Easy Questions  
Free Legal Documents

Essential Elements in a For Sale by Owner (FSBO) Contract in Altamonte Springs, FL

Essential Elements in a For Sale by Owner (FSBO) Contract in Altamonte Springs, FL


Owning a home is a keystone of wealth… both financial affluence and emotional security.
 
- Suze Orman


For Sale By Owner (FSBO) refers to putting one's house on the market for sale by the homeowner without assistance from a real estate agent. The most common reason for a FSBO transaction is to avoid paying a large real estate commission when selling the property. By not using a real estate agent, the seller assumes all the responsibilities of completing the transaction.

The FSBO contract contains the terms and detailed condition of the sale. It also describes the obligation of each of the parties. You can check out a free preview of a FSBO contract at 1-2-Law.

Elements of a FBSO Contract:

1. Name the parties in the contract. Names of the parties in the contract should be stated and designate them either as a buyer or seller.

2. Name the contract. A short name for the contract should be provided in order to have a reference for the document.

3. Describe the real estate. Provide the common address and the full legal description of the property. Full description is essential because it provides a way of describing the property in a permanent manner. You can get hold of a full description from the county recorder's office where the property is located.


4. Describe the payment terms. Describing the payment in one sentence can be a simple way to understand the document. An FBSO contract however, is usually more complex than just exchanging cash for an executed deed. Make sure to include the following in the payment terms:

• Full purchase price. Refers to the full amount of the accepted offer without subtracting the deposit or any earnest money paid.

• Earnest money and other deposit. This is the money paid to the seller to let him/her know that the buyer is serious about buying the property. This is done when the seller accepts the offer of the buyer. This deposit on the purchase is done right away. This amount and date of delivery should be included in the payment terms.

• Trust. The money paid by the buyer will be held in trust until the sale is completed. It is now the owned by both the buyer and the seller. The trust company should also be included in the contract. If the sale did not push through, the money may be returned to the buyer depending on the circumstances of the failed transaction.

• Property taxes. When the purchase of property does not coincide with the tax schedule, the taxes will be prorated between the buyer and seller.


5. Describe any easements or restrictions on the property. Easements may refer to the use of a portion of another person's property. Easement is one of the rights in a portion of a property. Restrictions may be based on the homeowners' association requirements or the city or municipality or utility company requirements to dig or do work on your property for sewers, cable lines, electricity, gas lines, etc.

6. Describe any property that will be included in the sale. This would normally include all fixtures on the house. In order to avoid confusion, including the complete description of the fixtures as well as any other property to be conveyed with the house should be included.

7. Describe any contingencies. These are events or conditions which have to occur before the completion of the purchase. These may include:

• Passing a home inspection

• Obtaining financing

• The seller being able to sell their current home


8. Provide all required disclosures. Disclosure of certain information to the potential buyer is required by the federal and state law. Before you disclose, check on your states statutes, on what disclosures to provide. The common disclosures to provide may be:

• Defects on the property that may affect its property value and desirability

• Lead-based paints hazards

9. Determine if your state has requirements any specific language in home sale contracts.Check on the requirement of your state on specific language clause or information that should be included in the sales contract.

10. Describe what will happen if any party defaults on the contract. This is a way to protect the seller in case in case the buyer defaults on the contract. The court can be made to intervene or forfeiture of the earnest money paid may compensate the seller if the buyer backs out.

11. Provide closing information. This refers to the final meeting where the deal is closed. The payment is made by the buyer to the seller and the seller in return will deliver the executed deed to the buyer. FBSO contracts usually end within 60 days of signing the contract.

12. Create a signature block. You should provide plenty of space for the part of the contract where signatures are signed. Provide the parties printed names and also provide space for the notary public to notarize the signatures.

