12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

Essential Elements in a For Sale by Owner (FSBO) Contract in Ava, OH

Essential Elements in a For Sale by Owner (FSBO) Contract in Ava, OH


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.

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 OH Last Will Create 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 OH Living Will Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Related Legal Services near Ava, OH
Pond, Donald K Pond Co
600 Brown St
Akron, OH 44311
(330) 253-9747
Litigation & Tort Attorneys, Attorneys
Jorge H Martinez
20 High St
Hamilton, OH 45011
(513) 887-9700
Attorneys
American Mediation
P.O. Box 112221
Cincinnati, OH 45211
(513) 936-9600
Credit & Debt Counseling,  Debt Adjusters,  Mediation Services,  Arbitration & Mediation Attorneys
Young Sucher & Guidubaldi
1001 Jaycox Rd
Avon, OH 44011
(440) 937-9100
Attorneys Referral & Information Service, Attorneys, General Practice Attorneys
Yoder J Reid
520 S Main St # 500
Akron, OH 44311
(330) 475-8895
Attorneys, Legal Service Plans
Mac Gillivray Linda
325 N Main St
Bellefontaine, OH 43311
(937) 593-8725
General Practice Attorneys, Attorneys
Kampani Dharminder
17140 Lorain Ave
Cleveland, OH 44111
(216) 251-8023
Attorneys, Legal Service Plans
Robert Hoglund Law Office
520 S Main St
Akron, OH 44311
(330) 252-8009
General Practice Attorneys, Attorneys, Legal Service Plans
Wickens Herzer Panza Cook
35765 Chester Rd
Avon, OH 44011
(440) 930-8000
Environment & Natural Resources Law Attorneys, Attorneys, Labor & Employment Law Attorneys
Martin, Kyle D - Mc Cracken & Martin
2 S 3rd St # 570
Hamilton, OH 45011
(513) 737-8000
Attorneys,  Legal Service Plans,  Labor & Employment Law Attorneys,  Social Security & Disability La
Smith Ronald R
203 Northwest St
Bellevue, OH 44811
(419) 483-7724
Accident & Property Damage Attorneys,  Attorneys,  Family Law Attorneys,  General Practice Attorneys
Stringer, Stringer & Gasior
36815 Detroit Rd
Avon, OH 44011
(440) 934-7676
Attorneys,  Accident & Property Damage Attorneys,  Corporation & Partnership Law Attorneys,  Legal S
Meckstroth John R
3646 Glenmore Ave
Cincinnati, OH 45211
(513) 662-7488
Attorneys
Kaffen & Zimmerman
520 S Main St
Akron, OH 44311
(330) 762-7477
Attorneys,  Small Business Attorneys,  Bankruptcy Law Attorneys,  Corporation & Partnership Law Atto
Laatsch Morris H
520 S Main St # 500
Akron, OH 44311
(330) 762-7477
Bankruptcy Law Attorneys, Attorneys, Legal Service Plans
Davidson Law Offices
127 N 2nd St
Hamilton, OH 45011
(513) 868-7100
Personal Injury Law Attorneys, Insurance Attorneys, Attorneys
Wilms Denise G
36855 American Way # 2C
Avon, OH 44011
(440) 934-7060
Mon-Fri 8:30am-5pm, Sat 8:30am-2pm, Appointments Available
Conese Mark
26 S 3rd St
Hamilton, OH 45011
(513) 737-7044
General Practice Attorneys, Attorneys, Legal Service Plans
Hull Alexandra
362 S Main St
Akron, OH 44311
(330) 762-6767
Attorneys, Legal Service Plans
Keck William C
6 S 2nd St
Hamilton, OH 45011
(513) 863-6700
General Practice Attorneys, Attorneys, Legal Service Plans
Millikin & Fitton Law Firm
6 S 2nd St # 600
Hamilton, OH 45011
(513) 863-6700
Attorneys, General Practice Attorneys, Legal Service Plans, Business Law Attorneys, Real Estate Atto
Butler County Bar Assn
315 Maple Ave
Hamilton, OH 45011
(513) 896-6671
Attorneys Referral & Information Service
Marcie Jay C
1001 Jaycox Rd Ste 1
Avon, OH 44011
(440) 937-6604
Attorneys
Marcie & Associates LPA
1001 Jaycox Rd
Avon, OH 44011
(440) 937-6600
Probate Law Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US