For Sale by Owner: What Deadlines To Expect During the Sale of Your Home and Why They’re Important

Selling your home is a major undertaking, which is why most people hire a realtor to handle everything from the largest tasks to the smallest details. 

However, every realtor’s expertise comes at a price, sometimes up to six percent of the home’s selling price. This is the main reason that more and more people are opting to sell “by owner” rather than by realtor. But where do you even begin in the process of achieving a successful For Sale by Owner (FSBO) transaction? 

First, it’s important to identify and understand the deadlines that you face as you work to sell your home independently. Selling “by owner” does not exempt you from the legal procedures, disclosures, and other legalities required in all real estate transactions. 

Step 1: The Offer Contract

Most states offer real estate purchase contract templates that contain standard conditions and terms. Using one of these templates will help you meet regulations in your state as you negotiate a purchase contract with a buyer. Legal remedies are integrated into these templates, so you don’t need to have a legal background to keep yourself protected. 

Just keep in mind that you’ll encounter deadlines for required disclosures, inspections, and other tasks. If you miss those deadlines, your buyer can back out of the deal and get their good faith deposit back in full. 

Step 2: The Escrow Process

You’ll need to check whether your state requires all real estate transactions to use escrow services. If so, you will need to open escrow with the contract and a good faith deposit of anywhere from one to three percent of the purchase price. 

As the seller, it’s also your responsibility to order title reports, purchase title insurance, and provide disclosures of known property conditions, upgrades, hazards and nuisances. Every step of this process bears its own deadline. It’s critical to keep track of these deadlines, so you don’t miss disclosure or inspection periods that put your deal in jeopardy. 

Step 3: Finalizing Paperwork

Finally, it’s time to complete paperwork, whether through escrow or using a notarized grant deed with your county’s recorder’s office. 

But don’t worry, you don’t need to navigate FSBO transactions alone! Benefit Title Services, LLC, located in Tampa, Florida, will guide you through every step and deadline. Call Benefit Title today at (813) 251-1420 to enjoy a smooth and stress-free home selling experience.