaction, the owner of a home sells the property without hiring a real estate broker or, in many cases, an attorney. The appeal of an FSBO deal is that it allows the seller to save money and skip paying agents' and attorneys' fees. Unfortunately, FSBO transactions are not always as easy as they might seem at first. At Ekker Law, P.C. / Steven B. Ekker, Esq., we help homebuyers protect themselves in FSBO transactions as well as sellers who realize that they need assistance along the way.
What Is an FSBO Transaction?
A for sale by owner transaction is a sale that does not utilize the professional guidance of a real estate agent. In an FSBO transaction, the seller is responsible for listing the property, preparing all documents, and all other elements of the deal. The goal is for the seller to reduce costs as much as possible, which will allow him or her to maximize the profit from the transaction.
Counsel for FSBO Homebuyers in DuPage County
At first glance, buying a home in an FSBO transaction may seem very appealing. In most cases, an FSBO listing will be offered at a lower price compared to similar homes because the seller does not intend to pay broker fees. It is important, however, for buyers—especially first-time buyers—to be on the lookout for potential problems. If you are considering buying a home in a FSBO transaction, you must:
- Be ready to ask for a home inspection and know what to look for;
- Insist that the seller make all disclosures required by state and federal laws;
- Be aware of what is reasonable in a real estate agreement and how to negotiate better terms; and
- Know what rights you have and be ready to fight to protect them.
While the seller might not wish to have an attorney, you should not proceed without one. Our experienced real estate lawyer can help ensure that you are not taken advantage of when buying an FSBO home.
Important Considerations for Sellers
On the other side of the equation, you might be considering selling your home on your own. This means that you will be responsible for meeting all of the requirements set forth by all applicable laws, ordinances, rules, and regulations. If you fail to meet those requirements, such as making appropriate disclosures, you could find yourself on the losing end of an expensive lawsuit or legal penalties. It is also likely that your self-drafted or boilerplate real estate agreement will not sufficiently protect your best interests, leaving you and your property extremely vulnerable.
Whether or not you choose to hire an attorney throughout the process of selling your home is up to you. At the very least, you should have a lawyer from Ekker Law, P.C. / Steven B. Ekker, Esq. review your sales contract before you finalize the deal. We can help you identify any areas of concern before they grow into much more serious problems.
