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.
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.
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 information should be outlined in the agreement. Most closings occur between thirty and sixty days of contract signing. The entity paying the closing costs must be identified. If the costs are being split between a buyer and seller, the percentages must be included.
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.
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 information should be outlined in the agreement. Most closings occur between thirty and sixty days of contract signing. The entity paying the closing costs must be identified. If the costs are being split between a buyer and seller, the percentages must be included.
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.