Who prepares documents for FSBO?

Question

Interested in purhasing FSBO- how should the documents be prepared, such as the purchase and sale agreement?  Is it best to go through an attorney or are their better options?

Russell Brazil · Answer

Attorney or agent.

Jonathan Minerick · Answer

From a cost standpoint, a transaction coordinator will probably be your best bet, assuming you and the seller agree on the terms. Real estate attorneys are great, but probably overkill.

In addition, transaction coordinators are usually more familiar with the standard contracts/disclosures that are used. It's not a knock against real estate attorneys, it's just that transaction coordinators are more well versed with a typical transaction whereas the attorneys seem to be more appropriate in complex scenarios.

Jeff Schwarz · Answer

Get a real estate attorney, not just any attorney.  They can handle everything for you, of course for a fee.

Lien Vuong · Answer

Sounds like neither side is being represented by a formal agent/broker? In that case as soon as you negotiate price and terms you're happy with you would relay it to an attorney (your side and selling side have two different ones).

Attorneys in MA as automatically brokers so they're well versed in RE law and practice so I would check that they know how to specifically structure your deal.

Chances are, the seller is paying a buyer's agent fee so if you can find a good one to represent you in the deal that would most definitely be in your best interest to do so.

Greg Dickerson · Answer

@Hen Ley you would write the contact and then submit to a title company or closing attorney to take it from there. If you are unsure how to do that you can get the attorney to draft it for you for a nominal fee.