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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Which Disclosures Do Chicago-Area FSBO Sellers Need?
Most Chicago-area homeowners selling their property without a real estate agent should be prepared to provide an Illinois Residential Real Property Disclosure Report, the required Illinois radon disclosure and information, and, for most homes built before 1978, federal lead-based paint disclosures. Depending on the property and transaction, additional disclosures or documents may also be required. Selling your home without a Realtor does not mean selling it without paperwork. In fact, one of the potential problems with a For Sale By Owner transaction is that there may be no real estate agent involved to remind the seller which forms should be completed and when they should be delivered. Here are three…
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Selling a Home Without a Realtor in Chicago: What Sellers Should Know Before Signing a Contract
Selling a home without a realtor — often referred to as a “For Sale By Owner” (FSBO) transaction — is becoming more common in the Chicago area, especially when a seller already has a buyer lined up. At first glance, these deals can seem simpler. There’s no listing process, no showings, and no back-and-forth through agents. But what many sellers don’t realize is that the legal and closing process doesn’t go away just because a realtor isn’t involved. Understanding what still applies can help prevent delays, confusion, and unnecessary risk. What Changes (and What Doesn’t) In a traditional sale, a real estate agent helps market the property and manage the…
