Don't fall for the old FSBO myth that you aren't legally obligated to provide disclosure of material facts or complete and provide buyers many of the same forms that are used by real estate agents. In fact, most of these laws apply to the homeowner, not the agent. As part of an agent's fiduciary responsibilities, he will make these forms available to his homeowner clients to complete, collect them for his office files, and then make them available to buyers and/or their agents for review. Most of the forms listed below are required by law to be completed and provided by homeowners to all prospective buyers. I've added a few more that you should find helpful.
1. Homeowners Property Disclosure. The law requires that the homeowner fill this out and make it available to a prospective buyer before a contract for sale of real estate is signed. You are required to reveal anything that you know is wrong with the home. My advice to all homeowners is that not use the response "No Representation" because it not only suggests to a buyer that you might be hiding something, it could actually get you in more trouble if a problem that you should have know about arises after the sale.
2. Residential Sales Agreement. I have included a sample agreement in this Tool Kit. That sample contract sets forth the terms and conditions, along with any contingencies, that apply to the sale. Those going FSBO should always consult an attorney before signing any real estate sales contract.
3. Sales Agreement Addendum. It's possible that you might need to write out in greater detail some special contingencies. This addendum can be used and attached to the sales agreement. Keep in mind, however, that an addendum will take precedence over anything that is written in the original contract.
4. Lead-Based Paint Disclosure Pamphlet. For any home built before 1978, the seller of residential property must provide potential buyers with a copy of the pamphlet. Buyers must sign that they have received the pamphlet.
5. Limited Agency Agreement. We've developed and included in our Tool Kit an agreement that creates a limited and temporary agency relationship between you and an agent. My opinion is that a FSBO should never talk with an agent about potentially listing their home or protecting them if they bring you a buyer without having first protected himself through some kind of temporary agency agreement.
6. Agent Protection Agreement. We've also included a sample agreement that can be used to work with Buyer Agents, agreeing to give them a percentage of the sales price for producing a buyer and sale that goes to closing.
7. Closing Attorney Checklist. Without an agent involved in the sale of your home, it'll be up to you to coordinate the closing and see that the attorney has all the information needed to close. You should find this simple form helpful.
8. Buyers Access to Premises Agreement. This agreement sets forth in writing the specific conditions for access to the property for things like inspections, measurements, and a final walk through.
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