LEGAL SUPPORT IN THE FSBO MARKET

There continues to be a growing market for FSBO properties in the Quad Cities, as more people realize they can save substantial money by taking a few relatively simple steps. Some people are intimidated by the prospect of selling a home by owner, but with proper legal advice you can understand your options and successfully bring a deal to its conclusion. Before or at the time of listing your property with a reputable FSBO business, contact Teitle Law Offices to:

1. Go over your plans and provide legal counsel on disclosures required by state and/or federal law.

2. Review offers to purchase your home and advise under what terms you should sign them.

3. Prepare a purchase agreement if your buyer doesn't know how to make a written offer, and help in negotiations when needed, particularly if your buyer has a realtor or attorney.

4. Provide referrals for any necessary services, such as termite, whole house or other inspections.

5. Have the abstract (title history) of your property updated and help to clear up any issues necessary to ensure marketable title.

6. Obtain accurate payoff figures for mortgages and loans and arrange for timely payment after closing.

7. Explain closing figures for the transaction, including property tax payoffs, so you understand your bottom line.

8. Attend the closing with you in person. If you can't be there yourself, a power of attorney can be prepared to use in your absence.

With the help of Teitle Law Offices you will get the guidance you need at each step of the process, so the sale of your home can be a positive and financially advantageous experience. We look forward to hearing from you to assist with your FSBO property.

WHEN SHOULD I GET A REALTOR?

Sometimes there are reasons to engage the services of a qualified realtor to assist in the marketing and sale of your property. If you are concerned about your ability to show your home, or don't want to be involved directly in negotiations with a buyer, a realtor can handle those responsibilities. Some sellers must move out of town on short notice, and simply can not be available to participate in the marketing of the property, in which case a realtor may be needed.

If you feel like you need extra information about market conditions or pricing for your home beyond what is otherwise available elsewhere, a realtor can advise you accordingly. Realtors are often able to provide referrals for services such as inspections, or to simply help exchange information between buyer and seller prior to closing. A realtor has a duty of loyalty to his or her client, although in certain situations a buyer and seller can be asked to consent to dual agency, where the agent represents both sides of the same transaction.

Generally the seller is responsible for payment of the full commission for a realtor, which in the Quad Cities market is typically 7% of the sales price of the property. If the buyer has located the property through his or her own realtor, that realtor will share part of the commission with the seller's realtor, but the entire 7% will still be paid by the seller. Ultimately, as a seller you must decide whether a realtor is right for you based upon your own needs and comfort level. Regardless of your choice, an attorney will be needed for advice, preparation and closing of the deal, and you are welcome to contact Teitle Law Offices with your real estate questions.