How Do I Minimize the Complexities Involved With Selling Residential Property?

Question. I am selling my house on my own. How do I handle someone making an offer? Should it be in writing? Should I have the lawyers for both sides handle it?

Answer. From time to time, owners of residential property choose to market and sell their residential property without the use of a listing broker. While the seller who acts without a real estate agent may save the expense of all or at least a portion of the real estate commission, the seller will need to obtain or prepare a Purchase Agreement and related disclosure documents, that are increasingly required for residential sales, to properly document the transaction. Under such circumstances, it is highly recommended that the seller confer with a real estate attorney or experienced escrow officer who will be able to assist the seller. Even if the seller has been approached by a potential buyer, the seller could still elect to retain an agent, at a reduced fee, to assist in the preparation of the sale documentation.

Many states have form residential purchase agreements. The forms may be available from escrow companies, title companies, or real estate agents. However, because of increased complexities of residential sales, including the disclosure requirements, the use of a standard form without the advice of a real estate professional is potentially devastating.Selling a home, which may represent a significant portions of a person's net worth should be handled with caution. Therefore, it bears repeating that a seller should confer with a professional who will assist in the preparation of the required sale documentation.