Q: fsbo ,"as is" need to know what paperwork is needed so I will be protected from being sued in the future.
A: It is good practice for any real estate transaction to include a sales agreement that details the transaction, identifies the escrow procedure, and explains what "as is" means. Good practice also includes a seller's disclosure statement that communicates what is known about the property. There may be disclosures that are required by law, such as the lead paint disclosure. Title insurance is typical, whether paid for by the seller or by the buyer. A title insurance policy has limitations, but it generally is a policy that guarantees that the seller is the record title owner and that there are no conflicting claims. A settlement statement is an accounting of the money involved in the transaction, providing for, among other things, a proration of taxes between buyer and seller, payment of costs consistent with the sales agreement, and distribution of the net proceeds to the seller once the deed is recorded. There is a deed from the seller to the buyer. The deed is typically a warranty deed, providing a warranty by the seller that the seller has good title and will defend the claim of title against all adverse parties. A quitclaim deed makes no representation that the seller has good title, but simply conveys to the buyer whatever interest in the property the seller does own. You should have the assistance of an attorney to prepare the necessary documents.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
