U.S. Legal Forms has combined the most popular for sale by owner (FSBO) real estate forms into a FSBO Real Estate Forms package. The package includes a Residential Contract, All packages are State Specific.
If you're thinking about listing a house for sale by owner or looking to buy a home for sale by owner, there are important things to understand about FSBO homes sales before signing the home contracts. Homes for sale by owner can offer advantages for both the homeowner and buyer. The main advantage with houses for sale by owner is not having to pay a commission to a real estate broker. By eliminating the commission from the home sale contract purchase price, it may be easier to negotiate a contract of sale. Therefore, the property for sale may sell quicker and the buyer may get a better real estate deal. However, the parties should have the proper home contracts and clearly understand the agreement of sale before signing home sales purchase agreements. The following will explain some of the important documents related to a home sale agreement:
Home sale agreement form - The home sales agreement form is the main document detailing the terms of purchase agreements. Real estate purchase agreements include terms for the move-in date, purchase price and payment terms, responsibilities for insurance, utilities, property taxes, closing costs, warranties, and more.
Disclosures - There are state laws requiring seller disclosures for homes for sale, which vary by state. Federal lead paint disclosures may be required to accompany a home sale form for older FSBO homes. US Legal Forms offers home sales packages containing all the required sales forms you need for homes for sale in your state.
Quitclaim deed and warranty deed - These are the documents of title that accompany a contract for real estate and are filed at the county recorder's office where the realty is located to transfer title to the new owner on land records. The recorded owner on the deed will owe property taxes. The difference between a quitclaim deed and warranty deed is that a quitclaim deed doesn't guarantee that the seller is transferring clear title. That's why a title search is important to make sure that any liens or foreclosures on the property are known prior to signing a contract for purchase.
Land Contract - In a rent to own transaction, also called a land contract or contract for deed, the buyer doesn't receive the deed until all payments are made, according to the contract for sale. Therefore, a rent to own house for sale is similar to an installment purchase. The home buyer is basically a tenant of the owner until payments are complete and a deed is recorded. In an outright home sale, the deed is delivered when the home sales contract and closing forms are signed.
Promissory note - A promissory note is a promise to pay, evidencing a loan. This may accompany a home sale contract form, especially for owner financed houses. It may also be part of the home sales contract form.
Whatever your needs with houses for sale, US Legal Forms offers professionally drafted, state specific house for sale forms. We also offer home sales packages at super savings, and related closing forms, promissory notes, disclosures, foreclosures, and other top quality realty forms.