Doing It Yourself

The sales contract should not be your first concern at this point. Two important questions:  Is the price you and your buyer agree on in line with recent nearby sales of similar properties?  And are you sure she is financially capable of  going through with the purchase? 

There’s no point in saving a broker’s commission if you short-change yourself on the sale price, and you don’t want to get the house tied up in a contract that ends up going nowhere. Consider finding a broker who is willing to offer “unbundled” services on an hourly basis, to estimate the market value of your mother’s home, and to investigate that interested woman’s financial situation.

There’s nothing wrong with a non-binding memorandum about the price and terms you and your buyer have agreed upon, but either a real estate broker or your own attorney should draw up the actual contract. If you’re not going to follow that advice, then at least make sure your attorney looks over any home-made document before you sign it, not after. The state and even the federal government may have requirements about what needs to be included. There are lots of ways to get into trouble if you do it yourself and consult a lawyer too late.