It may seem like a dream scenario. You’ve decided to put your vacation home on the market, so you invite your best friend over to spend one last weekend there. They love the place and offer to buy it for the price you’d hoped to get.
To be able to sell a home without paying a commission to a real estate agent and go through all the fuss of showing it certainly can save you time, money and stress. However, it’s crucial not to cut too many corners. This is still a large and complex legal and financial transaction. If it’s not done right, it could end up in a nasty and costly court battle or you could end up paying fines or dealing with other regulatory consequences.
Why you need professional guidance
In Connecticut, most real estate closings require attorneys. However, if you sell a home without a real estate agent, it’s wise to get legal guidance as early as possible to help ensure that everything is done according to state law throughout the entire process.
There are a lot of documents involved. If they’re not correctly prepared and executed, the buyer could potentially challenge the transaction later. Further, you need to make all necessary disclosures required by law. You also need to know and protect your rights throughout the transaction. Even if the buyer is paying cash and doesn’t need to get pre-approved for a mortgage, it’s crucial to ensure that the funds they’re using are available.
Even if you’re selling a small cabin in the woods or a beachfront condo, real estate transactions are filled with potential land mines if not done correctly. Having legal guidance – particularly if you don’t bring in a real estate professional – can help things go as smoothly as possible.