For sale by owner real estate closing attorneys
We represent sellers in for-sale-by-owner (FSBO) real estate closings. For those sellers who prefer not to pay a real estate agent to list a property or sellers who have already found a buyer, a for-sale-by-owner closing can present a number of legal challenges. The process for selling real estate in Chicagoland can be complex, difficult, and time intensive. Because most sellers don’t sell real estate any more than every few years, the many customs, multitude of paperwork, and obscure legal requirements encountered in a typical real estate sale closing transaction can be confusing and overwhelming to many sellers. As a result, sellers will typically hire a real estate attorney to assist with the sale transaction.
At Reda | Ciprian | Magnone, LLC, we want to help home sellers understand and navigate their real estate sale with honesty and diligence. We strive to provide FSBO sellers throughout Cook County, Lake County, and DuPage County with the documentation, legal advice, and guidance they need to complete a successful real estate closing.
Chicago and Illinois FSBO real estate closing sale lawyer services
To be sure, there are cost-savings to be realized by selling a home without the assistance of a real estate agent, however, the transaction is still a serious legal matter (perhaps more so) and should be treated as such. We provide our clients with the proper legal documentation necessary for a FSBO sale. This usually means we will provide an initial, partially filled contract (for the seller to make available to prospective buyers so that those buyers might make an appropriate offer on a commonly recognized contract form) along with making a determination as to what other disclosures should be available to prospective purchasers such as the Illinois Residential Real Property Disclosure Report, Lead-Based Paint Hazard Disclosure and Pamphlet, Radon Hazard Disclosure and Pamphlet.
Services provided by our lawyers to sellers in a typical FSBO transaction:
- Drafting and/or review of sale contract and discussion of terms and possible amendments
- Drafting required disclosures to have on hand for prospective FSBO buyers
- Negotiation of home inspection contingency items
- Review title commitment and arrange for clearance of title
- Order loan payoff letters
- Order paid assessment and other condominium disclosures
- Arrange for clerk to obtain water certifications / zoning certifications (Chicago)
- Track buyer contingencies
- Advise on other municipal transfer requirements
- Draft closing package, including deed, affidavit of title, and bill of sale
- Review closing documents and settlement statements
Check out our blog post about common FSBO closing documents.
How we work
Contact us to discuss the process, our services, and how we would bill for your for sale by owner transaction. Many transactions, including most for-sale-by-owner transactions, are handled on a fixed fee basis. Hiring an experienced Chicagoland real estate closing gives a seller peace of mind that someone with regular knowledge of the process is guiding the closing process and increases the chances of a successful closing. Give us a call to see if we are a match to help you with your FSBO closing.