When you work with a real estate agent to sell a property, the agent prepares a purchase agreement, but if you sell your property on your own (For Sale By Owner or “FSBO”), ask an Orlando real estate lawyer to prepare an FSBO purchase agreement on your behalf.
An FSBO agreement is a legally binding document used in the sale of For Sale By Owner properties. In a For Sale By Owner transaction, this document is usually provided by the seller, who may reach out to a real estate attorney for help with preparing the agreement.
What Should FSBO Agreements Include?
Because it is an enforceable legal document, an FSBO agreement should include provisions that protect your rights. If an FSBO agreement is not clearly and properly written, the entire real estate transaction could fall through, and you could lose a considerable sum of money or both.
An FSBO agreement in the State of Florida must provide a great deal of precise and accurate information, including:
- your name and the buyer’s name
- the property’s address
- the property’s sale price
- the property’s description
- a list of every item included in the sale, such as kitchen appliances
- how the buyer will pay
- property tax details
- closing cost amounts
- conditions and terms for the transaction
- how a default will be handled
- the responsibilities of the seller and buyer
An FSBO agreement can be quite detailed and lengthy, and it must be accurate. Do not even consider using a “do-it-yourself” kit. As mentioned previously, any mistakes in an FSBO agreement could cost you dearly. Have the FSBO agreement prepared by a real estate lawyer.
When Is an FSBO Agreement Legally Binding?
Even when it has not been notarized, an FSBO agreement may be considered legally binding – and difficult to back away from – after the seller and buyer have both signed the document.
Take your time considering an FSBO agreement, and go over every detail of the agreement with an attorney. You need to understand clearly any legal obligation or responsibility that an FSBO agreement places on you.
What Else Should You Know About FSBO Agreements?
If you sell your home without a real estate agent (to avoid paying the commission), you can’t jeopardize your best long-term interests to achieve a short-term gain. Real estate transactions require familiarity with contract law, Florida real estate law, and the actual transaction process.
Our firm provides quality legal advice and services at an affordable rate to our Orlando-area clients. We will work both with you and with your home’s buyer to bring the sale of your central Florida home to a satisfying conclusion.
Selling a home FSBO can be risky and complicated, but if an Orlando attorney handles the sale, you can be assured that it will be handled properly. If you are selling your home FSBO in the Orlando area, contact us as quickly as possible by calling 407-426-7222.