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Drafting For-Sale-By-Owner Contract

Real Estate Contract Attorney | Charlottesville, Virginia

Drafting your own contract to buy or sell real estate is tricky business.  General internet forms are available, but there are many Virginia specific nuances that will be overlooked unless you do this for a living.  Don’t get caught short after the contract is signed. We can help. Call us.

Russell N. Kruse – Real Estate Contract Attorney

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Four frequently asked questions about VA For-Sale-By-Owner contracts

1. 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.

2. 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 6% of the sales price. For instance, if you are selling a $300,000 house, the commission at 6% would be $18,000.

3. 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. 

4. 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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We have two offices conveniently located in Charlottesville and Palmyra (Across from Food Lion), Virginia for your real estate contract review and settlements.  Please note: We don’t handle real estate settlements in our Harrisonburg office.

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