CHAPTER 13 How to Be a Contract Player You’re in the homestretch of your FSBO, and now it’s time to write a contract for sale. Like any contract, a FSBO sales contract is a legally binding document that details the property and conditions of the sale. This is an important step, which I’ll walk you through.
STAGE 1: BASIC INFORMATION
This is the easiest part.
Name the parties: Who’s selling and who’s buying. Use full names in the first part of the contract. In the rest of the contract, the parties will be called “buyer” and “seller.” Name the contract: Give this contract a title so its intent is clear. Call it “Real Estate Purchase Contract” or “FSBO Purchase Contract.” In the rest of the document, you can call it “the Contract” or “the Agreement.” Date the contract: Don’t forget to date the contract, which may become important if any legal issues arise. Describe the property: This includes the common address and the full legal description in the deed to the property, which you should have in your files or can obtain from your county government’s recorder’s office. Describe personal property: If you’re planning to include personal items in the sale—rugs, tables, furniture, 72
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