FSBO properties are sold directly by the owner instead of through a real estate agent. If the homebuyer is working with an agent, the real estate agent must enter a written agreement, ensuring the buyer is aware of all service charges.
For Sale by Owner (FSBO) Contracts
While real estate agents are often instrumental in the home-buying or selling process, not all real estate transactions require their involvement. When buying or selling a house in Washington D.C., Maryland, or Virginia, you are legally required to have a licensed attorney.
Selling a Home Without a Real Estate Agent
Homeowners typically pay around 6% in real estate broker commissions when selling a home. This is due to the fact that sellers are paying the commission for the real estate agents on the buyer and seller side. FSBO contracts eliminate the seller-side commission, cutting the cost in half. 3% may not sound significant; however, if a home sells for $800,000, that 3% is equivalent to $24,000!
FSBO
FSBO Contracts – Our Process
Home buyers and sellers who already have the pricing terms contact us directly. We draft the contract utilizing information correlating to the following:
- Sales price
- Loan amount (if applicable)
- Whether or not it is an all-cash transaction
- Proposed settlement date
- Earnest money deposits
- Additional contract contingencies
- Pending home inspection
- Financing results
- Ability to exit the contract without penalty
DMV
Our DMV Real Estate Network
With over ten years of experience in real estate law, we work with real estate professionals throughout the District of Columbia, Maryland, and Virginia. As previously mentioned, real estate agents can play a crucial role in buying or selling a home. Our team is more than happy to work in concert with your real estate broker, ensuring a seamless process.
Additionally, we have built long-lasting relationships with inspectors, appraisers, and other real estate professionals.