Selling without a realtor in Peoria is a big decision. It’s important to understand for sale by owner legal requirements in Peoria, AZ. Without an understanding of the for sale by owner legal requirements in Peoria, AZ, you could face serious legal consequences.
To help you sell your home solo, we created this simple guide for you. It outlines the requirements under Peoria, AZ law that you’ll have to meet in order for the sale of your home to be free and clear of potential liability. It can seem overwhelming to think about all the things you need to do to sell a house on your own. But if you know what to expect ahead of time, you can succeed.
What to Know Before You Dive in
Firstly, it’s up to you whether or not to hire a real estate attorney to help guide you with your transaction. While not required by state law, it’s always a good idea to consult an attorney when hundreds of thousands of dollars are at stake.
State law allows you to put a “For Sale By Owner” sign on your property, letting people know it is for sale by the owner, and not a realtor. Be ready for lots of phone calls and unexpected visits from potential home scammers, home investors and house flippers. Some of these offers, if accepted, can cost you tens of thousands of dollars. Always make sure that you know the true market value of your home so you aren’t taken advantage of by an unscrupulous homebuyer.
There are also certain documents that are required to be included when you sell your home without a realtor. These are:
- Written agreement that complies with Arizona’s Statute of Frauds
- Seller’s property disclosure statement
- Flood zone statement
- Lead paint disclosure
- Other disclosures unique to your property
- Affidavit stating you complied with the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA)
You will also have to comply with the Fair Housing Act by not engaging in discriminatory practices when selling your home.
Find Out More about Selling Without a Realtor in Peoria
Selling a home without a realtor in Peoria, AZ does have its downside.
Did you know that homes sold by owners sell for 6% less than those sold by a realtor?
You can also open yourself up to liability to the homebuyer if you omit certain details or make errors during the sale. An experienced realtor will know the for sale by owner legal requirements and be able to protect you from liability. It can also be helpful to talk to someone who will help you make sure to dot all the I’s and cross all the T’s.
In the end, you can save time and make more money on your home sale by working with an expert realtor in Peoria, AZ. The experienced realtors at Your Home Sold Guaranteed Realty AZ can help you sell your home fast and for top dollar. To get started selling your home today, call us at 623-283-2067 or contact us here.