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Rather than using a RE attorney, what do you think is fair to pay a Realtor to handle the paperwork on a FSBO when the buyer has an agent and seller is the FSBO?
Realtor I'm thinking of asking will be representing me on the home I will be buying.
When a FSBO already has the buyer and just needs paperwork, I charge 1% (depending on price point, it might be more or less). Keep in mind that as soon as an agent touches a transaction, they have to put errors and omissions insurance on it, so it's not like $100 covers things. The agent is open to all liability for the entire transaction.
When a FSBO already has the buyer and just needs paperwork, I charge 1% (depending on price point, it might be more or less). Keep in mind that as soon as an agent touches a transaction, they have to put errors and omissions insurance on it, so it's not like $100 covers things. The agent is open to all liability for the entire transaction.
For that price point, I would probably do $3500-4000. It's not just the insurance and helping with the contract. It's helping to get the buyer to closing too. And if there are negotiations after inspections, that's also work.
The buyer has an agent and it will be in that agent's best interest to make sure the deal happens. All you need is to legally protect yourself and that can be done with a real estate attorney. Sign nothing unless your attorney OK's it.
The buyer has an agent and it will be in that agent's best interest to make sure the deal happens. All you need is to legally protect yourself and that can be done with a real estate attorney. Sign nothing unless your attorney OK's it.
Do title companies handle closings in your area? That would probably be the least expensive way to go. Otherwise, I'd recommend that you use a real estate attorney to handle the closing.
Do title companies handle closings in your area? That would probably be the least expensive way to go. Otherwise, I'd recommend that you use a real estate attorney to handle the closing.
Thanks everyone! I will call around and find an attorney. Although the offer is coming in from an agent the "buyer" is an attorney which makes me nervous.
Although the offer is coming in from an agent the "buyer" is an attorney which makes me nervous.
As it should. If an attorney is involved, it's best to have an attorney on your side.
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