When you decide to sell your home as a "For Sale By Owner," you'll be responsible for a number of things, including closing.
You’ve heard of people selling their home by owner (FSBO) both with the involvement of an attorney and without and you’re likely confused as to whether or not you need one or even want one. Well, the answer is you just might.
The requirement of an attorney’s involvement in your home sale is dictated by the state so, depending on where your house resides, it is quite possible that you need a real estate attorney.
If your state requires the presence of an attorney for your home sale or if you or your buyer choose to hire one, there are a couple of things you should know.
1. The buyer has the legal right to select the real estate attorney, otherwise known as the closing attorney.
2. The real estate attorney does not represent you specifically; instead, the attorney represents the entire real estate transaction, so he or she is making sure that every actor in the transaction is fulfilling their respective obligations to include the buyer, seller, and escrow agent.
If you learn that your state does require an attorney’s presence in your home sale, you may want to browse MilitaryByOwner Business Directory for a military-friendly professional.
There are also two things you need to know if your state doesn't require a real estate attorney to be involved in your home sale.
1. You can use a standard form for completing the real estate transaction, which is a relatively simple and inexpensive form that provides state specifics for buyers and sellers. (See state forms from MilitaryByOwner’s partner U.S. Legal Forms)
2. Even if the state doesn't require the involvement of a real estate attorney, you will need to hire a title company or settlement agent to close.
For more information on this and other common questions that can come up during a home sale, check out MilitaryByOwner’s free Answers to Your For Sale By Owner Most Frequently Asked Questions Ebook!