Caveats (How To Avoid Being Sued) [back]

It is important to remember that the tricky side of selling your property as a FSBO has always been the legal aspects of the sale: putting together the proper paperwork, handling the necessary disclosures, finalizing the purchase agreements, holding funds in escrow, changing over the deeds and many other vital procedures.

If you have the representation of a licensed Real Estate broker that fails to protect you legally, you can sue the company. On the flip side, as a FSBO you are committed to the liability yourself - the only one responsible is you. You are claiming to be capable of doing as good a job as the Real Estate professional, and if you don't handle things appropriately, the buyer is going to come after you.

Below are fifteen important things to have in place to avoid law suits:

• Seller's disclosure completed
• Escrow account set up
• Use a legal purchase/sales agreement
• Use the services of a reputable title/mortgage/escrow company
• Pull all permits
• Follow all rules for signage and marketing
• Make clear in writing what is and is not included
• Have survey done
• Maintain consistent/regular communication with all parties involved
• Avoid discrimination
• Invest in a home warranty
• Document all communication in writing
• Hire an attorney who specializes in real estate
• Keep all documents
• Hire a professional Real Estate agent

Pay close attention to current laws and bilaws to avoid being sued!

Brian Serpone can be reached in the Harwich office of Today Real Estate at 508-568-8104.