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For Sale by Owner Purchase and Sale Agreement - Silicon Institute

For Sale by Owner Purchase and Sale Agreement

If you`re considering buying or selling a home without a real estate agent, you`ll need to create a purchase and sale agreement, also known as a for sale by owner (FSBO) agreement. This contract outlines the terms of the transaction, including the sale price, closing date, and any contingencies that must be met before the sale can be finalized.

While it`s possible to create a FSBO agreement on your own, it`s recommended that you consult with a real estate attorney to ensure that the contract is legally binding and protects your interests as a buyer or seller. Additionally, working with an attorney can help you avoid common pitfalls and ensure that all necessary information is included in the agreement.

Here are some key elements that should be included in a FSBO purchase and sale agreement:

1. Property description: The agreement should clearly describe the property being sold, including its address, legal description, and any other relevant details.

2. Sale price: The agreement should state the total purchase price of the property, as well as any earnest money or deposit required.

3. Contingencies: The agreement should outline any contingencies that must be met before the sale can be finalized. This may include a home inspection, appraisal, or financing contingency.

4. Closing date: The agreement should specify the expected closing date, as well as any penalties for delays or failure to close on time.

5. Disclosures: The agreement should include any required disclosures, such as lead paint or mold disclosures.

6. Signatures: The agreement should be signed by all parties involved in the transaction, including the buyer, seller, and any real estate agents or attorneys involved.

Creating a FSBO purchase and sale agreement can be a complicated process, but it`s essential to protect your interests as a buyer or seller. Working with a real estate attorney and ensuring that all necessary information is included in the agreement can help ensure a smooth and successful transaction.