Forms Required to Sell Home by Owner
You can make some real profit when you choose home for sale by owner technique to sell your property. While the other steps are still possible to get by easily, the trickiest part lies in the documentation that has legal implication in case it does not happen accurately. Many legal forms are required when a house is being sold to protect your interest and that of buyer as well.
The sales contract binds the buyer and the seller in a legal agreement with all the terms mentioned specifically. The contract should have all the necessary details which include the purchase price and any other contingency clause that protects the buyer or seller from penalty in case they cancel the deal. This agreement is signed by both the parties for it to be enforceable legally.
This form will list all the defects that your home has. You need to comply with the local city codes and make disclosure of any potential hazards to health or faulty system in the house. For instance, if you are an Oklahoma property owner, you must check with your local authorities of the necessary disclosures that need to be made at the time of house sale. If you do not disclose the damages, you may be held liable by the buyer if a defect comes up after the sale.
This agreement specifies as to when you, the seller will move out so that the buyer can move in. Pre-occupancy must be signed if the buyer moves in to the house before closing of the deal. Post occupancy agreement is also needed if you stay after the sale of the property. You are liable to pay the rent to the new owner and the taxes as applicable.