Legal Services for Private Sales
Want to sell property privately? When you opt for a private sale vs real estate agent, you save thousands in commissions. Our licensed real estate lawyers work with you to make your private sale a success. We prepare offer to purchase real estate forms for private sales while you wait.
What is a Private Sale in Real Estate?
Selling your own home is perfectly legal in Ontario. You can do all the work yourself or pay for only those services you need when you market your home as for sale by owner. For just a few hundred dollars more, any registered Ontario real estate agent can put your home on local Multiple Listing Services (MLS). Using the MLS to list properties for sale advertises your property to home buyers throughout Ontario, without the expense of hiring a real estate broker.
3 Ways to Save When You List Your Own Home
Selling your own home gives you control over the sales price, open houses or showings. You decide how long you keep your home on the market. Unlike sales agreements with realtors that lock you into listing for three months or more, as a private home seller you set your own terms and conditions.
You already know that private sales eliminate most real estate fees. You can save three ways when you list your own home:
- By listing with zero commission services like For Sale by Owner.
- By hiring a fixed-fee GTA realty service like Purplebricks.
- By posting a sign on your lawn to sell it yourself.
How Private Home Sales Work
Here's how private real estate sales work in Ontario.
Zero commission sites like For Sale by Owner (fsbo.ca) give you a MLS listing, custom lawn signs and social media shares. You pay a low flat fee and get basic services that reach more potential buyers.
Fixed-fee services like Purplebricks' licensed Ontario real estate agents charge a small upfront fee when you sign on and a modest flat fee when your home sells. You pay about a third of the cost of a traditional realtor.
If you're really determined to sell yourself, using social media, lawn signs and word of mouth can help you find potential buyers.
Pros and Cons for Private Home Sellers
Private home sellers have good reasons to be a DIY sales force. Realtors may try to influence you to ask for a price you don't agree with. As a home seller, you can charge what you think your home is worth, all while working around your busy schedule and family demands.
When you list a private sale by owner, you control every part of the sales process except the legal requirements. While you may still have to pay buyer's agents incentives to show your home, you keep the money you would have paid for most realtor services.
If selling privately doesn't work out, you can always list with an Ontario realtor. REALTORS® have sales skills and experience to handle your sale professionally. That means less fuss and bother for you. They see thousands of buyers every year and know who is in the market for properties nearby yours. Their negotiation skills and network of real estate colleagues may get you a higher price or sell your home quicker.
Why You Need a Real Estate Attorney
Emailed real estate offers and even verbal sales agreements can be legally binding. While you can make handshake deals with private real estate buyers, how do you know if they will stand up in court if buyers back out? Axess Law real estate lawyers are the inexpensive way to get professional legal help to complete private sale real estate forms in Ontario.
Using real estate agents to get advice on offers to purchase can cost you dearly. While realtors can help you change terms and conditions on an agreement of purchase and sale, only legal advice from a licensed lawyer protects you if a buyer changes their mind.
Axess Law Ontario advises you what to do if sales deals fall through, whether or not it's your fault. We help you settle out of court, file small claims court applications or take legal action on real estate transactions.
Avoid Common Legal Problems for Private Home Sales
Lack of due diligence is a common problem in for sale by owner real estate deals. Our convenient flat fee legal services help you avoid legal pitfalls of selling without a realtor. Having our Greater Toronto Area attorneys review your deal before it's final gives you the assurance it is valid and binding.
We put your mind at ease about sellers' rights and responsibilities in private sale transactions. Axess Law does all the paperwork to ensure your sale is legal and completed quickly and efficiently.
We draft standard real estate forms, conduct title searches and check for liens that can tie up your home sale in costly and annoying lawsuits. We tell you in advance what your costs will be and quote you a single, all-inclusive fee.
Get Legal Advice on Buyer Changes
Home inspections protect you as the seller but can drive buyers away over small defects that could cost money to repair. Axess Law's lawyers can draft agreements of purchase and sale to make your deal more attractive to reluctant buyers.
Repairs to structural defects like a leaky roof, replacing outdated wiring or remediating hazards like asbestos can lead to requests to shave thousands of dollars off your asking price. Only you can decide to accept a buyer's counter offer. Our experienced real estate lawyers advise you if it is legal and redraft the documents needed to close a pending real estate sale on time.
Lending to Private Buyers
You may have an assumable mortgage or be in a position to offer private mortgage loans to buyers. If you are interested in helping buyers get a mortgage or open to rent-to-own agreements, ask for legal advice from Axess Law first.
Assuming a mortgage can make sense if you have years left to go or can offer your own attractive interest rates to potential buyers. Be aware, transferring your mortgage debt to a buyer makes you liable for the first 12 months if a buyer defaults. Our real estate law professionals work with your bank to confirm buyers are approved for mortgage financing before discharging mortgage obligations.
If you are buying another property, we prepare legal documents lenders need to discharge existing mortgages or port a mortgage to your new home.
Book Online for Private Sales Legal Advice
Our remote legal services online let you sign offers to purchase without leaving home or you meet us in person at any of our Greater Toronto Area law offices.