For Sale by Owner Legal Services

For Sale By OwnerBuying or selling a home can be a scary proposition. A home is typically a family’s largest asset and the acquisition or disposition of that asset should be handled with meticulous care. A typical buyer or seller will enlist the help of a real estate agent to sell their home, however, some choose to save thousands of dollars in real estate by selling their home themselves. Selling a home can be empowering; however, it can also be confusing, time intensive, and overwhelming. Typically, a seller can handle showing the home to potential buyers, but what about the paperwork?

Reed Law understands that the sale of your most valuable asset is important and should be handled with care and precision.  Reed Law provides a For Sale Buyer Owner seller with the legal advice, documentation, and mentoring needed to successfully complete the sale at an affordable price.

Before becoming an attorney, Phillip Reed worked in the real estate and mortgage industry for over 15 years providing real estate services to both buyers and sellers in residential and commercial transactions. Phillip understand that the most difficult part of selling a home is preparing the legal paperwork and providing the appropriate documentation to all parties.

Sellers:
If you are a seller, be sure that you are protected, know the law and procedures of selling your home.

Buyers:
If you are buyer, real estate documentation may seem like a foreign language, be sure you have someone who can interpret it for you.

Reed Law's services:
 

Reed Law assists its clients with the required legal documentation necessary to smoothly complete a residential sale. Reed Law PLC assists For Sale by Owners draft the necessary and appropriate documentation. Selling a home without the help of a real estate agent may save a homeowner thousands of dollars on realtor’s commissions, but it remains a complicated legal matter.

Reed Law Services for sellers and buyers include:

  1. Reviewing and discussing initial concerns and questions 
  2. Outlining and explaining the law in “plain English”
  3. Reviewing pre-approval letters to ensure that potential buyers are qualified to obtain a mortgage. 
  4. Reviewing home inspections and the effect they can have on renegotiations 
  5. Preparation of the Seller’s Disclosure 
  6. Preparation of the Lead Based Paint Disclosure
  7. Preparation and/or review of the Buy/Sell Agreement 
  8. Coordination of closing and review of closing documentation 
  9. Processing of closing documents 
  10. Attending closing to review all final documents 
  11. Reviewing and filing quiet title actions 
  12. Reviewing of title insurance 
  13. Any additional legal work that may be required for the successful completion of the sale. 

Seller Requirements:
As a seller you are required to provide certain state and federal disclosures to potential buyers.  Knowing these disclosures, and how to complete them, will avoid potential lawsuits in the future.

Getting Started
  1. Call Reed Law PLC and discuss selling your home “For Sale By Owner” 
  2. Write up an ad for your home. Discuss what you love about your home, highlighting why someone else would want to make it their home. Be sure to include an asking price. 
  3. Get an Inspection. The number one problem with real estate sales is the inspection. Typically this happens after a buyer has made and offer and terms have been negotiated. The problem with this is that now you have start negotiating again. Stop this from happening. Get an inspection, and repair the issues. The home's issues will be discovered by potential buyers, so handle it now. 
  4. Advertise, talk about it, let everyone know you are selling. Get the word out. The more people that know, the better. Make a facebook page, set up a website, get signs, pass out fliers, be sure to mention it everyone you meet, especially strangers. The more people who know about it, the higher your success rate will become.
  5. Clean, Clean, Clean: Make needed repairs to your house now. Rid the house of pet, mildew, or smoking odors. Clean windows, carpet and drapes. Make sure your house is always clean. Pack all personal items. The less “stuff”in the house,  the bigger it feels. Make sure the grass is cut, the bushes are trimmed, and the house looks like what you would want your new house to look like. 
  6. Hire Reed Law: You have enough to worry about, get peace of mind knowing that you have a professional handling the paperwork and documentation.  An attorney ensures compliance with the law and a smooth transaction. Be sure the attorney works on a flat fee so you know what your expense will be.

I’ve done this before, why would I need an attorney?
I love this question, but usually when I hear it, it is from clients who ask me, “why didn’t I have an attorney?” The answer is simple, each real estate transaction is different and unique. Questions and issues tend to come up when they are least expected. I always say, "just because I have read a book and removed a few splinters, doesn’t mean I am ready to perform surgery."

Real Estate transactions can get complicated, rely on professional legal advice to get you home.