The For Sale By Owner Contract (FSBO) is utilized when property owners choose to sell their real estate directly to buyers without real estate agent representation, potentially saving thousands in commission fees. This document is crucial in U.S. real estate transactions as it establishes the legally binding terms of sale, including property details, purchase price, contingencies, and closing requirements. It must comply with federal regulations such as the Truth in Lending Act and RESPA, as well as state-specific real estate laws. The contract provides essential protections for both parties while ensuring all necessary disclosures and legal requirements are met. It's particularly popular among sellers looking to maintain direct control over the sale process while maximizing their profit potential.
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1. Parties: Identification of buyer and seller with full legal names and addresses
2. Background: Brief context of the sale and property identification
3. Definitions: Key terms used throughout the contract
4. Property Description: Detailed legal description of the property and included/excluded items
5. Purchase Price: Total amount and payment terms including earnest money details
6. Closing and Possession: Closing date, possession terms, and document requirements
7. Representations and Warranties: Seller's statements about property condition and ownership
8. Default and Remedies: Consequences of contract breach by either party
9. Signatures: Execution blocks for all parties
1. Financing Contingency: Optional section to be included when buyer requires mortgage financing, detailing terms related to loan approval
2. Home Sale Contingency: Optional section to be included when buyer needs to sell their existing home before completing this purchase
3. HOA Provisions: Optional section required when the property is part of a Homeowners Association, detailing rules and fees
4. Lead Paint Disclosure: Optional section required for homes built before 1978, addressing federal lead paint disclosure requirements
1. Schedule A - Property Description: Detailed legal description of the property
2. Schedule B - Included Items: List of fixtures and personal property included in sale
3. Schedule C - Excluded Items: List of items explicitly excluded from sale
4. Schedule D - Disclosure Statement: State-required property condition disclosures
5. Appendix 1 - Title Documents: Copy of current title report or commitment
6. Appendix 2 - Property Survey: Recent survey if available
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