When you are ready to sell your house, you have to decide whether or not you want to involve a Realtor. There are a lot of advantages to using a Broker, as long as you do not mind paying for the service. If you already have a buyer for the house, you can avoid the Broker fees by downloading one of the Missouri real estate contract forms for sale by owner sellers have used in the past.
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.
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.
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 date and closing costs must be addressed in the agreement. Closings generally take place from thirty to sixty days after the contract signing. There should be detailed information about who is paying for what at the closing.
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.
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.
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 date and closing costs must be addressed in the agreement. Closings generally take place from thirty to sixty days after the contract signing. There should be detailed information about who is paying for what at the closing.
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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