Fsbo

[Kewags@gmail.com]

Thinking of buying a FSBO. Do I need a lawyer or can a Title Company draw a contract.
? Who holds the earnest money? Do Property Management companies handle fsbo? Thanks

[DALEPQ]

Several years ago we bought a FSBO, went thru Mclin Bernsid (SP. is incorrect) office is in Sumter. Went very smooth. Check with them.

[retiredguy123]

Thinking of buying a FSBO. Do I need a lawyer or can a Title Company draw a contract.
? Who holds the earnest money? Do Property Management companies handle fsbo? Thanks
You do not need a lawyer. The title company will handle all aspects of the sale the same way they would if you bought the house through a real estate agent. You would give the earnest money to the title company and they will deposit it into an escrow account according to the law.

[DAVES]

Thinking of buying a FSBO. Do I need a lawyer or can a Title Company draw a contract.
? Who holds the earnest money? Do Property Management companies handle fsbo? Thanks

Any reply will be an OPINION. So here is my opinion. Real estate LAW is sort of unique.
If, it isn't in writing it has no value. Buying real estate, there is a buyer a seller, likely a title company who researches the records and warranties the seller has clear title-they own the property-there are no liens against it and perhaps a bank lending the buyer money to pay for the property. You do not need to hire an attorney. I've dealt with attorneys and in general I do not like them BUT, I don't particularly like doctors either. However, I would not do my own surgery etc.

Buying real estate is serious money. Throughout this process, the seller-well works for the seller-NOT FOR YOU. The title company works for the title company-NOT FOR YOU.
The bank, works for the bank-NOT FOR YOU. The only one working for you, is the attorney
that you have a choice to hire or not.

Earnest money and who holds it? The buyer wants to give as little earnest money as they can. As if it goes south, the buyer can lose this money. The seller wants as much as they can get, again if the deal goes south they can keep that money.

[retiredguy123]

Any reply will be an OPINION. So here is my opinion. Real estate LAW is sort of unique.
If, it isn't in writing it has no value. Buying real estate, there is a buyer a seller, likely a title company who researches the records and warranties the seller has clear title-they own the property-there are no liens against it and perhaps a bank lending the buyer money to pay for the property. You do not need to hire an attorney. I've dealt with attorneys and in general I do not like them BUT, I don't particularly like doctors either. However, I would not do my own surgery etc.

Buying real estate is serious money. Throughout this process, the seller-well works for the seller-NOT FOR YOU. The title company works for the title company-NOT FOR YOU.
The bank, works for the bank-NOT FOR YOU. The only one working for you, is the attorney
that you have a choice to hire or not.

Earnest money and who holds it? The buyer wants to give as little earnest money as they can. As if it goes south, the buyer can lose this money. The seller wants as much as they can get, again if the deal goes south they can keep that money.
I agree with most of what you said, but, some people think that buying a house through a real estate agent is better because the agent will somehow handle the legal aspects of the sale. Not true. The agent works for the seller, and their primary job is to find a buyer for the house. The title company is responsible for handling the legal aspects of the sale, regardless of whether the sale is a FSBO or not.

[Babubhat]

Free Florida Residential Purchase and Sale Agreement - PDF | Word – eForms (https://eforms.com/purchase-agreements/fl/)

[Toymeister]

Any reply will be an OPINION. So here is my opinion.


Thirty three years of writing contracts and I can assure you that my experience is that residential real estate contracts (offers for purchase) are extremely simple. Use the title company and DIY.

Edit to add: Make your good faith deposit 8,000.00 or less. Any disputes are handled via the small claims process. Arbitration is not required. It is a fairly simple process, I have used this process and yes, I prevailed.

[DAVES]

I agree with most of what you said, but, some people think that buying a house through a real estate agent is better because the agent will somehow handle the legal aspects of the sale. Not true. The agent works for the seller, and their primary job is to find a buyer for the house. The title company is responsible for handling the legal aspects of the sale, regardless of whether the sale is a FSBO or not.

Personal experience, not in Florida. The code of ethics for a broker. If, you can prove they broke the code of ethics as I did. You need to appear before their organization. You are not paid to do this. Any damages do not go to you the injured party but to the brokers association.

The attorney if you decide to hire an attorney is the only one who works for you.

[jack.hunter00@yahoo.com]

I bought a real estate sales contract and filled out. Collected their deposit and too all to a title company that would do the closing. They held the deposit and did the rest. I have sold 4 properties in the past this way. You can probably find a blank contract for florida on line for free or minimal cost. Be care on completing your contract. I filled mine out comparing a sales contract that I signed when purchased. A realtor friend can help guide you.

