For Sale By Owner Contracts
Key Factors to Know About a FSBO Contract
Typically the seller’s agent draws up a purchase agreement, but what if you try to sell your home by owner (FSBO), then who drafts the contract? Many home owners today are savvy with technology and can list there home for sale online. If you want to maximize your profit and avoid paying a commission to a real estate agent there are many ways to list your home. It is reported that only 8% of home sales are listed by owner. One reason this may be true is that that the process can be daunting to the average person. But what happens when you have a buyer for your home? Where do you get a real estate contract drafted?
In Virginia you must have a written agreement to purchase real estate. A verbal agreement to purchase or sell real estate in not enforceable. A purchase agreement is simply a written agreement between the buyer and seller that outlining the terms of the sale.
There are many sources online to get a real estate purchase agreement, but problem with selecting something online is that you really don’t know what you are getting.