Selling your home For Sale by Owner (FSBO) can be empowering—giving you more control over the process and potentially saving thousands in commissions. But navigating the transaction without an agent also means understanding the vocabulary that professionals use every day. Whether you’re drafting your own contract, negotiating terms, or coordinating with a title company, these key real-estate terms will help you sell with confidence.

If you’re handling an FSBO and want experienced legal support, our office can assist with contract drafting, deed preparation, and settlement guidance.

Below are the most important FSBO keywords every seller should know.

1. FSBO (For Sale by Owner)

A property being sold without a listing agent. The owner handles pricing, marketing, negotiations, and contract preparation. Many FSBO sellers still work with an attorney or title company to ensure legal compliance.

2. Listing Price

The price you publicly advertise. This can differ from your sale price depending on negotiations, contingencies, or inspection results.

3. Comparable Sales (“Comps”)

Recent sales of similar homes used to determine your listing price. Comps should match your property type, location, condition, and square footage for an accurate valuation.
For national market data.

4. Earnest Money Deposit (EMD)

A good-faith payment made by the buyer to demonstrate seriousness. The deposit is held by a title company, brokerage, or attorney and applied to closing costs at settlement.

5. Contingencies

Contract terms that must be satisfied for the transaction to proceed. Common contingencies include:

• Financing – the buyer must secure a loan

• Inspection – allows the buyer to negotiate repairs

• Appraisal – ensures the home is worth the loan amount

• Home sale – buyer must sell their current home first

6. Title Search

A review of public land records to confirm the seller’s legal ownership and identify issues such as liens, judgments, easements, or unpaid taxes. This is required before closing.

7. Closing Costs

Fees paid at settlement, including transfer taxes, recording fees, title insurance, and attorney/title company charges. FSBO sellers should clarify which party pays which costs—this varies by state.

8. Seller Disclosures

Legally required statements about the condition of the property (roof, plumbing, HVAC, defects, lead paint, etc.). Failure to disclose can lead to contract disputes or liability.
Learn more about federal disclosure rules here.

9. Purchase and Sale Agreement (PSA)

The legally binding contract between buyer and seller. FSBO sellers typically use attorney-drafted contracts or widely accepted regional forms (e.g., MAR, GCAAR). To make sure your contract is properly prepared, please contact Gentile Property Law Office.

10. Appraisal

A professional valuation ordered by the buyer’s lender. If the appraisal comes in low, renegotiation may be required unless the buyer is paying cash.

11. Closing / Settlement

The final step where ownership legally transfers. Documents are signed, funds are disbursed, and the deed is recorded with the county or city.

12. Deed

The legal instrument transferring ownership from seller to buyer. FSBO sellers often rely on attorneys or title companies to prepare the deed correctly and ensure proper recording.

13. MLS (Multiple Listing Service)

A private database used by real-estate agents. FSBO sellers can pay for “limited MLS access” to increase listing exposure while still managing the sale themselves.

14. Pre-Approval vs. Pre-Qualification

• Pre-Qualification: A quick estimate of borrowing power

• Pre-Approval: A lender-verified confirmation of income, credit, and assets

FSBO sellers should always request a pre-approval letter before accepting an offer.

15. Inspection Addendum

A contract addendum that outlines what happens after the buyer inspects the property—repairs, credits, or walk-away rights.

Why These Keywords Matter

FSBO sellers are essentially stepping into the role of a listing agent and need to understand the terminology used throughout the real-estate transaction. Learning these keywords improves communication with buyers, lenders, inspectors, and attorneys—and helps you avoid costly mistakes while keeping the process efficient.