Easy Peasy

[Luggage]

I would just a few houses here in Florida which is strange compared to New Jersey or New York or it's much more complicated. Generally here title companies are used but that does not mean they are lawyers but just fill out the paperwork. If you are really worried you can use a lawyer who would probably charge you for 2 or 3 hours of work and that at least the minimum of probably 700 or $1,000 whereas the title company is always much cheaper. They do thousands of homes and they'll probably be in and out of the closing office for 15 minutes. That said as someone else wrote If, always give a minimum for earnest money.

[Flanman]

Thinking of buying a FSBO. Do I need a lawyer or can a Title Company draw a contract.
? Who holds the earnest money? Do Property Management companies handle fsbo? Thanks
I just sold a house by owner. I contacted Advantage Title on 466 near the Hampton Inn. They handled everything and the whole process couldn’t have been easier. My buyer signed papers remotely and I went into the office for a 20-minute signing session. Funds were in my account by the time I got home from lunch.

[jeffy]

Retired Florida Real Estate Agent here. FSBO are extremely easy. Contact Tri-County on 441-27 across from Lowe’s on historic side. They handled several FSBO for me. They will have everything for you and very reasonably priced for their expert services.

[La lamy]

IMO No need for lawyer, title company will take care of everything. Easy process here in TV.

[newgirl]

Another option is hire a Realtor to just do the paperwork, most will for 1 or 2%

[72lions]

While an attorney is not required, I would certainly recommend it. We sold a home last year and engaged McLin Burnsed to draw up the contract, hold the earnest money and provide all of the legal and title work. This protects both parties and went seamlessly. The expense was insignificant particularly when shared by both parties.

[Juliebythesea]

I agree with most of what you said, but, some people think that buying a house through a real estate agent is better because the agent will somehow handle the legal aspects of the sale. Not true. The agent works for the seller, and their primary job is to find a buyer for the house. The title company is responsible for handling the legal aspects of the sale, regardless of whether the sale is a FSBO or not.
That’s not entirely true most real estate agents are transaction brokers which means they have a fiduciary relationship to both the buyer and the seller so it’s possible to represent both parties in a transaction

[retiredguy123]

Another option is hire a Realtor to just do the paperwork, most will for 1 or 2%
Most title companies will provide a FSBO package that includes all of the contracts and paperwork, and they will handle the closing. There is no need to pay a real estate agent for anything.

[retiredguy123]

That’s not entirely true most real estate agents are transaction brokers which means they have a fiduciary relationship to both the buyer and the seller so it’s possible to represent both parties in a transaction
I agree that the real estate broker has a fiduciary responsibility to both parties, but that is not the same as serving as their agent to buy or sell a house. The listing agreement is a contract between the seller and the broker. The buyer is not a party to that contract. So, with respect to the listing agreement, the broker is working for the seller. It is unfortunate that a lot of homebuyers don't understand that the agent showing houses to them is not "their agent".

[Proveone]

You don't need a lawyer to close on a FSBO. Title company takes care of everything, including holding down payment and final payment.

[kathydowd]

Thinking of buying a FSBO. Do I need a lawyer or can a Title Company draw a contract.
? Who holds the earnest money? Do Property Management companies handle fsbo? Thanks

Have a realtor help you!

[KRMACK55]

Any reply will be an OPINION. So here is my opinion. Real estate LAW is sort of unique.
If, it isn't in writing it has no value. Buying real estate, there is a buyer a seller, likely a title company who researches the records and warranties the seller has clear title-they own the property-there are no liens against it and perhaps a bank lending the buyer money to pay for the property. You do not need to hire an attorney. I've dealt with attorneys and in general I do not like them BUT, I don't particularly like doctors either. However, I would not do my own surgery etc.

Buying real estate is serious money. Throughout this process, the seller-well works for the seller-NOT FOR YOU. The title company works for the title company-NOT FOR YOU.
The bank, works for the bank-NOT FOR YOU. The only one working for you, is the attorney
that you have a choice to hire or not.

Earnest money and who holds it? The buyer wants to give as little earnest money as they can. As if it goes south, the buyer can lose this money. The seller wants as much as they can get, again if the deal goes south they can keep that money.
Well said !

[KRMACK55]

I bought a real estate sales contract and filled out. Collected their deposit and too all to a title company that would do the closing. They held the deposit and did the rest. I have sold 4 properties in the past this way. You can probably find a blank contract for florida on line for free or minimal cost. Be care on completing your contract. I filled mine out comparing a sales contract that I signed when purchased. A realtor friend can help guide you.

