Legal Question in Real Estate Law in Florida
selling a property yourself and property is in another state
To Whom It May Concern:
I would like your opinion on selling a condo yourself which is located in Florida if you live in Pa. Is it a good idea? How is it handled? How much of an initial deposit is required? How is the agreement of sale handled? Can a realtor handle it for you with no problems? I have a possible buyer. Does the realtor go to settlement? Is it handled by mail or do I have to go to Florida? Do you know the fee charged by a realtor to do this? Would the buyer send me the deposit or would it go to the realtor? Should the realtor be at settlement? How can I be reassured of a smooth process? Any other information you can give me would be greatly appreciated. Thank you.
2 Answers from Attorneys
Re: selling a property yourself and property is in another state
If you have a buyer at the purchase price you want, why would you retain a realtor and give up 6% of the purchase price? A realtor is hired to help you market the property to locate a buyer, if you already have the buyer, then what you need is a real estate lawyer to prepare the contract and assist you with closing. The lawyer will cost you far less than the realtor, and you actually will need the lawyer to prepare the seller's documents (deed, bill of sale, etc.). If your buyer fails to materialize, then a realtor might be a good idea. Being in PA is no problem. The closing can take place by mail. If you wish to discuss this matter in more detail, call my office 305-424-0236.
Re: selling a property yourself and property is in another state
NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.
In order to sell your real property at least six (6) legal documents will have to be prepared at closing, not to mention the Contract for Sale and Purchase. I have experienced some of the worst nightmares when individuals tried to do this without representation and then came to my office very upset when things went very different than anticipated.
Realtors are prohibited by law from preparing these documents for a client. If they do, they are guilty of a crime - the unauthorized practice of law. Besides, why would you want to pay a realtor a commission equal to an amount up to 6% of the selling price when you can retain a competent attorney for a reasonable amount?
I strongly encourage you to retain the services of a competent attorney who can work with you on this matter and help you close on this transaction.
Scott R. Jay, 305-249-8000
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