When you get ready to sell your home, one of the first decisions you have to make is whether or not to hire a Realtor. There are many advantages to having a Broker, but you will have to pay a commission when the house sells. If you've already got someone willing to buy your house, you might eliminate the Broker, and formalize the sale yourself using one of the Missouri real estate contract forms for sale by owner sellers recommend.
Even though you are doing this yourself, it's important to remember that this must be a legal transaction, and the purchase agreement must comply with state and federal laws. You must fill in all the blanks, starting with the most basic information. As the seller, the name you put on the agreement must be your given name, not a nickname. You must date the agreement and include a legal description.
The payment terms have to be clearly defined. You need to put the total purchase price on the correct line. In the same general area, you will find a line for the earnest money amount the buyer is putting down. You must include how the earnest money will be handled, including who is going to hold it until closing. If the property taxes are being prorated, the purchase agreement must say so.
You must disclose all adverse information you know about the house. In some states, you only have to disclose what you already know about. In other states, the seller has to actively search the property for defects that need to be disclosed. The most common defects tend to be water damage problems and roof and basement issues.
All the contingencies affecting the transaction should be outlined. The home inspection is one example. Most agreements allow the buyer a specified amount of time to have the property inspected and raise any objections. If there are issues, and an agreement cannot be reached about solving them, the buyer has the right to back out of the deal. A buyer's ability to get financing is another important contingency.
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.
Selling your house yourself can save you some money, especially when you have a buyer lined up. You can download contracts for sale of real property online for a small fee. You need to use some of the money you saved by not using a Realtor, and hire an attorney to proofread you contract.
Even though you are doing this yourself, it's important to remember that this must be a legal transaction, and the purchase agreement must comply with state and federal laws. You must fill in all the blanks, starting with the most basic information. As the seller, the name you put on the agreement must be your given name, not a nickname. You must date the agreement and include a legal description.
The payment terms have to be clearly defined. You need to put the total purchase price on the correct line. In the same general area, you will find a line for the earnest money amount the buyer is putting down. You must include how the earnest money will be handled, including who is going to hold it until closing. If the property taxes are being prorated, the purchase agreement must say so.
You must disclose all adverse information you know about the house. In some states, you only have to disclose what you already know about. In other states, the seller has to actively search the property for defects that need to be disclosed. The most common defects tend to be water damage problems and roof and basement issues.
All the contingencies affecting the transaction should be outlined. The home inspection is one example. Most agreements allow the buyer a specified amount of time to have the property inspected and raise any objections. If there are issues, and an agreement cannot be reached about solving them, the buyer has the right to back out of the deal. A buyer's ability to get financing is another important contingency.
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.
Selling your house yourself can save you some money, especially when you have a buyer lined up. You can download contracts for sale of real property online for a small fee. You need to use some of the money you saved by not using a Realtor, and hire an attorney to proofread you contract.
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.
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