Private Party Transactions and For Sale By Owner

We assist with countless private sales and family sales throughout the state of California.

Lucas Real Estate, including Real Estate Attorney Devin Lucas and CPA Courtney Lucas, can facilitate your private sale or For Sale by Owner transaction with ease and security throughout the State of California.

Using video conference, email, teleconference, mobile notaries, electronic signatures, electronic filings, and overnight delivery services, we can accomplish it all from virtually any location in the world.

What We Can Do For You

Everything. 100 percent of our business is California residential real estate. We are in-house real estate attorneys, real estate brokers, REALTORS® and CPAs. We provide legal assistance and consultation for your real estate matter to assist sellers, Trustees and buyers of real estate throughout California.

We prepare, review, discuss and explain all documents necessary including the purchase agreement, counter offers, seller disclosures, tax forms, any applicable seller notes and financing documents and all required documentation and can even electronically record title.

If applicable, we coordinate inspections, appraisals, due diligence, termite and/or other repairs.

If a loan is involved, we work with the lender and a third-party title and escrow company (that the lender will require) and coordinate all aspects of the same to ensure a seamless transaction.

Confidentiality agreements and use of LLCs to further assure privacy can also be facilitated.

Everything you would anticipate from a five-star concierge service based in Newport Beach, California.

Why Use An Attorney For a Real Estate Sale? – Skipping the Marketing

Fair warning to sellers – countless advantages exist to traditional on-market sales (i.e. listing your home for sale on the open market, to achieve the greatest exposure, often with the use of a real estate broker and/or REALTOR®) to attract and achieve market-based top-dollar – a service we also provide and are happy to discuss further.

That said, many situations exist where a private sale or for sale by owner is right for you and the use of an attorney is ideal. Perhaps you want to sell your house to a child, sister, family member, tenant, neighbor, co-worker, etc. If you are comfortable with the proposed terms (or even perhaps giving a discount to family members), then you may not need the full services of a traditional REALTOR® such as marketing the home, showing the home, hosting open houses, etc. Likewise, you may not need to pay a traditional commission simply to sell the home to a party you located and negotiated with.

This is when an attorney can be ideal – simply to prepare the necessary paperwork, including all required disclosures, and guiding you throughout the sale, simply without the marketing and preparation that comes with most traditional sales.

Why Use An Attorney For a Real Estate Sale? – Legal and Tax Advice

Moreover, an attorney provides obvious benefits to a buyer or seller – legal and tax advice that a traditional REALTOR® simply cannot provide.

Even a private sale or family gift will trigger tax implications and reporting requirements, coupled with disclosure requirements and inherent risk and liability to the seller if not done correctly. Involvement of a trust further complicates the matter. You may want a lawyer to arrange for title insurance, even in family sales.

Property tax reassessments are likely in any transfer (even gifts), and if you qualify for an exemption, specific filings and strict timelines are at issue. There is much confusion over Proposition 19 and its impacts on family transfers, sales and gifts. We are experts in Prop 19 (see our specific Prop 19 pages and articles starting on this page link).

Capital Gains, step up in basis, gift tax exclusions and other considerations should be forefront in any potential sale, private or between family.

We have too often seen people that ‘forget’ (or simply never know!) to file for reassessments exclusions, 593 forms, gift tax returns and other critical documents.

Private real estate transactions and family gifts can lead to negative tax, trust, and inheritance consequences for everyone, often unknown until many months or years later when the transaction most likely cannot be undone. Done correctly, with legal advice and coordination throughout, a private real estate transaction or family gift can preserve the valuable property tax basis, not trigger a capital gain impact, not trigger a gift or estate tax issue, and avoid risk and liability for all parties.

Why Use An Attorney For a Real Estate Sale? – Lower Fees

Quite frankly, we charge a fraction of what a traditional open market sale would cost. Never a percentage of the sale, but often a flat-fee associated with the complexity (and risk) associated with the transaction. See below for information on booking a consultation.

What is a Private Sale, Private Party Transaction or For Sale By Owner

“For sale by owner” can encompass many forms of selling real estate outside the traditional use of listing services and real estate agents. Real Estate Attorney Devin Lucas can serve to protect your interests in these transactions. This may be right for you as a seller, Trustee or buyer in certain situations.

We readily see the following examples, but there’s no limit to the unique situation you may have.

Selling to a tenant / Buying from a landlord
Selling to children / Buying from a parent
Selling to a family member / Buying from a family member
Selling to a friend / Buying from a friend
Selling to a neighbor / Buying from a neighbor
Selling to a co-worker / Buying from a co-worker
Selling to a co-owner or co-investor or partner, aka a “buy out” or “buy-out” or “buyout” agreement / Buying from a co-owner or co-investor or partner, aka a “buy out” or “buy-out” or “buyout” agreement
Selling to a flipper or investor / Buying from a flipper or investor
Selling to an investor or cash buyer, including offers from companies like Sellers Advantage, QuickCashHomeOffer, We Buy Ugly Houses, Offerpad, Opendoor, etc.

Family Sales

Selling to children? We are experts in California intra-family transactions, family gifting and family sales of real estate, utilizing all aspects of Proposition 13, Proposition 58, Proposition 60, Proposition 90 and Proposition 193 and new Proposition 19 to ensure the lowest tax consequence possible. Family Transactions discussed in depth here.

Any Property Anywhere in California

We can facilitate and assist with any real property transaction in the state of California.

We do countless For Sale by Owner, private sale and family sales throughout the state of California – it is a significant part of our business.

Assistance In Conjunction With Real Estate Agents and REALTORS®

Already have a sale in-place? Perhaps even a contract? Thinking of selling to your tenant? Already in escrow with a REALTOR® but desire legal guidance and document review? We readily assist buyers and sellers navigate the legal complexities, document review and drafting involved in California Real Estate transactions, no matter who is the buyer.

Questions about a for sale by owner? – Paid one-hour Zoom consultations ($295) are conducted daily and address virtually all questions, options and tax implications and strategies. (Book a consultation here.) Consultation fees are applied towards any future for sale by owner transaction. Zoom consultations can, of course, be conducted from anywhere, including the comfort of your own home. While we are located in Newport Beach, California, we can assist with a for sale by owner transaction for real estate located anywhere throughout California.

One hour private Zoom sessions are available to discuss legal or tax questions about a For Sale By Owner transaction. Consultation fees ($295) are applied towards a sale or purchase if you proceed with our office – Schedule an appointment by clicking here.

Military and Law Enforcement Discounts available – click here for Military and Law Enforcement Discount information.

Fair warning to sellers – countless advantages exist to traditional on-market sales (i.e. listing your home for sale on the open market, often with the use of a real estate broker and/or REALTOR®) to attract and achieve market-based top-dollar. That said, many situations exist where a private sale or for sale by owner is right for you.

If considering a traditional on-market sale (i.e. on the MLS, to maximize exposure) in the greater Newport Beach or Costa Mesa areas Lucas Real Estate – attorney Devin Lucas and CPA Courtney Lucas – offer five-star listing and buyer representation services including remodeling assistance, staging, and affiliation with the area’s leading brokerage, Coldwell Banker. Please click here to learn more about our on-market five-star listing services; Please click here to learn more about our five-star buyer representation services.

Contact by phone or email anytime:

info@lucas-real-estate.com

949-478-1623