Monday, July 9, 2018

Tips For Filling Out Missouri Real Estate Contract Forms For Sale By Owner You Get Online

By Virginia Parker


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.

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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