Home Sales Without a Realtor: Documentation for FSBO Florida Transactions
Selling a home without the assistance of a realtor, commonly known as a “For Sale By Owner” (FSBO) transaction, can be a rewarding endeavor for homeowners in Florida. FSBO Florida transactions require careful planning and thorough documentation prepared by an experienced attorney to ensure a smooth and legally compliant transaction. In particular, there are key documents homeowners need to prepare when selling their home without a realtor in the State of Florida.
Essential Documentation for FSBO Transactions
When selling a home without a Realtor, it still is important to partner with the right real estate attorney. This is due to the sheer amount of legal documentation that is required in order to effect the sale of a house in Florida. Below is a listing of these documents and the information that each contains.
1. Property Deed:
- A legal document describing the type of conveyance, property details, and the names of both the buyer and seller.
- Typically drafted by a lawyer to ensure accuracy and legality.
- Bears the signature of the person or entity selling the property.
2. Purchase Agreement:
- A legally binding document outlining the terms of the sale.
- Includes the purchase price, payment details, delivery of the property, buyer’s takeover date, and the official closing date.
- Drafted by a real estate lawyer for clarity and legal validity.
3. Closing Statement:
- Also known as a settlement statement, it details all financial debits and credits for both parties
- Provides a transparent breakdown of the financial aspects of the transaction.
4. Title Reports:
- Detailed reports resulting from a title search.
- Includes information on the property’s location, zoning laws, value, current tax details, titleholders, and any encumbrances like mortgages, liens, or recorded judgments.
“[Selling a home without a real estate agent] requires careful planning and thorough documentation prepared by an experienced attorney to ensure a smooth and legally compliant transaction.”
5. Mortgage Documents:
- Issued by the lender if applicable, detailing the terms and conditions of the mortgage on the property.
6. HOA Rules and Documents:
- Relevant if the property is part of a homeowners association (HOA).
- Includes rules and documents outlining the association’s regulations.
7. Home Warranty Insurance Documentation:
- Information from the home warranty insurance carrier, if applicable.
8. Home Inspection Report:
- Provides a detailed assessment of the home’s condition.
- Includes images and recommendations for potential buyers.
9. Additional Documents:
- Repair contracts and receipts.
- Recent utility and property tax bills.
Bringing in the Expertise of a Florida Real Estate Attorney
Handling the complexities of a real estate transaction without a realtor can be challenging, but an experienced Florida real estate attorney can streamline the process. They can draft, review, and organize the necessary documentation, ensuring that the transaction adheres to legal standards. Importantly, homeowners opting for an FSBO approach can avoid realtor fees, which in South Florida can be substantial, often reaching around 3% of the property’s value – a figure that can amount to significant savings, potentially $30,000 for many local properties in cities such as Coral Gables or Boca Raton.
South Florida Law
South Florida law is a full-service real estate closing law firm that can support both residential and commercial closings. In addition to being a closing attorney, South Florida law is also a title insurance agency. This makes South Florida Law a one-stop shop for all of your real estate transaction needs and an ideal partner for “for sale by owner” (FSBO) transactions..
South Florida Law, specializes in conducting title searches on the part of buyers and lenders to ensure the smoothest transaction possible. We also have extensive experience working with FSBO transactions throughout the state of Florida.
Our attorneys have years of experience in handling real estate closing-related matters to facilitate successful real estate transactions. Having our attorneys at your side in a residential or commercial property transaction gives you the advantage of proactive legal protection.
If you are looking for a real estate closing attorney or a title insurance agency to support your FSBO transaction, call us today at (954) 900-8885 or reach out to us via our contact form.
