What Are the Risks of Fsbo in Illinois Without Any Lawyer?
Did you know that It isn’t required that sellers involve a lawyer in the house-selling transaction to have a real estate lawyer in the state of Illinois?
However, most sellers hire a certified attorney to streamline their real estate transactions. Selling your home is a complex and time-intensive task. Things get even more challenging if you are considering FSBO (for sale by owner) transaction. As the name suggests, the seller has to take care of the entire sale process—from contracts to closing.
Since FSBO transactions save you the agent’s commission, it’s become the most suitable option for sellers these days. How successful your real estate deal is and how much profit you earn from the transaction depends on who your attorney is. You can’t process any real estate deal without the legal assistance of a lawyer.
Here’s what happens if you execute an FSBO transaction without a licensed and professional attorney.
A home sale needs tons of paperwork, which must comply with the current real estate laws in Illinois. Only an expert legal advisor can draft the contracts and complete all your paperwork as required by the law.
With an attorney on your side, you can rest easy knowing that your documentation will be error-free. However, there’s a high risk of legal issues when you are working on the contracts, closing, inspection, and other matters without a lawyer.
Difficulty in Closing
Closing presents a set of challenges for the buyer and seller. What if the buyer is unable to finance the purchase? What if they find a defect in your property during the final inspection? What if they change their mind at the last minute? You can avoid these risks by working with a professional attorney. They make sure the closing goes as smoothly as planned.
Penalties due to Incorrect Seller’s Disclosure
Before the closing, a seller has to disclose all aspects of the home that affect its value. The buyer can sue you for not revealing the important facts about the property. These mainly include any defects, hazards, and any kind of nuisance. Just because the closing is over successfully doesn’t mean you are free. If the buyer finds any problem in the home that wasn’t disclosed during the inspection, they can sue you. Having an attorney handle the disclosure part will give you peace of mind. They know what things must be disclosed to the buyer.
Not able to Negotiate Properly
A deal without a real estate agent works only when you have an attorney to help you with negotiation. An attorney doesn’t only know the ins and outs of Illinois real estate laws, but they have excellent negotiation skills.
You must be very good at disclosing your property flaws and the good parts, but that doesn’t make you a negotiation expert.
People tend to think emotionally when selling their property. They end up making irrational decisions, which they regret later. An attorney knows the market conditions. They will help you get the right price for your house.