FOR SALE BY OWNER
In today’s tight economy, many homeowners try to sell a house without listing it through a realtor. This For-Sale-By-Owner (or “FSBO”) sale can save you thousands in commissions. However, important legal issues arise when you sell your home.
Iowa law requires that the seller provide a written disclosure statement to a purchaser. The seller’s disclosure statement is required even if a property is being sold in “as-is” condition. The purchase agreement should contain the specifics of the transaction, such as the sales price, the closing date, the financing terms for the buyer, and any special contingencies, such as seller-paid closing costs or the sale of the buyer’s home.
Once you have a buyer, you should locate your original abstract to your property. The abstract of title must be brought up to date and the buyers and sellers must be searched to identify any adverse liens and judgments. The abstract will then be examined by an attorney on behalf of the buyer.
Once a title opinion has been generated, you will need to execute a deed and other supporting documents to transfer title to the new buyer. The recording statutes have very specific requirements for the format of the deed and is it vital to correctly vest title. The deed must be accompanied by a declaration of value, which is delivered to the local Assessor’s Office.
Selling a home involves more than shaking hands on a price. Finding a buyer is only the first step through the legal process. Contact the experienced real estate attorneys at Abendroth Russell Barnett Law Firm to assist you in buying or selling your home.