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 Zip Code 93224

Essential Elements in a For Sale by Owner (FSBO) Contract in Zip Code 93224


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 CA 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 CA 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 Zip Code 93224
Southland Security & Investigative Services, Inc.
10788 Wilshire Blvd
Los Angeles, CA 90024
(800) 398-9856
Legal Service Plans, Paralegals, Private Investigators & Detectives, Security Guard & Patrol Service
Bamshad Jalleh
1434 Westwood Blvd Ste 5
Los Angeles, CA 90024
(310) 441-9797
Paralegals
House For Svc
1434 Westwood Blvd # 5
Los Angeles, CA 90024
(310) 441-9797
Paralegals
Stephen G Root
4405 Manchester Ave Ste 206
Encinitas, CA 92024
(760) 456-9749
Personal Injury Law Attorneys, Attorneys
John R. Ronge
10850 Wilshire Blvd
Los Angeles, CA 90024
(855) 529-9664
Attorneys, Tax Attorneys, Business Law Attorneys, Real Estate Attorneys, Bankruptcy Services, Bankru
Liosi & Padgett
80 W Sierra Madre Blvd
Sierra Madre, CA 91024
(626) 394-9524
Elder Law Attorneys, Attorneys, Family Law Attorneys, Estate Planning Attorneys
Rainville Mike
9089 Elk Grove Blvd # 201
Elk Grove, CA 95624
(916) 714-9500
Real Estate Attorneys, Attorneys
Hodge Stephen T
9381 E Stockton Blvd # 200
Elk Grove, CA 95624
(916) 525-9455
Attorneys, Legal Service Plans, Personal Injury Law Attorneys, Legal Clinics
Charles P. Boylston
1003 East Cooley Drive, Suite 207
Colton, CA 92324
(909) 825-9276
Attorneys, Family Law Attorneys, Divorce Assistance, Discrimination & Civil Rights Law Attorneys, Em
American Law Center
1280 E Cooley Dr
Colton, CA 92324
(909) 824-9260
Banking & Mortgage Law Attorneys, Attorneys
Boss Donald E
908 S Village Oaks Dr # 100
Covina, CA 91724
(626) 966-9231
General Practice Attorneys, Attorneys
Antonio Munoz
1265 N. La Cadena Dr. Suite 2
Colton, CA 92324
(909) 420-9212
Attorneys,  Civil Litigation & Trial Law Attorneys,  Collection Law Attorneys,  Notaries Public,  Ba
Grayson & Grayson
10880 Wilshire Blvd # 1840
Los Angeles, CA 90024
(323) 879-9200
General Practice Attorneys, Attorneys, Legal Service Plans
Lien Medical
9010 Corbin Ave # 16
Northridge, CA 91324
(818) 576-9033
Collection Law Attorneys
Donnoe Law
533 2nd Street, Suite 112
Encinitas, CA 92024
(858) 201-9030
Attorneys, Probate Law Attorneys, Estate Planning, Probate, & Living Trusts, Legal Service Plans, Es
Cherie Brenner Criminal Defense Firm
191 Calle Magdalena Suite 250
Encinitas, CA 92024
(760) 481-8989
Criminal Law Attorneys, Domestic Violence Attorneys, Drug Charges Attorneys, DUI & DWI Attorneys, Tr
Shimoda Law Corp
9401 E Stockton Blvd Ste 200
Elk Grove, CA 95624
(916) 525-8864
Attorneys,  Labor & Employment Law Attorneys,  Business Law Attorneys,  Personal Injury Law Attorney
Nosrat, Rad, & Associates
8619 Reseda Blvd Ste 301
Northridge, CA 91324
(310) 571-8777
Bankruptcy Law Attorneys, Attorneys
Nash Larry L
19355 Business Center Dr
Northridge, CA 91324
(818) 993-8522
Attorneys, General Practice Attorneys
Royzman Natella
10940 Wilshire Blvd, 18th Floor
Los Angeles, CA 90024
(310) 954-8503
Bankruptcy Law Attorneys, General Practice Attorneys, Attorneys
A.C.P Paul A Eads
1265 E Wingate St
Covina, CA 91724
(626) 524-8418
Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Paralegals,  General Practice Attorneys,  Leg
Aames Legal Document Experts
9116 Elk Grove Blvd # 100
Elk Grove, CA 95624
(916) 686-8323
Divorce Assistance,  Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Paralegals,  Legal Forms
John M. O'Brien & Associates
9401 E Stockton Blvd Ste. 225
Elk Grove, CA 95624
(916) 714-8200
Personal Injury Law Attorneys, Attorneys
Centro Tepayac Service Center
794 N La Cadena Dr
Colton, CA 92324
(909) 825-8123
Immigration Law Attorneys, Immigration & Naturalization Consultants, Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US