As a title company we get a lot of calls and hits to our website looking for details and information regarding the title and escrow process when selling your home without an agent. As the homeowner, you decide to sell your home without the assistance of a Real Estate professional, put the “For Sale By Owner” sign in the yard and wonder what to do next. We handle calls into our offices and emails with a simple 5 Step Process that we make Utahn’s aware of.
Place your Title Order with a reputable title company that understands how to handle For Sale By Owner transactions. In the state of Utah, you are required to use a title company to facilitate the closing process and facilitate the settlement of the transaction. It’s a good idea to contact Inwest Title Services to get a fee quote and “Place the Title Order”. This simply means giving the title company the approval to start the preliminary search of your property’s title and history. Most companies in Utah will not require any upfront fees to “Place the Title Order”, it’s all paid for at the time of closing at the closing table.
Step 2 & 3) Find a buyer and negotiate a fair and acceptable offer. Once you’ve agreed to terms with your prospective buyer and you have an official Real Estate Purchase Contract (also referred to as a REPC; you can find a copy of it here, under STATE APPROVED FORMS ) completed, you will want to make immediate contact with your title company representativeand advise them that you are “Under Contract”. Under contract simply means that you and the buyer have agreed to terms and are both moving forward with the sale/purchase based on the agreed upon terms.
Step 4) Send a copy of the Real Estate Purchase Contract (REPC) to your title company representative or Escrow Officer and discuss any unique situations regarding the sale of the home. For instance, does your contract involve a buyer using a Power of Attorney, or seller financing to name a few.
Step 5) If your Buyer is securing a loan to purchase your home, you will wait for their lender to prepare their loan for settlement. The title company will work with the lender and schedule the closing and settlement for the buyer to close and a separate closing and settlement time for you as the Seller to come in an sign your Seller Side Closing Documents. In Utah, it’s permitted for the Buyer and Seller to use separate title companies on the same transaction but most professionals will advise for the Seller of a For Sale By Owner property to request that the Buyer close at your same title company to help streamline the process.
The end result of these 5 steps is a home successfully sold, where you and the buyer have accomplished their goals. If you find yourself a Seller of a For Sale by Owner property that isn’t getting past Step 2 & 3 and you need a quality referral for a Real Estate Professional, please let us know and we will be happy to give you a list of Real Estate Agents that you can interview for the job. We’ve outlined these steps into user-friendly bite-sized sections, and we welcome you to use us as a resource for selling your home.
Whether you’ve already placed a sign in your yard, signed a contract with a buyer, or you’re simply doing research on how to get the closing completed on the home, Inwest Title Services has you covered. Check out a special section of our website www.inwesttitle.com/fsbo for more information and to get started.
For this and other information on Utah Title Companies, Utah Title & Escrow, or Title Insurance Quotes locate and contact your nearest Inwest Title office at www.inwesttitle.com.