Setting up your For Sale by Owner for success
Though realtors broker the majority of real estate transactions, buyers and sellers do often find each other directly and strike up a deal on their own. After agreeing on price and terms, very often both sides wonder- what is the next step? Very little differs from the standard closing process , except buyers and sellers are obligated to do a bit more tracking in lieu of the customary broker commission.
Here is a play by play of what buyers and sellers need to do in order to finalize their transaction:
- Prepare a standard Florida contract or have a title company or attorney prepare one for you. See our contract preparation questionnaire for the types of things you will be asked. Make sure to add a Condo Rider or HOA rider, if applicable.
- Buyers should have sellers complete a Seller Disclosure identifying any known defects about the property.
- Each side should select their own title company or attorney. You can verify the licensing of a title company or attorney here: 1. search for licensed title company 2. search for licensed attorney
- Provide the escrow deposit to the title company /attorney.
- Buyer should ask the seller for a copy of their Owners Title Policy and a prior survey , if available. Provide this to the title agent and keep a copy for your records.
- Buyer to complete all due diligence (inspections, financing application etc) and make sure to honor all your contract deadlines
- Buyer should review title search done by the title agent to make sure all defects and liens are clear on the property
- Buyer should review the lien /open permit/code violation search
- All important communications should be in writing for ease and clarity
From this point on, the title company and lender (when applicable) should generally take over the closing process and the buyer and seller just need to be ready to move and close! Remember, this a still a binding contract and both parties need to treat it with a “time is of the essence” approach.
For more information or a no-obligation complimentary contract review or contract preparation, please contact us at 305-803-9701 or [email protected]
Disclaimer: The Closing Company, Inc. is not a law firm and is not providing legal or tax advice in this video. For legal advice, please consult with a licensed Attorney. For tax advice, consult with a Certified Public Accountant. Hiring an attorney is an important decision which should not be based solely on advertising. The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.
