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Estate Planning, Probate & Business Law Blog

Estate Planning, Probate and Business Law Blog by Valente Law, LLC

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Real Estate Lawyer Explains How to Sell a Home By Owner

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For Sale By Owner Real Estate Lawyer Explains How To Sell Your Home By Owner

Valente Law offers for sale by owner real estate lawyer services to clients all over the Cleveland, Ohio and Akron, Ohio areas.  In this real estate law article, we explain how to sell your home by owner.  This article will be a rough guide for selling your home without a real estate agent, but you should call us to help make sure you don’t make any technical mistakes.

Real Estate Lawyer Gives Steps for Sale By OwnerGuide to Sell Your Home For Sale By Owner:

1. Offer to Purchase

This step is normally initiated by the buyer.  The buyer is expected to contain some, but not necessarily all of the terms of the sale.  The Offer to Purchase should contain the main terms. For instance, the price, down payment, earnest money, closing date, names and addresses of buyers and any other special conditions.

2. Required Disclosures

Ohio real estate disclosure law requires that all residential real estate sales include specific disclosures.  Be careful to make all the required disclosures. Consult with an attorney if you have any questions as to what is required to be disclosed.

3. For Sale By Owner Purchase and Sale Agreement

After the Offer to Purchase, next comes the Purchase and Sale Agreement.  The Purchase and Sale Agreement (P&S Agreement) should contain all of the terms of the sale.  This can be an extremely technical and complicated legal document and you should consult an attorney to draft it.  Drafting this is normally the responsibility of the Seller.

4. Negotiate Any Defects Found in the Inspection

The sellers will want to do an inspection.  You should permit them to do the inspection and give a deadline for any complaints.  Then, negotiate whether you will reduce the price, fix the defects, or hold your ground and sell as-is.

5. Title Examination and Title Insurance

Title Examination and Title Insurance help verify and insure the fact that the seller is able to convey good title.  This is the process of reviewing the title records and chain of title to verify that the Seller is the rightful owner.  Title Insurance is an insurance guarantying the Title Examination is accurate and the buyer will get good title.

6. Sign and Record Deed

A Deed is a legal document that is used to transfer someone’s ownership interest in real estate.  There are many types of deeds.  These include Quit Claim Deeds, Limited Warranty Deeds, General Warranty Deeds, Fiduciary Deeds, Survivorship Deeds, etc.  You should have an attorney draft this document if the title company used for the Title Examination and Title Insurance doesn’t provide it – normally they do.

7. Other Closing Documents

Other documents to sign at closing including a promissory note, mortgage, and other real estate legal documents.  All of these documents are very technical and you should consider consulting a real estate attorney.

Hire a Real Estate Attorney

If you are considering selling your home by owner, you should call us right now to help explain the process to you and assist you when you need it.  We appreciate that you can save money by avoiding the real estate agents commission. The legal fees to take care of all the real estate legal requirements of selling your home by owner will be much cheaper than the agent’s fees.  Call us now at (330) 665-5000 to get started!

 

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