DISCLAIMER: The content of this guide is not legal advice. I make no claims, guarantees, or promises about the adequacy, completeness, or accuracy of this guide. There is no substitute for the advice of competent counsel which is tailored to your specific situation, and this guide is in no way a substitute for it. Furthermore, this guide will only be useful to you if you are selling your property in the State of Illinois.
In my practice, I have encountered a number of individuals who, for a variety of reasons, are selling their homes without the use of a real estate professional. These transactions sometimes take the form of sales from one friend or relative to another, or the luck of having someone express interest in purchasing the property unbidden.
The best contacts and resources to help you get it done
Choose and retain your attorney as early in the process as possible.
There are a number of methods by which one can find an attorney: local and state bar associations' referral services, telephone directories, and referrals from friends or coworkers are just a few examples. Be sure to seek out an attorney who represents real estate clients as a significant portion of her work
I recommend: - Ask friends and coworkers for recommendations
- Contact your state or local bar association's lawyer referral service
- Look in your local telephone directory
- Visit the website of an organization for real estate attorneys, like the
Illinois Real Estate Lawyers Association, for example.
- Call more than one attorney you've identified, explain to her that you're selling "by owner" and ask them to detail the services they provide in connection with such transactions, and how much they will charge you for these services. Make sure you're clear on what's included in that fee and what isn't.
- Once you've decided to retain a particular attorney, let her know right away, and, if necessary, ask to schedule a meeting with her to go over any issues that you need addressed before proceeding with the transaction.
Get your contract, and get it signed.
Since you have the luxury of having identified both your buyer and your attorney already, ask your attorney to prepare a Purchase Contract for you and the buyer to sign.
I recommend: In Illinois, your attorney may use the
Multi-Board Residential Real Estate Contract 4.0. Be sure to have your attorney review the contract with you in detail, and have her identify for you what will need to be signed, initialed, filled out, and otherwise taken care of at the time the contract is signed.
Deliver the contract to your attorney as soon as possible
Once you have a signed contract, get it (or a copy of it) to your attorney as soon as possible, as there will likely be deadlines that need to be met. You'll want her to start working on your file right away so that you don't miss any of those dates.
I recommend: Um, so work.com requires that you put a link in each step, so here you go:
You can deliver your signed contract, or a copy of it, to your attorney by:
- hand delivering it
- mailing it via the
US Postal Service- sending a scanned copy of it by
e-mail
Stay in contact with your attorney
Once you've delivered the executed contract to your attorney, you're pretty much done with the respects in which a "by owner" transaction differs from transactions which involve real estate pros. Stay in contact with your attorney's office to make sure everything goes smoothly, and to make sure that the transaction will close on time.
I recommend: Using the
telephone to call your lawyer if you have any questions or concerns about your transaction.
There, got my required link in again!
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