[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]

Originally Posted by 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

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]

Originally Posted by 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

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]

Originally Posted by DAVES

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

[Toymeister]

Originally Posted by DAVES

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]

Originally Posted by retiredguy123

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]

Originally Posted by 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

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.