Easy Questions  
Free Legal Documents

Essential Elements in a For Sale by Owner (FSBO) Contract in Attica, MI

Essential Elements in a For Sale by Owner (FSBO) Contract in Attica, MI


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 MI 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 MI 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 Attica, MI
Visser And Associates PLLC
2480 44th St SE
Grand Rapids, MI 49512
(616) 531-9860
Attorneys, Real Estate Attorneys, Construction Law Attorneys
Visser Donald R
2480 44th St SE # 150
Grand Rapids, MI 49512
(616) 531-9860
Real Estate Attorneys, Attorneys
Fox Stuart
4188 Lakeshore Rd
Boyne City, MI 49712
(231) 582-9819
Attorneys
Reisinger Law Firm
5300 Corporate Grove Dr SE
Grand Rapids, MI 49512
(616) 554-9606
Attorneys, Bankruptcy Law Attorneys
Affordable Bankruptcy Attorney
5300 Corporate Grove Dr SE
Grand Rapids, MI 49512
(616) 554-9606
Business Bankruptcy Law Attorneys,  Attorneys,  General Practice Attorneys,  Bankruptcy Law Attorney
Gara Feldman-Gary
503 Mall Court #235
Lansing, MI 48912
(517) 803-9585
Criminal Law Attorneys, Divorce Attorneys, Domestic Violence Attorneys, DUI & DWI Attorneys, Attorne
Byrne David M
28 W Main St # E
Fremont, MI 49412
(231) 924-9290
Attorneys, Probate Law Attorneys, Wills, Trusts & Estate Planning Attorneys, Legal Service Plans
Springstead and Bartish Law
28 A W Main St
Fremont, MI 49412
(231) 924-8700
Attorneys,  Criminal Law Attorneys,  Accident & Property Damage Attorneys,  DUI & DWI Attorneys,  Ge
LaBre Law Office
68897 Cass St
Edwardsburg, MI 49112
(269) 663-8554
General Practice Attorneys, Attorneys
Labre William L
68897 Cass St
Edwardsburg, MI 49112
(269) 663-8554
Attorneys, Family Law Attorneys, Divorce Attorneys, General Practice Attorneys
Goldberg Law
535 Shepard Street
Lansing, MI 48912
(517) 803-8315
Civil Litigation & Trial Law Attorneys, Collection Law Attorneys, Corporation & Partnership Law Atto
Grua Jamo & Young Plc
2401 E Grand River Ave
Lansing, MI 48912
(517) 487-8300
Attorneys, Business Law Attorneys, Real Estate Attorneys, Estate Planning Attorneys, Legal Service P
Barsch Kristina
38600 Van Dyke Ave # 150
Sterling Heights, MI 48312
(586) 979-8100
Probate Law Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys, General Practice Attorn
Bieske J B
38850 Van Dyke Ave # 101
Sterling Heights, MI 48312
(586) 977-8100
Attorneys, Social Security & Disability Law Attorneys, Elder Law Attorneys, Legal Service Plans
Klevorn & Klevorn
215 S Lake St
Boyne City, MI 49712
(231) 582-7911
Accident & Property Damage Attorneys,  Attorneys,  Criminal Law Attorneys,  Wills, Trusts & Estate
Attorneys Title Agency
5730 Eagle Dr SE
Grand Rapids, MI 49512
(616) 956-7700
General Practice Attorneys, Attorneys, Title Companies
Nerat Frank J
2706 E Michigan Ave
Lansing, MI 48912
(517) 484-7451
Attorneys
Baumstark & Vincent
1801 E Saginaw St
Lansing, MI 48912
(517) 482-7395
Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Bankruptcy Services,
Church Wyble PC
2827 E Saginaw St
Lansing, MI 48912
(517) 455-7384
Attorneys,  Personal Injury Law Attorneys,  Civil Litigation & Trial Law Attorneys,  Malpractice Law
Champion Wholesale Supply
7843 Metropolitan Pkwy
Sterling Heights, MI 48312
(586) 722-7077
Bankruptcy Law Attorneys
Blunier Dale E
69175 M 62 # C
Edwardsburg, MI 49112
(269) 663-7040
General Practice Attorneys, Attorneys
Szilagy, Anthony J
110 S Clemens Ave
Lansing, MI 48912
(517) 487-7000
Business Law Attorneys, Attorneys, Family Law Attorneys, Real Estate Attorneys, General Practice Att
Edwar A Zeineh
1704 E Michigan Ave
Lansing, MI 48912
(517) 292-7000
General Practice Attorneys, Attorneys, Legal Service Plans
Kaczmarek Insurance Agency
9315 Joseph Campau St
Hamtramck, MI 48212
(313) 872-6777
Insurance, Attorneys, General Practice Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US