For Sale By Owner (aka "FSBO") Transactions.

The following scenario plays out in the Kenosha area almost every day: A property owner decides to market his or her property without a real estate agent. An interested buyer schedules a viewing with the seller. Buyer and seller discuss purchase price, maybe a closing date, and not much more. A general agreement on price is reached verbally, and the parties shake hands, look at each other and say "OK, now what?" For both buyer and seller, there is important work...legal work...to be done.

Unlike other forms of contracts which can be verbal, an agreement to buy or sell real estate MUST be in writing to be valid. Typically the buyer is responsible for presenting the written offer to the seller. So who is going to prepare that document to insure that it is accurate, clear, and creates a legally enforceable contract that protects the buyer's interests? Should the buyer attempt to draft the contract using a generic form downloaded from the internet, or just whip something up using a few "legal sounding" terms he or she may have heard somewhere? A very risky course of action, to say the least!

On the other hand, who is going to advise the seller regarding the buyer's offer and perhaps prepare a counteroffer? And who will take care of the seller's legal responsibilities for preparing the deed, closing statement, title insurance, transfer return, etc., and making sure everything is ready for closing and the seller's interests are legally protected? Should such important responsibilities be delegated to some non-legal professional who lacks the authority and expertise to provide legal protection and advice to the seller?

A real estate transaction is a legal matter, with much at risk on both sides. The contract controls the entire transaction, and must be properly and carefully drafted in order to avoid conflicts, misunderstandings, and performance issues. And once the contract is signed, competent legal advice is required to guide the buyer through the maze of complex legal documents involved in the purchase and financing. Likewise, an experienced attorney will counsel the seller and coordinate, review, or prepare all documents that a seller is required to provide to the buyer as a prerequisite to closing, all the while keeping the seller's interests in mind.

Whether buying or selling in a FSBO transaction, Guttormsen Law Office can offer the experience and expertise required to insure that your obligations are being met and your legal interests are protected. As a licensed title insurance agent, we can also provide the title insurance with the enhanced level of competence that only an experienced real estate lawyer can offer, so it is not necessary to involve another business entity in an already complex process.

A more detailed explanation as to why it is in your best interest to engage the services of an experienced real estate attorney in Kenosha, Wisconsin, and Guttormsen Law Office, LLC in particular, can be found in these Frequently Asked Questions (FAQs).

At Guttormsen Law Office, we offer the following services, and more, to buyers and sellers in For-Sale-By-Owner (FSBO) transactions:

On behalf of Seller:

Personal conference with client; review of Offer to Purchase submitted by buyer; preparation of any counteroffers or amendments to contract; monitoring of buyer's progress with financing and other contingencies; preparation of Real Estate Condition Report; assistance with obtaining survey and/or other required disclosure reports; ordering of title insurance; preparation of closing statement and obtaining all information required for computations; review and analysis of title insurance commitment; preparation of Deed and Wisconsin Real Estate Transfer Return (RETR); attendance at closing; recording of documents if necessary; all communications required with client, buyer, title company, closing agent, and other third parties.

On behalf of Buyer:

Personal conference with client; preparation of Offer to Purchase; review and preparation of any counteroffers; communications with lender for coordination of closing and resolution of all financing issues; review of title insurance commitment, closing statement, deed and RETR in advance of closing; assistance with satisfaction of contingencies; resolution of contract or performance issues prior to closing; attendance at closing and explanation of loan documents and closing documents; review of final title insurance policy and recorded deed; all communications required with client, seller, title company, lender, closing agent, and third parties.

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