Easy Peasy
Wrong real estate people in TV know next to nothing about the closing process ! They are sales people and only card about the closing. I sold my house and never saw TV person ever again after the day they did a video for a buyer from CA. Once they have a buyer and you’re the seller they could give a rats a** - it’s only about money and they know next to nothing about a HUD stmt. that’s all of them regardless how long they’ve sold here ! Only the broker is compelled to know the process due to their licensing.

[KRMACK55]

I would just a few houses here in Florida which is strange compared to New Jersey or New York or it's much more complicated. Generally here title companies are used but that does not mean they are lawyers but just fill out the paperwork. If you are really worried you can use a lawyer who would probably charge you for 2 or 3 hours of work and that at least the minimum of probably 700 or $1,000 whereas the title company is always much cheaper. They do thousands of homes and they'll probably be in and out of the closing office for 15 minutes. That said as someone else wrote If, always give a minimum for earnest money.
Wrong. There are paralegals here who can review the documents that charge around 500-. Title companies only traffic in marking up title insurance policies that are underwritten by 2 companies in the US with Chicago title being the largest underwriter. It does not provide either party with concrete legal standing. That’s true for every state. I’ve closed in MI NJ NC FL-3 times and it’s all the same in real estate law.

[KRMACK55]

I just sold a house by owner. I contacted Advantage Title on 466 near the Hampton Inn. They handled everything and the whole process couldn’t have been easier. My buyer signed papers remotely and I went into the office for a 20-minute signing session. Funds were in my account by the time I got home from lunch.
If the paperwork is done properly it takes less than 5 minutes to close !

[KRMACK55]

Another option is hire a Realtor to just do the paperwork, most will for 1 or 2%
This is not true. Who told you that ? Realtors are not licensed brokers or title companies ! Realtors do not have the knowledge to do a closing ! 3000-8000 to do a closing by a realtor absolutely no way ! Can get an attorney for less than a thousand !!!

[retiredguy123]

As a seller, I would never accept a low amount for the earnest money. It should be at least $10,000 to $20,000. As a FSBO buyer, I would not give any money to the seller. The earnest money should be paid directly to the title company.

[KRMACK55]

IMO No need for lawyer, title company will take care of everything. Easy process here in TV.
For the crazy high fees they offer for very little work it should be easy ! They mark up everything 300%

[Toymeister]

As a seller, I would never accept a low amount for the earnest money. It should be at least $10,000 to $20,000.
As I have said many times anything is only as good as the enforcement mechanism.

The small claim limit in Florida is 8,000.00. If there is a dispute where either party wants out the title company does not decide who gets the deposit, they await for a mutual agreement of both parties or a determination by the court. Under 8k it is small claims case.

Now am I a Google warrior and read something or have an opinion? No, to the contrary I had a dispute with a buyer that changed their mind so I went through the process and prevailed. This was less than 12 months ago.

Now what if this was 10k, well it is not a small claims case. Legal costs would eat up most of it. So, as they say experience talks.

[retiredguy123]

As I have said many times anything is only as good as the enforcement mechanism.

The small claim limit in Florida is 8,000.00. If there is a dispute where either party wants out the title company does not decide who gets the deposit, they await for a mutual agreement of both parties or a determination by the court. Under 8k it is small claims case.

Now am I a Google warrior and read something or have an opinion? No, to the contrary I had a dispute with a buyer that changed their mind so I went through the process and prevailed. This was less than 12 months ago.

Now what if this was 10k, well it is not a small claims case. Legal costs would eat up most of it. So, as they say experience talks.
That makes sense if you are willing to sue for the earnest money. I wouldn't be. But, if someone offered to buy my house with a 2K or 5K earnest check, I would reject the offer. I remember, during the 2006 housing bubble, a guy in Virginia wrote earnest checks for $1,500 on 3 different houses. Then, a few weeks later, he just defaulted on 2 of the contracts.

[ilvgolf]

Thinking of buying a FSBO. Do I need a lawyer or can a Title Company draw a contract.
? Who holds the earnest money? Do Property Management companies handle fsbo? Thanks

You can get a contract from a Title Company and the TC will hold escrow money. I deal with Atlas Title on 466 just across from Walmart and next to Compass Storage. They are great and can tell you exactly what you need to do. I have used them twice and they were great.
:a040:

[Penglobal]

Simple question -

When buying / selling a home by owner, how is a "fair" price obtained without using the services of a real estate agent ?

[retiredguy123]

Simple question -

When buying / selling a home by owner, how is a "fair" price obtained without using the services of a real estate agent ?
Any real estate agent will do a market analysis for your house and give you an opinion of the market value for free. You don't have to hire them to sell the house.

If you are a buyer, you don't want to ask the seller's agent how much the house is worth.