While it’s certainly possible for you to sell your property without hiring a real estate attorney, we strongly suggest that you, as a FSBO, hire a real estate attorney. The Offer to Purchase and Purchase & Sale Agreement are legally binding contracts which outline the rights and responsibilities of both the buyer and seller. These documents should be reviewed, and in the case of the Purchase & Sale Agreement, prepared by a licensed attorney. Moreover, in Massachusetts it is the obligation of the seller, or their representative, to prepare the first draft of the Purchase & Sale Agreement. Lastly, the buyer and/or the buyer’s creditor (i.e. lender) will most certainly be represented by counsel. The peace of mind that a licensed real estate attorney provides throughout the FSBO selling process will far outweigh the cost. So should you hire a real estate attorney? Yes, limit your liability and exposure and hire a real estate attorney.
Posted in: Flat Fee MLS Entry Only Listing Basics