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 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.
Any contingency relating to the transaction must be in the purchase agreement. A property inspection is a contingency. Contracts usually have language giving the buyer a certain number of days to get the property inspected, and accept the conditions or inform the seller of any objections. Financing is usually a contingency. Most contracts are contingent on the buyer's ability to get financing at a particular interest rate.
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 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.
Any contingency relating to the transaction must be in the purchase agreement. A property inspection is a contingency. Contracts usually have language giving the buyer a certain number of days to get the property inspected, and accept the conditions or inform the seller of any objections. Financing is usually a contingency. Most contracts are contingent on the buyer's ability to get financing at a particular interest rate.
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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