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 Samoa, CA

Essential Elements in a For Sale by Owner (FSBO) Contract in Samoa, CA


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 Samoa, CA
H Miller Manuel
20750 Ventura Blvd # 440
Woodland Hills, CA 91364
(818) 710-9993
General Practice Attorneys, Attorneys
Herrera Victor J
337 N Vineyard Ave
Ontario, CA 91764
(909) 259-9906
Immigration Law Attorneys, Criminal Law Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorn
JSS Family Law
11400 W Olympic Blvd # 830
Los Angeles, CA 90064
(310) 481-9900
Family Law Attorneys, Divorce Attorneys, Attorneys
Buda Frank M
21243 Ventura Blvd # 102
Woodland Hills, CA 91364
(818) 999-9871
Attorneys, Legal Service Plans
Mc Gee Lerer & Assoc
11300 W Olympic Blvd # 870
Los Angeles, CA 90064
(310) 231-9717
Personal Injury Law Attorneys, Wrongful Death Attorneys, Attorneys
Brignac Paralegal Contracting Services
9107 Wilshire Blvd. Suite 450
Los Angeles, CA 90064
(310) 746-9658
Paralegals
Brignac Paralegal Contracting Services
11400 W Olympic Blvd
Los Angeles, CA 90064
(310) 746-9658
Paralegals
Devirian & Shinmo Law Offices
11400 W Olympic Blvd # 200
Los Angeles, CA 90064
(310) 312-9587
General Practice Attorneys, Attorneys
Borowitz & Clark
3535 Inland Empire Blvd
Ontario, CA 91764
(909) 983-9555
Bankruptcy Law Attorneys,  Attorneys,  Bankruptcy Services,  Legal Service Plans
Whitefield Laura
5309 Comercio Way
Woodland Hills, CA 91364
(818) 704-9500
Attorneys, General Practice Attorneys
Attorney George H. Jones
11500 W Olympic Blvd Ste 400
Los Angeles, CA 90064
(213) 291-9401
Corporation & Partnership Law Attorneys, Labor & Employment Law Attorneys, Attorneys
Carter Scott E
621 Quinan St # A
Pinole, CA 94564
(510) 741-9400
General Practice Attorneys, Attorneys, Legal Service Plans
Mc Donald Janis
11355 W Olympic Blvd # 100
Los Angeles, CA 90064
(310) 478-9398
General Practice Attorneys, Attorneys
The Document People
21904 Ventura Blvd
Woodland Hills, CA 91364
(818) 704-9395
Paralegals, Estate Planning, Probate, & Living Trusts, Legal Document Assistance
Protocol Supervised Visitation Services
22647 Ventura Blvd Ste 108
Woodland Hills, CA 91364
(888) 963-9391
Family Law Attorneys, Attorneys
Novodor Alan G
11835 W Olympic Blvd # 1125E
Los Angeles, CA 90064
(310) 479-9387
Attorneys, Corporation & Partnership Law Attorneys, Business Law Attorneys, Legal Service Plans
Inland Valleys Justice Center
21781 Ventura Blvd., Suite 633
Woodland Hills, CA 91364
(877) 832-9325
Mediation Services, Arbitration Services, Arbitration & Mediation Attorneys
Price Law Group
1600 Executive Ct
Sacramento, CA 95864
(818) 986-9266
Attorneys,  Legal Service Plans,  Bankruptcy Services,  Bankruptcy Law Attorneys,  Financial Service
Bankruptcy Law Firm
10524 W Pico Blvd Ste 212
Los Angeles, CA 90064
(310) 559-9224
Mon. - Fri. 9am - 5pm, Sat. - Sun. CLOSED
Mason Joshua
14261 Danielson St
Poway, CA 92064
(858) 486-9200
General Practice Attorneys, Attorneys
Bunmi Awoniyi
1610 Executive Ct
Sacramento, CA 95864
(916) 925-9180
Mediation Services,  Arbitration Services,  General Practice Attorneys,  Attorneys
Mark Grotewohl
1610 Executive Ct
Sacramento, CA 95864
(916) 925-9180
Immigration Law Attorneys, Attorneys, Family Law Attorneys, Legal Service Plans
Sternberg Donald E
5525 Oakdale Ave # 234
Woodland Hills, CA 91364
(818) 710-8934
Attorneys, Legal Service Plans
Dell Louis P
11150 W Olympic Blvd # 1120
Los Angeles, CA 90064
(213) 385-8856
General Practice Attorneys, Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US