What you need to start
- A signed purchase contract (many FSBO parties use an attorney for this)
- The earnest money deposit
- The seller's mortgage information so payoffs can be ordered
- Any HOA contact information
What the title company does for a FSBO sale
It searches title, issues the commitment, holds earnest money, orders payoffs, prepares the settlement statement, conducts the signing, disburses funds and records the deed. It works for the transaction, not for either side, and doesn't give legal advice.
When to bring in an attorney
If you're unsure about the contract, contingencies or disclosures, a Kansas real estate attorney can draft or review them. Title companies don't draft contracts or advise either party.
Common questions
Can a title company close a sale without realtors?
Yes. Title and escrow work is the same with or without agents.
Who pays for what in a FSBO closing?
Whatever the contract says. Spell out who pays for the owner's policy and the settlement fee.