Home Firm Overview Attorneys Practice Areas Resources Contact

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.

 

  Estate Planning / Probate
  Business Law
  Family Law
  Personal Injury
  Real Estate
       For Sale By Owner

  2550 Middle Road,
Suite 604
  Bettendorf, IA 52722
  Phone: (563) 345-4100
  Fax: (563) 345-4111
   

Davenport, Iowa Attorneys offering a broad estate planning / probate, criminal law, family law, guardianships and adoption, juvenile law, medical malpractice, motor vehicle accidents, personal injury, real estate, for sale by owner, trucking accidents, and wrongful death. Lawyers at the Teitle Law Offices office are dedicated to represent clients in Eastern and Central Iowa, including the cities of Bettendorf, Davenport, Iowa City, Cedar Rapids, Muscatine, Clinton, Maquoketa, Tipton, Dubuque, Ottumwa, Wapello, Burlington, Waterloo and the communities that make up Scott, Johnson, Linn, Mucatine, Clinton, Jackson, Cedar, Dubuque, Wapello, Louisa, Des Moines and Blackhawk counties. We also represent clients in Central Illinois, including the cities of Rock Island, Aledo, Cambridge, Moline and Morrison and the communities that make up Rock Island, Mercer, Henry and Whiteside counties.

Home l Firm Overview l Attorneys l Practice Areas - Estate Planning - Business Law - Family Law - Personal Injury - Real Estate l Resources l Contact l The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation. Photos courtesy of the Davenport Public Library "Special Collection".
© MMIX Teitle Law Offices Address: 2550 Middle Road, Suite 604, Bettendorf, IA 52722 Phone: (563) 345-4100 Fax: (563) 345-4111 Email: info@teitlelaw.com
Iowa Personal Injury Attorney Davenport Family Law Divorce Lawyer Rock Island Illinois
   Web Design By JAKOBIE