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.
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.
As the seller, it is your responsibility to disclose any defect regarding the property that you know of. There are states where sellers are required to search for any possible defects and disclose them. You need to find out what the law is in the state where your property is located. Water damage is the most common defect.
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.
A house built before 1978 must have a lead based paint disclosure form attached to the contract. This gives the buyer a time frame to inspect the property or waive any inspection. The buyer has to disclose any homeowner's association fees and how much they are. If something like a golf membership is being transferred from the seller to the buyer, that must be disclosed.
The purchase agreement must have a closing date and information about who is paying the closing costs. Thirty to sixty days is a normal time frame to close a residential property. If you have agreed to pay some of the closing costs, that information must be outlined in your document.
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.
As the seller, it is your responsibility to disclose any defect regarding the property that you know of. There are states where sellers are required to search for any possible defects and disclose them. You need to find out what the law is in the state where your property is located. Water damage is the most common defect.
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.
A house built before 1978 must have a lead based paint disclosure form attached to the contract. This gives the buyer a time frame to inspect the property or waive any inspection. The buyer has to disclose any homeowner's association fees and how much they are. If something like a golf membership is being transferred from the seller to the buyer, that must be disclosed.
The purchase agreement must have a closing date and information about who is paying the closing costs. Thirty to sixty days is a normal time frame to close a residential property. If you have agreed to pay some of the closing costs, that information must be outlined in your document.
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.
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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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