Thinking of Selling Your Home Yourself? What Every ‘For Sale By Owner’ Seller Needs to Know About Real Estate Laws.
With an active real estate market, many people like to try selling their own homes without a real estate agent. Ohio law does not require you to hire an agent, so FSBO is completely legal. However, before you venture on your own, you must learn the legal regulations that oversee real estate transactions in Ohio. There are many forms to fill out, requirements about who can conduct the actual transaction and who must all sign the formal paperwork.
Some things to consider:
– State law (Ohio Revised Code Section 5302.30) requires that Ohio sellers provide buyers a disclosure form, which includes “material matters relating to the physical condition of the property” within the seller’s knowledge.
– If your house was built before 1978, you must comply with federal Title X disclosures regarding lead-based paint and hazards.
– Understanding representations made in real estate contracts that could have legal implications even after the sale.
– Making sure that the piece of property is not subject to liens or other impediments that may delay or prohibit a sale of property
An experienced real estate attorney can help you draft a lease agreement if you plan to rent the home back for an extended period of time after the home closing. An experienced attorney can also help if problems show up on the title report. Painter & Associates have helped numerous FBO clients navigate the process of selling real estate in compliance with the law all the while avoiding high, and sometimes unnecessary, realtor fees.
If you are thinking of selling your home ‘For Sale By Owner,’ contact the experienced real estate law team of Painter & Associates.