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 Aragon, NM

Essential Elements in a For Sale by Owner (FSBO) Contract in Aragon, NM


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 NM 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 NM 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 Aragon, NM
Barthelemy Michael J
5101 Coors Blvd NW # G
Albuquerque, NM 87120
(505) 452-9937
General Practice Attorneys, Attorneys
Susan Boswell Paralegal
6708 Mayhill Ct NW
Albuquerque, NM 87120
(505) 839-9411
Paralegals
Gallegos Frank J
201 N Alameda St
Carlsbad, NM 88220
(575) 234-9199
Attorneys, General Practice Attorneys, Legal Service Plans
Slomenhaft & Cannata LLP
6309 Whiteman Dr NW
Albuquerque, NM 87120
(505) 890-9167
Attorneys
Atencio Law Office
3809 Atrisco Dr NW Ste B
Albuquerque, NM 87120
(505) 839-9111
Attorneys,  Family Law Attorneys,  Labor & Employment Law Attorneys,  Divorce Attorneys,  Estate Pla
Caplan Michael J
827 E Santa Fe Ave
Grants, NM 87020
(505) 287-8891
Attorneys, Legal Service Plans
James Sokolove
323 W Mermod St
Carlsbad, NM 88220
(575) 628-8363
General Practice Attorneys, Attorneys, Legal Service Plans
Prossnitz Eric R
2705 Rio Orilla Ln NW
Albuquerque, NM 87120
(505) 899-8314
General Practice Attorneys
A Accident Advice
4801 All Saints Rd NW
Albuquerque, NM 87120
(505) 454-8150
Legal Service Plans,  Accident & Property Damage Attorneys,  Personal Injury Law Attorneys,  Automob
De Leon Translation Services, LLC
2929 Coors Blvd NW Ste 310-D
Albuquerque, NM 87120
(505) 314-7016
Paralegals, Translators & Interpreters
Litigation Support Svc
4829 Los Serranos Ct NW
Albuquerque, NM 87120
(505) 301-6711
Paralegals
Zamzok Lawrence P
6001 Whiteman Dr NW
Albuquerque, NM 87120
(505) 898-6311
Attorneys, Legal Service Plans
Ellis Law Office
107 S Main St
Carlsbad, NM 88220
(575) 885-6077
General Practice Attorneys, Attorneys
Allen Mila L
901 W U S Highway 66
Grants, NM 87020
(505) 287-5679
Attorneys, Legal Service Plans
All Workplace Problems
4928 Wellsburg Ave NW
Albuquerque, NM 87120
(505) 903-5575
Social Security & Disability Law Attorneys, Attorneys, Labor & Employment Law Attorneys
Shine Richard S
3835 Oxbow Village Ln NW
Albuquerque, NM 87120
(505) 831-5402
Attorneys, Legal Service Plans
Griffith Harry G W
2929 Coors Blvd NW # 102G
Albuquerque, NM 87120
(505) 385-5102
Attorneys,  Bankruptcy Services,  Bankruptcy Law Attorneys,  Legal Service Plans
Fernandez Gary
216 W High St
Grants, NM 87020
(505) 287-4409
Attorneys, Legal Service Plans
Byers Matthew T
112 N Canyon St
Carlsbad, NM 88220
(575) 885-4171
Attorneys, Legal Service Plans
Gant Joseph E
211 W Mermod St
Carlsbad, NM 88220
(575) 887-3956
Attorneys, Legal Service Plans
Martin Dugan and Martin Law Firm
509 W Pierce St
Carlsbad, NM 88220
(575) 887-3528
Admiralty & Maritime Law Attorneys, Attorneys, Malpractice Law Attorneys
Diamond Jeffrey
323 W Mermod St
Carlsbad, NM 88220
(575) 885-3500
Attorneys, Social Security & Disability Law Attorneys, Labor & Employment Law Attorneys
Fisk John W
323 W Mermod St
Carlsbad, NM 88220
(575) 885-3500
Attorneys
Jeff Diamond Law Firm
323 W Mermod St
Carlsbad, NM 88220
(575) 885-3500
Attorneys, Social Security Services
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US