 
Personalize & Print a Free FL Last Will Download this Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
 
Personalize & Print a Free FL Living Will Download this Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Related Legal Services near Altamonte Springs, FL
Jan S. McLaughlin, Esquire
445 Douglas Ave Suite 2205
Altamonte Springs, FL 32714
(407) 774-9620
Bankruptcy Law Attorneys
Andrade Octavio D PA
151 Wymore Rd Ste 5250
Altamonte Springs, FL 32714
(407) 339-9455
Criminal Law Attorneys, Attorneys
Blaher Neal J Law Office
706 Turnbull Ave
Altamonte Springs, FL 32701
(888) 652-9098
Franchise Law Attorneys,  Arbitration & Mediation Attorneys,  Patent, Trademark & Copyright Law Att
Elkins & Freedman
283 Cranes Roost Blvd
Altamonte Springs, FL 32701
(866) 963-9086
Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Bankruptcy Services,  Bankruptcy Law Attorney
The Law Offfice of I. Michael Tucker, P.L.C.
498 Palm Springs Dr Suite 100
Altamonte Springs, FL 32701
(407) 977-8836
Elder Law Attorneys
Murphy & Berglund, P
1111 Douglas Ave
Altamonte Springs, FL 32714
(407) 575-8041
Wills, Trusts & Estate Planning Attorneys, Attorneys, Family Law Attorneys, Elder Law Attorneys, Ban
The Grosshans Group, P.L.
380 S State Road 434 Suite 1004-157
Altamonte Springs, FL 32714
(407) 284-7745
Criminal Law Attorneys
Kenneth J Thomas Esquire
554 Calibre Crest Pkwy
Altamonte Springs, FL 32714
(407) 388-7711
Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
Steiner, Lawrence R. PA
797 Douglas Ave
Altamonte Springs, FL 32714
(407) 774-7500
Real Estate Attorneys, Attorneys, Probate Law Attorneys, Real Estate Title Service, Wills, Trusts &
Pflueger Robert H
377 Maitland Ave
Altamonte Springs, FL 32701
(877) 629-7330
Attorneys, Legal Service Plans, Bankruptcy Law Attorneys
Robert H. Pflueger
377 Maitland Ave Suite 1002
Altamonte Springs, FL 32701
(877) 629-7330
Bankruptcy Law Attorneys, Attorneys, Credit & Debt Counseling, Debt Adjusters, Bankruptcy Services,
Russell H Law
1110 Douglas Ave # 2030
Altamonte Springs, FL 32714
(407) 459-7298
Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Arbitration Services,  Arbitration & Mediatio
Copeland & Covert PLLC Attorneys
631 Palm Springs Dr
Altamonte Springs, FL 32701
(407) 830-7220
Attorneys, Wills, Trusts & Estate Planning Attorneys, Family Law Attorneys
Clark & Washington PC
101 Wymore Rd Ste 100
Altamonte Springs, FL 32714
(407) 896-7133
Attorneys,  General Practice Attorneys,  Legal Service Plans,  Bankruptcy Law Attorneys
Sonner Craig A
108 Robin Rd
Altamonte Springs, FL 32701
(407) 260-6853
Attorneys Referral & Information Service,  Attorneys,  Criminal Law Attorneys,  Legal Service Plans
Michael B Brehne Law Offices
230 N Westmonte Dr # 1000
Altamonte Springs, FL 32714
(407) 682-6808
Attorneys,  Accident & Property Damage Attorneys,  General Practice Attorneys,  Legal Service Plans
One Senior Place
715 Douglas Avenue
Altamonte Springs, FL 32714
(407) 949-6733
Assisted Living & Elder Care Services, Elder Law Attorneys, Insurance Referral & Information Service
Leider, Lance O.
1101 Douglas Ave
Altamonte Springs, FL 32714
(407) 331-6620
Medical Law Attorneys, Attorneys
The Health Law Firm
1101 Douglas Ave
Altamonte Springs, FL 32714
(407) 331-6620
Insurance Attorneys, Attorneys, Legal Service Plans, Medical Law Attorneys
Smeyne A. Marissa
1101 Douglas Ave
Altamonte Springs, FL 32714
(407) 331-6620
Medical Law Attorneys, Attorneys
Brown E. Christopher
1101 Douglas Ave
Altamonte Springs, FL 32714
(407) 331-6620
Medical Law Attorneys, Attorneys
Kenna, Joanne
1101 Douglas Ave
Altamonte Springs, FL 32714
(407) 331-6620
Insurance Attorneys, Attorneys, Medical Law Attorneys, Legal Service Plans
George F Indest III
1101 Douglas Ave
Altamonte Springs, FL 32714
(407) 331-6620
Medical Law Attorneys, Attorneys, Legal Service Plans
Motsinger Law & Mediation
705 Douglas Ave
Altamonte Springs, FL 32714
(407) 505-6598
Mediation Services,  Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Arbitration Services
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US