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.
It can cost you a lot of time and money if the purchase agreement you and the buyer sign isn't filled out properly. Everything that is pertinent to the transaction needs to be in the agreement. You can begin with basic information. You must put your name on the agreement as the seller. This has to be your legal name, or company name, not an abbreviation or nickname. You have to include a legal description of the property.
There should be a description of all payment terms. You certainly have to put the purchase price in the agreement. You also need to have the amount of earnest money put down and who is holding the earnest money. You need to determine who is going to pay the property taxes. It is customary for a seller to pay through the date of closing. After that the taxes are the responsibility of the buyer.
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 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.
If you already have a buyer lined up when you get ready to sell your house, you can bypass paying a Realtor a commission. All the contract forms you need are available online. It's a wise idea to spend a little to have an experienced real estate attorney look them over though.
It can cost you a lot of time and money if the purchase agreement you and the buyer sign isn't filled out properly. Everything that is pertinent to the transaction needs to be in the agreement. You can begin with basic information. You must put your name on the agreement as the seller. This has to be your legal name, or company name, not an abbreviation or nickname. You have to include a legal description of the property.
There should be a description of all payment terms. You certainly have to put the purchase price in the agreement. You also need to have the amount of earnest money put down and who is holding the earnest money. You need to determine who is going to pay the property taxes. It is customary for a seller to pay through the date of closing. After that the taxes are the responsibility of the buyer.
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 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.
If you already have a buyer lined up when you get ready to sell your house, you can bypass paying a Realtor a commission. All the contract forms you need are available online. It's a wise idea to spend a little to have an experienced real estate attorney look them over though.
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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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