Home Selling in York>Question Details

Esco, Home Seller in York, PA

How do you write up a sales agreement between 2 private parties?

Asked by Esco, York, PA Thu Jul 28, 2011

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9
Hi Esco,

First, I would follow the advice of the Gerard & Scott to avoid any potential pitfalls, but if you are set on ways to bypass the expertise of a real estate agent or an attorney, I would suggest you find a friendly title company to help you through your transaction.

Good luck,
Ros

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We are a Direct Lender, Mortgage Bank where we originate, process, underwrite and fund FHA (w/a 580 score), 203k, 203k, VA, USDA, Jumbo, Conventional, loans to Canadians, Australians & other Foreign Nationals, on time. NMLS ID 263779 | AZ BK 0903725
2 votes Thank Flag Link Thu Jul 28, 2011
You really need to have a professional do that, you can get a Realtor or an Attorney to write one up for a fee, but this is not a good thing if you don't even know how to start it. CYA and have a professional do it or the buyer will be on your but when things in the house go wrong!
2 votes Thank Flag Link Thu Jul 28, 2011
You should go to a lawyer to do this. If no real estate broker is involved, to give you real estate advice and write the forms, then hire a lawyer.
1 vote Thank Flag Link Thu Jul 28, 2011
There are so many things that can be overlooked, or accidentally left out of such an agreement, that if you're unsure, I would leave it to a professional (or at least someone familiar with sales agreements) to write up. Especially if you're talking about the sales agreement on your home.

There's so much more to it than purchase price, and closing date.

Inspection, Mortgage, Earnest money, walk-through, conveyances, personal property, real property, property taxes, tax prorations, etc, etc, etc... there's just so much that if you're not used to it, you're going to unintentionally shoot yourself in the foot by being penny-wise and pound foolish.

Hire a real estate attorney to write your agreement.
1 vote Thank Flag Link Thu Jul 28, 2011
Alan May, Real Estate Pro in Evanston, IL
MVP'08
Contact
The buyer usually makes the offer, the seller if they do not have an agent to review the contract, really should have an attorney review teh contract. If the buyer does not know where to start, they should rely on their own attiorney and not the sellers. if you want to split the cost of a lawyer, have them write a contract you both agree on. You could even find a listing agent who may do it for 1% of teh sales price. Either way you need professional help to meet all local, state and federal disclosure laws.
Web Reference: http://www.ScottSellsNH.com
1 vote Thank Flag Link Thu Jul 28, 2011
You really should have a lawyer involved. You could go to a local office supply store (Office Depot, etc.), and it probably has some generic forms. However, that's the problem. They're generic. At best, they conform to your state's laws. At worst, they don't.

You and the buyer should sit down. Decide on the details: The price, how much down, how the financing will work, when the closing date will be, whether you'll be doing any repairs to the home, etc. Then go to a lawyer and have him/her construct an agreement that reflects all those details. And that reflects whatever requirements there are in the laws of Pennsylvania as well as York County.

You don't need a Realtor for any of this. But invest the money (maybe $500-$1,000) for a lawyer to make sure everything's done properly and that you're protected.

Hope that helps.
0 votes Thank Flag Link Thu Jul 28, 2011
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
The seller needs to follow all the state laws to sell any property IF you don't can be sued.

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Thu Jul 28, 2011
Dear Esco,

Great Question, If I understand it correctly you not an agent, but a home buyer or seller. The rules for this will vary from state to state. Here in Florida our laws would say that is LAW not Real Estate but home owners can conduct business without a Real Estate agent. . If you are doing a private deal, the best action might be to reach out to a real estate attorney or title company for guidance. I've attached a link to my profile, if ever have any general questions (not legal) and not state specific drop me a note.
0 votes Thank Flag Link Thu Jul 28, 2011
All a written agreement is, Esco, is a document. Whatever two parties agree to can be set to paper and used as a reminder and as evidence in court.

However. The sale and purchase of Real Property is serious business, which is why the State licenses brokers. Because a transaction will take from several days to several weeks to complete, it's important for both parties to define the terms and conditions of the transaction, and any remedies if a party breaches the agreement.

The law gives buyers of real property some rights which need to be addressed in the agreement, and the law also places some obligations on sellers of real property and those need to be addressed in the agreement.

If the buyer is obtaining financing, the terms of the contact are subject to review by the lender.

Happy transaction!
0 votes Thank Flag Link Thu Jul 28, 2011
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