Some homeowners that are ready to put their home on the market like the idea of saving money by selling their home themselves. While AZ real estate lawyers don’t think this is the best way to save money and sell a home, they do want homeowners to be aware of the many facets of selling a home, the documents that are required and the basic knowledge that is needed for a successful sale. AZ real estate lawyers caution that if you do complete a For Sale By Owner without the proper paperwork or complete knowledge of a real estate transaction, it is highly likely you’ll violate several laws which will end up costing you in the long run. One frightening statistic that AZ real estate lawyers often site is that the number of lawsuits filed by buyers has risen drastically over the past several years. This isn’t something sellers want to get mixed up in.
So, what are some things that sellers should know before completing a FSBO? The contract used for the sale of the home must be written specifically for an Arizona residential transaction; a generic form off the internet simply isn’t going to cut it. Education and knowledge about escrows, title insurance, earnest money, the Affidavit of Disclosure and HOA disclosures are all just a few things that a seller must know like the back of their hand. Remember, AZ real estate lawyers say this is only the very tip of the iceberg. The amount of knowledge surrounding the transaction and required documentation is immense.
The best way for a homeowner to protect themselves legally and financially is by working with an AZ real estate lawyer or real estate agent to sell their home. Sure, saving a little money by not using an AZ real estate lawyer may sound appealing but statistics show that completing a FSBO doesn’t actually save money in the long run, especially if a lawsuit could be involved.
