We handle off-market deals all the time where our client is purchasing directly from the homeowner or selling directly to a buyer in a For Sale By Owner transaction. Often our client found the home or a buyer found their on Zillow or Craigslist or they’re a tenant buying from their landlord. For FSBO deals our services include:
drafting the purchase & sale agreement (i.e., the offer),
advising you through the initial negotiations (our client can take the lead or we can step in at any time to deal with the seller directly),
advising you through the inspection, financing, and title review and any other contingencies that apply,
coordinating title and escrow,
reviewing closing documents with you before you go in to sign (this is one of the nice benefits of having an attorney involved), and
all the phone calls and emails to discuss the various issues that come up during the transaction.
$2,500 flat fee – We offer a $2,500 flat fee for clients who have found the house they want and are highly confident the deal will go through. This is important because our fee is paid up front and is not contingent upon the deal successfully closing.
Our flat fee clients have almost always toured the house already and have often nailed down a price with the seller or at least had an initial discussion about price. Our flat fee includes general advice on determining an appropriate price but does not include a comparable market analysis (“CMA”) since that is beyond the practice of law. We can provide a CMA through our affiliated brokerage company WaLaw Realty LLC for an additional $250.
Ultimately, our flat fee clients usually know with a high degree of confidence that the price will be acceptable. For clients who aren’t so confident or are concerned about inspection or financing, we offer a 1% contingent fee to mitigate the risk of the deal falling through.
1% Contingent Fee - Our 1% contingent fee option is for clients who are pretty sure they’re going to buy the house but still have some concern that a bad inspection, low appraisal, or other issue could derail the deal. For that reason, they really don’t want to come out of pocket for an attorney. With our 1% contingent fee option, we will be paid 1% of the purchase price if and only if the deal successfully closes. If you don’t close, you don’t pay. If you do, our fee will appear on your settlement statement as one of your closing costs.
If you’d like we can include a term in your offer for a seller closing cost credit large enough to cover some or all of our fee or a larger amount to cover additional closing costs. The seller is not obligated to agree to such a credit but many sellers will if the net sales price is acceptable.
We handle MLS listed properties in collaboration with our affiliated brokerage company, WaLaw Realty LLC and do not offer our 1% attorney-only service on such properties. However, we are willing to consider offering this service on an MLS listed property under certain, very limited circumstances. Call for more information.