For Sale By Owner

For Sale By Owner


Having realistic expectations of the time it takes to sell your home is important in today’s market.
The average home in the US takes 120-150 days to sell with or without an agent. By researching
the market in your area you can get an idea of the time it will take you to sell. To find out what
the selling conditions are like in your market, use the internet and your local newspaper to gather
market information as well as talk to your neighbors and friends who are selling in your area.


For Sale By Owner there are several legal forms you will need to complete the sale of
your home. Below is a general overview. We highly recommend using
an attorney and/or title company to assist you with your home sales
transaction.
For Sale By Owner NECESSARY FORMS
• Sales Contract
• Disclosures
• Counter Offer Form/Sales Contract Addendum
• Homeowners’ or Condo Association Documents (if necessary)
SALES CONTRACT
Although sales contracts vary from state to state, most include the
following information:
• A legal description of the property, including the street address.
• The selling price.


Mortgage and contingency clauses:

The clauses state that a
mortgage approval will be obtained within a set number of days and
that there will be a commitment to buy within a set number of days
of the contract signing.
• Earnest Money (deposit): The amount is negotiable and varies with
the value of your house and market conditions.

For Sale By Owner Consider 5 percent


of the selling price, more if you reasonably expect multiple offers.
Closing: Specify date when ownership of your home will be
transferred to the buyer. .
SALES CONTRACT CONTINUED
• Inclusions and exclusions: What is and is
not included in the sale of the property.
Be specific about drapes, carpeting, spas
and appliances that are not built in.
• Home inspection: Contingency for
inspection and a designated time frame
for completion.


• Warranties

For Sale By Owner All warranties included with the
house (anything that you would like
to guarantee is in working order).
Home Warranty: Details about any home
warranty purchased by you or the buyer.
See page 9 for more information about
Home Warranties.


• Well and Septic

Specify that they must
pass inspection.
• Termite and pest inspection: Who pays
for inspections, and who will pay for repair.
• Possession date: When buyers take
possession after the closing.


• Acceptance limitations:

How long the
sellers have to respond to the offer with
acceptance or a counteroffer.
• Arbitration: Provisions for arbitration of
disputes.


• Property disclosures:

notice of property
disclosures concerning the house.

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