If you have already found a buyer for your Illinois home, the next step is usually to put the agreement into a written real estate contract. After that, the transaction may involve attorney review, earnest money, inspections, required seller disclosures, title work, tax prorations, closing documents, and the closing itself. Finding the buyer is a major step. But there is still quite a bit that has to happen before the sale is complete. 1. Put the Agreement in Writing A buyer and seller may initially agree on the basics of a deal through a conversation, email, or text message. But a real estate transaction needs to move from “we have…
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Who Prepares the Contract in an Illinois FSBO Sale?
The short answer – your lawyer. The long answer… So, you found a buyer for your home without using a Realtor. Congratulations. Now someone has to prepare the purchase contract. For many Illinois FSBO sellers, this is the point where the transaction suddenly becomes much more complicated. There is no listing agent preparing paperwork or coordinating an offer. The buyer may have an agent. The buyer may have an attorney. Or the buyer may be unrepresented too. So who actually prepares the contract? The Purchase Contract Is More Than a Price and Closing Date A residential real estate contract determines the legal rights and obligations of both the buyer and…
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Do You Need a Lawyer for an FSBO Sale in Illinois?
No. Illinois law does not generally require you to hire a lawyer simply because you are selling your home without a real estate agent. But selling FSBO does not eliminate the legal work involved in selling a home. In fact, when there is no listing agent involved, it can become even more important for a seller to understand who is handling the contract, disclosures, title work, closing documents, deadlines and problems that arise between contract and closing. That is where a real estate attorney comes in. FSBO Means “For Sale By Owner,” Not “Do Everything Yourself” Selling FSBO usually means that the homeowner has decided not to use a traditional…
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FSBO Sellers: Who Wrote the Contract Matters
Selling your home without a realtor can feel empowering. You find the buyer. You agree on a price. Everyone seems ready to move forward. Then someone sends over a contract. That is the moment many FSBO sellers move too quickly. In a private sale, the buyer, the buyer’s agent, or the buyer’s attorney may provide the purchase contract. That does not automatically mean the contract is unfair. But it does mean the seller should stop and ask a basic question: Does this contract protect me, or does it mostly protect the buyer? The contract is not just paperwork. It is the rulebook for the transaction. The Purchase Price Is Only…
