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 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.
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.
A lead based paint disclosure form has to be made a part of any contract for sale of a house built prior to 1978. This document allows the buyer ten days to inspect the property for lead paint. The buyer can choose to waive the inspection. If the house is located in a community with homeowner's fees, the monthly fees have be disclosed in the purchase agreement.
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.
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 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.
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.
A lead based paint disclosure form has to be made a part of any contract for sale of a house built prior to 1978. This document allows the buyer ten days to inspect the property for lead paint. The buyer can choose to waive the inspection. If the house is located in a community with homeowner's fees, the monthly fees have be disclosed in the purchase agreement.
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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