{"id":4786,"date":"2022-10-26T15:07:23","date_gmt":"2022-10-26T15:07:23","guid":{"rendered":"https:\/\/cloud03.titletapsites.com\/testblog\/?p=4786"},"modified":"2023-04-10T21:01:36","modified_gmt":"2023-04-10T21:01:36","slug":"for-sale-by-owner-lawyer","status":"publish","type":"post","link":"https:\/\/cloud03.titletapsites.com\/rocketmatter-b\/for-sale-by-owner-lawyer\/","title":{"rendered":"For Sale By Owner Closing, Do I Need a Lawyer?"},"content":{"rendered":"<p>Every year over 200,000 home sellers decide to sell their homes without the use of a real estate agent. These transactions are known as for-sale-by-owner or FSBO home sales.<\/p>\n<p>Owners selling their homes without a real estate listing agent may sell their homes to buyers who are represented by a buyer\u2019s real estate agent. In some cases, neither party has any representation, and they are negotiating contracts, inspections, and closing requirements completely on their own.<\/p>\n<h2>Title Companies and Title Agents<\/h2>\n<p>According to the website https:\/\/www.forsalebyowner.com\/, in most states, a title company is sufficient to manage all facets of the closing, including title searches, documents, and funding. The Title Agent will conduct a title search, offer title insurance, manage escrow, put together the settlement documents, and supervise the signing.<\/p>\n<p>While the Title Agent will ensure all parts of the transaction are completed properly and legally, they are a neutral party. They have no obligation to communicate any liabilities or advantages among parties. The transaction is secure, yet neither party have a professional protecting their interests.<\/p>\n<h2>Attorneys<\/h2>\n<p>In states where a lawyer is required in real estate closings, both parties must secure attorney representation in order for the sale to be completed. According to <a href=\"https:\/\/www.forsalebyowner.com\" target=\"_blank\" rel=\"noopener\">forsalebyowner.com<\/a>, \u201cmany customers hire a Real Estate Attorney to protect their interests throughout the real estate transaction. A lawyer can act as an escrow agent for down payments, evaluate any complicated offers from potential buyers, and handle closings.\u201d<\/p>\n<p>Data collected by the<a href=\"https:\/\/www.nar.realtor\/research-and-statistics\/quick-real-estate-statistics\" target=\"_blank\" rel=\"noopener\"> National Association of Realtors<\/a>, NAR, indicate that FSBOs accounted for 7% of home sales in 2020. While that is a small segment of the 5.6 Million homes sold, it still represents hundreds of millions of dollars in real estate transactions. The median price for a home sold by the owner in 2020, was $260,000.<\/p>\n<p>NAR also found that 57% of all buyers of for-sale-by-owner homes, knew the sellers prior to entering into a real estate transaction. That means that 43%, roughly 170,000 for-sale-by-owner transactions were completed by strangers. Strangers who have to navigate a complex process of negotiation, documents, and deadlines to successfully exchange hundreds of thousands of dollars for a home.<\/p>\n<p><strong><a href=\".\/real-estate-attorney\/\">Browse more real estate law articles<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Every year over 200,000 home sellers decide to sell their homes without the use of a real estate agent. These transactions are known as for-sale-by-owner or FSBO home sales. Owners selling their homes without a real estate listing agent may sell their homes to buyers who are represented by a buyer\u2019s real estate agent. In&hellip;<\/p>\n","protected":false},"author":11,"featured_media":4901,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[30,32],"tags":[36,31,33,37],"class_list":["post-4786","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-real-estate-law-old","tag-for-sale-by-owner","tag-real-estate-attorney","tag-real-estate-law","tag-short-sale"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>For Sale By Owner Closing, Do I Need a Lawyer? - The Law Firm<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cloud03.titletapsites.com\/rocketmatter-b\/for-sale-by-owner-lawyer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"For Sale By Owner Closing, Do I Need a Lawyer? - The Law Firm\" \/>\n<meta property=\"og:description\" content=\"Every year over 200,000 home sellers decide to sell their homes without the use of a real estate agent. These transactions are known as for-sale-by-owner or FSBO home sales. Owners selling their homes without a real estate listing agent may sell their homes to buyers who are represented by a buyer\u2019s real estate agent. 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