When you decide to sell your home, you have two choices: work with a real estate agent or list your home for sale by owner (FSBO). Selling your home on your own lets you avoid paying commission to a real estate agent, which can seem like a great way to save money. While cutting out the traditional real estate agent might seem like a cost-saver, navigating the legal complexities of a real estate sale can cost you if you’re not careful. This is where a Minnesota real estate attorney can help. Let’s take a look at how an attorney can help you sell your home without a real estate agent.
How Attorneys Help in a FSBO Transaction
When you sell your home FSBO, you’re in charge of marketing and showing your home. But that doesn’t mean you have to take on every task yourself. A real estate attorney can be your trusted advisor and give you the legal advice you need from the beginning. Here’s what you can expect your attorney to help with during your FSBO sale.
Drafting and Reviewing Contracts
An experienced Minnesota real estate attorney can draft a legally binding and comprehensive purchase agreement once you find a buyer. They’ll make sure all necessary clauses are included, protecting you from potential disputes. Even better, if a buyer presents their own offer and agreement, your attorney can review it, identifying any unfavorable terms, contingencies, or loopholes that could put you at risk.
Conducting Title Searches
A clear title is essential for a successful real estate transaction. It means there are no outstanding liens, encumbrances, or legal claims against the property that could affect the buyer’s ownership rights. Your attorney will conduct a thorough title search, examining public records to uncover any potential issues. If any issues are discovered, your attorney can guide you through the process of resolving these issues so you can move forward to closing.
Ensuring Legal Compliance
Real estate transactions in Minnesota are subject to various state and local laws and regulations, from disclosure requirements to specific closing procedures. A real estate attorney stays up-to-date on these legal requirements and can make sure your FSBO transaction complies with all applicable laws. This helps you avoid potential legal challenges or liabilities down the road. Your attorney will give you peace of mind knowing that the sale is going through without any legal issues on the horizon.
Support in Negotiations
While you’ll be directly interacting with potential buyers, having an attorney in your corner can give you access to support and advice during negotiations. They’ll help you understand your options and can make sure the buyer is living up to their end of the purchase agreement. They can also act as a neutral third party, helping to facilitate communication and protect your interests during this critical phase.
Helping During Closing
Your attorney will set you up for success during the closing process. They’ll compile all the necessary documents and can make sure everything is prepared correctly and accurately. They will also oversee the transfer of funds and the transfer of title so everything is legally recorded. If any issues pop up during closing, they’ll guide you through the process and help you find an appropriate resolution.
Schedule a Consultation
Selling your home on your own doesn’t mean you have to go it alone. Working with a Minnesota real estate attorney can provide the legal expertise and guidance you need to navigate the process successfully and confidently. Contact us today to schedule a free consultation and get the advice you need to sell your home the right way.