Hi,

Our friends are selling their house,fsbo, and wants to sell it to us. We already agreed on buying the house for 899k. We dont want any agents involved since we're close friends and we are kinda strapped on cash to be paying any agents. An agent friend of theirs gave them a California Realtors Assoc purchase agreement contract. Is it okay for us to use this as OUR contract? If not, where would we get one without consulting a lawyer?

Thanks

http://www.uslegalforms.com/ is one source. Also most office supply houses sell the forms.

You could also call a local escrow company and ask if they have any forms you could get free.

Many states have specific requirements including disclosures that must be made or significant legal problems could develop if disagreements develope... I know I know... your friends.... well friend fall out when money is an issue and Divorces do occur...

If the forms your agent friend gave you are copyright by the association or state and your not personally a member... you may not be authorized to use the forms.


Both of you are opening yourselves to very much higher potential for very costly and time consuming problems by "going in blind". If your not using a knowledgeable real estate agent you really must use a real estate attorney. It would be totally foolish not to. A $900,000 or a $90,000 transaction is far to important to try to be cheap on... it will very often cost you far more not to use the necessary professionals.

If you can't even afford an attorney for this transaction, you can't afford the house.....

If you read any of the association of RealtorŪ forms, you will see that you have to have the right to use those forms, such as being a member of the association. You can't use those forms. Some mortgage companies have forms you can use, so ask the company who is providing financing.

I had a good friend who purchased a home from his parents and did this. He didn't want to use an agent and his parents couldn't really afford to add agent fees to the transaction. I think he closes this week.

I'm wondering why you don't have a lawyer. Where I do business the lawyer's fee for a closing is a set charge. Around here (NY) it's like $350-$500 for the buyers side. That includes, among other things, the closing services/paperwork and all questions leading up to it. I'm sure they would at least fax you a blank stanard contract. If you have never seen one before it will probably be a bit confusing, you'll certainly have questions. Filling in something incorrectly could be a big mistake. I would definatly get an atty. You may feel that you don't need one because you're friends with the sellers, but lawyers don't just litigate arguments. You at the very least need them for the paper work. Lots of paper work!

thanks for the replies,

I just wanted to see if I can use the contracts or not. I already got some other ones that I can use.

Im sorry but if can NOT pay an agent I won't. I have nothing against you guys and I have my own agents that has received a lot of business from me....but when I can save that much money...I will. I know its not going to be kid simple to fill it out but I have full confidence in doing it. I know even agents can make plenty of mistakes on contracts so Im no different. Yes, I know that their professionals and all but this isnt your everyday situation and Im sure plenty of others has done the same in my shoes.

I really appreciate the advice though...I really do.

Thanks again

I think everyone "gets" it. However, one little blank filled in incorrectly can cost you thousands. A consultation with the closing attorney handling your transaction will be nominal for him/her to review your contract before signing.

It's one of those pound foolish things, ya know?

I would definately get some kind of assistance. Especially due to the value of the transaction. If you can't afford a few k to get help, are you sure you should be spending this amount on a house?

You'd be surprised how many friendships are tested in these situations.