Many homeowners express intimidation at the thought of selling a home as a “For Sale By Owner” (FSBO) property as a result of the paperwork involved with disclosures, offers, and settlement. Such homeowners, however, may not be aware that all of the documents used during the sales process are pre-printed forms that are available online. The key to any FSBO home sale thus is to gain a basic understanding of all necessary paperwork during the early stages of the Step-By-Step Guide.
In most states, there are standard sales contract forms that buyers use to submit an offer. These state-specific contract documents are pre-printed forms that are available online at USLegalforms.com (and also can be found at most office supply stores), which includes the following key real estate forms that are of primary significance to FSBO sellers:
- Real Estate Home Packages By State. Many FSBO sellers likely will need to have access to the forms accessed in the Home Sales Package section of the USLegalforms.com real estate section. These packages, which are uniquely tailored to each state, typically consist of multiple property forms, including the documentation for an offer to purchase, contract for sale, disclosure statements, and other forms that are needed to sell a home as a FSBO property.
- Disclosure Forms. Seller disclosure forms are statements prepared by FSBO sellers in compliance with state-specific laws that require the disclosure of all relevant and material information (including information on federal lead-based paint requirements) known to them about the condition of the home to be sold. Flat-fee MLS services also typically provide FSBO sellers with state-specific disclosure forms and often provide assistance in explaining the contents of each form. Once a home is listed for sale, FSBO sellers should have ready access to all disclosure forms to share with prospective buyers upon request.
- Sales Contract/Offer Forms. The sales contract/offer documentation is the most important paperwork involved in the FSBO sales process. The sales contract includes important items of agreement between the FSBO seller and buyer, including the purchase price, financing arrangement, terms of settlement, and information on sales contract contingencies.
- Settlement/Closing Forms. Transferring the title and closing the transfer of ownership of the home must be done correctly with the proper forms in order to ensure the legality of the sale. Such forms also set forth the costs to each party and the terms of sale and termination.
- Other Forms. A list of all real estate forms that cover any number of circumstances specific to FSBO sellers (see both the top and bottom of the linked page for a complete list of forms).