For Sale By Owner | Sarasota Real Estate Lawyer | Real Estate Contract

For Sale By Owner

In today’s hot Sarasota real estate market, more and more people are choosing to sell their home without a real estate agent. Because there are more buyers searching for a home to purchase than there are homes for sale, more and more sellers are simply putting a for sale by owner sign in their front yard and finding many buyers who are interested in buying their home.

When handling a real estate sale and purchase transaction without a realtor, there are many important things to keep in mind during the for sale by owner process. There are many steps and considerations that need to be addressed beginning from the time prior to entering into a real estate contract to after the time the closing of the sale and purchase of the home occurs. The most important step in the process is the preparation of a comprehensive and binding real estate contract for sale and purchase that covers all of the matters that pertain to the transaction. Many people go to their local office supplies store to pick up a real estate contract. Based upon my twenty (20) years of experience as a real estate lawyer, this is a huge mistake. I would strongly advise against this practice if you think it is wise to take one of the biggest financial and personal transactions of your lifetime seriously. It is important that you have an experienced Sarasota real estate lawyer prepare a contract that protects you against lawsuits in case something does not go quite as planned. In addition, title companies are not allowed by law to prepare a real estate contract for sale and purchase. Thus, I would strongly recommend that you hire an experienced Sarasota real estate lawyer to represent you beginning from the time prior to the preparation of the real estate contract through closing and even after closing to handle important post-closing matters.

Other important considerations in a for sale by owner transaction include, just to name a few:
Who is paying for documentary stamp taxes on the deed?
Who is paying for the owner’s title insurance policy?
Who will serve as the closing agent?
Who will perform the title search?
Who is paying for the tile search?
Who will select the Sarasota real estate lawyer who will handle the transaction?
Who will hold the earnest money deposit in escrow?
Who is responsible for paying for the cost of any repairs that a home inspection reveals need to be made?
Who is responsible for paying for a termite inspection and any repairs for any damage?
Who is responsible for ordering a survey? Who pays for it?
What happens if the value as determined by an appraisal is higher than the sales price? What happens if it is lower?

If you hire an experienced Sarasota real estate lawyer, he or she will handle all of the above matters and more for you. It is very important that you understand a little known fact – title companies in Florida do NOT represent either the buyer OR the seller. If you do not hire an experienced Sarasota real estate lawyer, you do not have anyone protecting your interest. Please, do not go it alone. I have seen too many people suffer emotionally and financially because they did not hire a real estate lawyer to protect their interests. I recommend consulting with a Sarasota real estate lawyer prior to entering into negotiations. You will be happy you did.

Wishing you success in your for sale by owner transaction,

With kind regards,
Michael D. Wyckoff, Esq.
941-955-5500
mike@wyckofflawfirm.com

Legal disclaimer: This communication is not intended to establish an attorney-client relationship. To the extent that anything herein contained may be construed or interpreted by the reader as legal advice, the reader should seek the advice of legal counsel before relying on any information contained herein.