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#457695 - 05/07/17 03:01 AM For Sale By Owner
rjlocal22 Offline
Member

Registered: 01/22/17
Posts: 18
Loc: Pennsylvania
On an agreement of sale, what should be included and does the buyer or seller prepare it? Does the seller have to prepare a
"Sellers Disclosure Document"?
I have had a difficult time and expense trying to purchase a Hud property and a REO property.
So I decided to stay away from foreclosure's and look at FSBO or properties listed by brokers who represent the public.

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#457696 - 05/07/17 04:20 AM Re: For Sale By Owner [Re: rjlocal22]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7720
Loc: Vermont's North-East Kingdom
The first step in a Real Estate Transaction is for the Buyer to make an Offer, so I'd imagine that s/he has to be the one to prepare it (who else would know what the Offer amount will be ?).

In some jurisdictions, it's still a 2 step process with a Buyer making an Offer on what is called a "Binder"; but it's not actually binding unless the Seller also signs the Binder . . . . thereby agreeing not to sell to someone else before a comprehensive and detailed Purchase and Sales Agreement (Contract) can be drafted by the two of them.

Without a Broker being involved, you can hire a Conveyance Attorney to prepare these documents from scratch. Stationery stores used to offer blank forms that could be used for these purposes; and maybe Legal Zoom offers something similar.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#457699 - 05/07/17 07:16 AM Re: For Sale By Owner [Re: rjlocal22]
rjlocal22 Offline
Member

Registered: 01/22/17
Posts: 18
Loc: Pennsylvania
Thanks.
Hiring an attorney would be the safest move.

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#457702 - 05/07/17 07:29 AM Re: For Sale By Owner [Re: rjlocal22]
WolfHouse Offline
Member

Registered: 04/03/17
Posts: 37
Loc: Winter Park, Florida (United S...
I agree on the attorney. Better safe than sorry.
_________________________
Wolf Wants Houses in Florida

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#458330 - 07/01/17 08:30 AM Re: For Sale By Owner [Re: rjlocal22]
LoganRealty Offline
Member

Registered: 06/02/17
Posts: 32
Loc: Santa Monica, CA
Absolutely get a Seller's disclosure. Go to your local board of realtors. They sell the paperwork mandated by the state you are in. Make sure to get copies. If the seller doesn't offer you these disclosure, give them these docs and have them fill it out.

But in total agreement with the above. Get an attorney to look things over. Better that than going to court at a later date. Imagine if you find some tax lien on the property, ugh.
_________________________
Santa Monica Realty by the Sea

Top Recommend: Use a dedicated GPS mileage tracker - not an app - to track your miles.

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#458336 - 07/02/17 02:33 PM Re: For Sale By Owner [Re: rjlocal22]
VABroker Offline
Veteran Member

Registered: 11/02/10
Posts: 1042
Loc: Virginia
I haven't checked, but, I'd think if it's 'mandatory' by law, there'd be something in your state's code section so you might want to look online or hop down to the library. Usually local realtor boards only cater to the realtors because they are members. Why do alot of people think real estate agents should be doing them 'favors' if you're not hiring them? Does an attorney give you a skeletal draft of a divorce pleadings for free? Does a doctor give anyone who asks free results of blood tests, etc.? If so, please tell me which state/county and I'll move there in a heartbeat.

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#459826 - 11/19/17 06:53 AM Re: For Sale By Owner [Re: rjlocal22]
jsteinhomes Offline
Member

Registered: 01/18/11
Posts: 282
Loc: Montgomery County, PA
Hopping into this late, so who knows if the OP will ever read this.

As a PA real estate licensee, I can offer some insight into the process in the state. We do not make use of binders. The buyer will draft (most likely using the Standard form available through the PA Assn. of Realtors) an Agreement of Sale outlining all of their terms. This becomes a binding, legal contract once signed and/or initialed by the seller. Some buyers do have attorneys review the contract, but since it is - in essence - just a simple fill-in-the-blank form originally drafted and constantly revised by attorneys, that is rare.

There is also a Standard form customarily used by sellers to disclose the material defects of the property. However, it's actual use is not mandatory. Simply because the seller does not use the form does not absolve them of their legal obligation to disclose any and all material defects in the property to potential buyers.

Each situation is different, so feel free to reach out to me personally if you have additional questions about the process. After re-reading your original post, I have to ask: Are you currently working with a buyer's agent to find your new home?
_________________________
Joshua Stein, ABR, e-Pro
Coldwell Banker Preferred - Conshohocken

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