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For-Sale-By-Owner Contracts

Real Estate Contract Review 

Virginia contract real estate attorneys with offices in Charlottesville, Harrisonburg and Lake Monticello

How we help with real estate contract matters

Our Charlottesville attorneys represent individuals and businesses, drafting contracts that are clear, concise, and designed to achieve our client’s goals. Clients also seek our review of existing documents to ensure their rights are protected and that they are operating in compliance with state and federal laws and regulations. Our Virginia litigation experience is invaluable in creating solid legal documents because we can often anticipate and counteract problems before they occur. When disputes do arise as the result of a contract breach or alleged breach, our insightful attorneys represent clients in all aspects of contract litigation.

Frequently asked questions about Virginia contract law

What is breach of contract?

When parties form a contract to perform specific duties, they are obligated by law to perform them. Failure to perform contractual obligations can result in a civil action for breach of contract.

Does a contract have to be in writing?

Not always. Under the Statute of Frauds, adopted in some form in most states, contracts related to certain subjects must be in writing. These include promises related to land interests, promises in consideration of marriage, administrators’ promises to personally pay estate taxes, promises to pay the debt of another, promises that cannot be performed within a year, and promises for the sale of goods worth $500 or more.

What is a For-Sale-By-Owner contract (FSBO)?

A For-Sale-By-Owner contract is a contract to purchase and sell real estate when no real estate agent or broker is involved.

What is the benefit of using a For-Sale-By-Owner contract?

If you use a For-Sale-By-Owner contract when selling your home, you will avoid the Realtor’s commission, which is typically 5 or 6% of the sales price. For instance, if you are selling a $300,000 house, the commission at 6% would be $18,000.

Why should I hire an attorney to draft a For-Sale-By-Owner contract? 

An attorney can help protect your interests by drafting a contract to fit your specific needs and goals. An attorney will be well versed regarding the legal requirements, disclosures and contingencies that are required to be included in such contracts, and will also advise you regarding the specific language that should be included to most effectively protect your interests. An attorney will also be familiar with your localities real estate practices so you are informed regarding what is standard in your area. 

If I am presented with a For-Sale-By-Owner contract, should a hire a lawyer to review it before I sign? 

When conducting a For-Sale-By-Owner transaction, having an attorney review the contract could prevent potential issues, and facilitate a smoother closing.

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