Most homeowners hire Realtors to help them sell their properties, but it isn't a requirement. If you object to paying a commission, and already have a buyer ready to sign a contract on your house, you can handle the transaction yourself if you choose. Filling out Missouri real estate contract forms for sale by owner homeowners recommend must be done carefully and with some thought.
Contracts are legal documents that can have consequences when they aren't filled out properly or have vital information left out of them. You can start by filling out the basic information. As the property owner, the name you put on the agreement must be your legal name, or the name of the entity selling. You will need the legal description of your property and the date of your agreement.
The agreement must stipulate the terms of payment. You have to enter the purchase price, numerically and written out. You must include the earnest money payment made by the buyer and stipulate who will hold that money until closing. The entity paying the property taxes must be included. Normally, the seller pays the taxes through closing.
As a seller you have a legal obligation of disclose any adverse information you have about the property you are selling. Some states require seller to disclose what they know, or should know. Other states have made it a requirement that the seller go out of his or her way to discover any possible defects, and then disclose them. Leaky roofs and basements are the most common defects.
The contingencies have to be outlined. The home inspection is usually one of these. Traditionally a buyer has a set amount of time to inspect the property and contact the seller with any objections. The seller can correct the issues or give the buyer the opportunity to back out of the agreement. Financing is another important contingency. If a buyer is getting a loan, the agreement will probably be subject to loan approval.
If the house you're selling was built prior to 1978, a lead based paint disclosure form must be filled out and attached to the purchase agreement. This document states that the buyer has a certain amount of time to inspect the house for lead paint. The buyers can also choose to waive the right to an inspection. Any homeowner's fees must be addressed.
The closing information should be outlined in the agreement. Most closings occur between thirty and sixty days of contract signing. The entity paying the closing costs must be identified. If the costs are being split between a buyer and seller, the percentages must be included.
You can save some money by handling the sale of your house yourself. This is especially true when you already have an able and willing buyer. The safest thing to do is take the money you saved by not using a Realtor and hire a real estate attorney to read and approve your paperwork.
Contracts are legal documents that can have consequences when they aren't filled out properly or have vital information left out of them. You can start by filling out the basic information. As the property owner, the name you put on the agreement must be your legal name, or the name of the entity selling. You will need the legal description of your property and the date of your agreement.
The agreement must stipulate the terms of payment. You have to enter the purchase price, numerically and written out. You must include the earnest money payment made by the buyer and stipulate who will hold that money until closing. The entity paying the property taxes must be included. Normally, the seller pays the taxes through closing.
As a seller you have a legal obligation of disclose any adverse information you have about the property you are selling. Some states require seller to disclose what they know, or should know. Other states have made it a requirement that the seller go out of his or her way to discover any possible defects, and then disclose them. Leaky roofs and basements are the most common defects.
The contingencies have to be outlined. The home inspection is usually one of these. Traditionally a buyer has a set amount of time to inspect the property and contact the seller with any objections. The seller can correct the issues or give the buyer the opportunity to back out of the agreement. Financing is another important contingency. If a buyer is getting a loan, the agreement will probably be subject to loan approval.
If the house you're selling was built prior to 1978, a lead based paint disclosure form must be filled out and attached to the purchase agreement. This document states that the buyer has a certain amount of time to inspect the house for lead paint. The buyers can also choose to waive the right to an inspection. Any homeowner's fees must be addressed.
The closing information should be outlined in the agreement. Most closings occur between thirty and sixty days of contract signing. The entity paying the closing costs must be identified. If the costs are being split between a buyer and seller, the percentages must be included.
You can save some money by handling the sale of your house yourself. This is especially true when you already have an able and willing buyer. The safest thing to do is take the money you saved by not using a Realtor and hire a real estate attorney to read and approve your paperwork.
About the Author:
Missouri real estate contract forms for sale by owner can easily be obtained from this website realestatepaperwork.com. Alternatively, you can log on to the main page here at http://www.realestatepaperwork.com/forms.
