FSBO What Offer Contract To Use?
When I find a buyer for my house Is there a certain offer form they should use or do we just make verbal agreements (don't like those) or should we make a hand written agreement at the time? Do I collect earnest money? Does anyone have a offer form they could pass my way? Thanks a Bunch. I'm going to show my house tonight and I hope I know what to do by then.
Josh
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A verbal is okay for a couple of days until you can get the proper paperwork. If they choose to give you a deposit, make sure to give them a receipt for it.
An "intent to purchase" form is a waste. It's nothing more than a verbal agreement written out and isn't enforceable. It's really just an earnest money receipt.
What you want is a standard Purchase and Sale Agreement for you state.
As far as getting the form, your best shot is your attorney. A lawyer will be able to adjust it to your specific needs.
If you want to go with free forms, do an internet search, there are several, though they may or may not be valid and legally binding in your state (wouldn't know without an attorney's review).
You might be able to get a real estate agent to give you on of their standard forms. It probably won't fit your situation exactly, but at least it'll be legal for your state.
Roger
Go to a title company and get a form. You can get them on line if your local Board of Realtors or Real Estate commission has a web site. I bet you drive by a title company every day. Just stop and get some from them and talk to an agent about the workings of a sale and closing. Earnest money should be held by the title company and will be a part of the purchase price.
Good LUCK and Thank You
Hope this helps some
Ted Jr
Usually it is the buyer who furnishes the contract. If the buyer is using a R/E broker or R/E attorney, they will provide the buyer with a contract to present to you.
If you, or someone you know, has worked with a R/E broker they may let you borrow a blank agreement to look at as a reference.
If you can get the buyer to use your contract, that would be great! However, most experienced buyers will want to use their own contract.
I would highly advise getting your attorney to review your contract before using it, it will be money well spent. It's way cheaper to solve problems before they arise.
Good luck.
Your attorney will have what you need and probably give you the form at no cost.
I all ways hear people saying "use and attorney" but how much does a Attorney normaly cost for things such as contracts and contract review?
I don't know what attys cost but I don't feel comfortable calling them when I don't have money to spend on them. I wish I could consult with one for free. Maybe prepaid legal is the way to go.
Josh
What type of selling are you doing? Owner finance, L/O, or outright?
Also, if you are the seller, you'll likely have some funds to pay an attorney with after the closing, correct?
Roger
Prepaid Legal is the way to go. Failing that call the local Realtor Board and ask for a recommendation. That Broker will arrive with form. If you like you can probably download one from the Website.
It might pay you to spend a small sum on a Real Estate Broker to advise and consult on sale. Several around that work on a truly minimum rate.
Many Brokers are being paid by the Buyer and they just take if off the sum you are going to receive after they get thru bargaining the price. Their offer to you is inclusive of any earned commission. The truth is that you are paying for it only not direct.
The world is changing and Broker costs are not set in stone. You may want to buy some limited Broker support. Flat fees are as low as $500.
Cheers Lucius
I always use "301Legal Forms & Agreements"
lori
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