Susan, Home Buyer in Lexington, KY

What are our options for entering into a legal contract to purchase a home for sale by owner?

Asked by Susan, Lexington, KY Fri Jan 9, 2009

If a seller accepts an offer from a buyer to purchase seller's home, can the buyer enter into a legal contract with that seller where the buyer is obligated to close on home within 90 days of accepted offer?

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5
..., , Lexington, MA
Tue Nov 9, 2010
Hi Susan!

Deb has good advice - have an attorney look over your contract to make certain that your interests are well represented and not just those of the seller. Lenders closing attorneys can often offer this service for a small fee as they're doing the closing anyway, but the cost is modest in any case and a good investment.

The "must sell by" date or date of closing is standard in most purchase contracts. At the minimum, you should review the contract with your real estate agent, if not an attorney as suggested.
0 votes
..., , Lexington, MA
Tue Nov 9, 2010
Hi Susan!

Deb has good advice - have an attorney look over your contract to make certain that your interests are well represented and not just those of the seller. Lenders closing attorneys can often offer this service for a small fee as they're doing the closing anyway, but the cost is modest in any case and a good investment.

The "must sell by" date or date of closing is standard in most purchase contracts. At the minimum, you should review the contract with your real estate agent, if not an attorney as suggested.
0 votes
Deb Nicholls, Agent, Concord, MA
Sat Jan 10, 2009
Hi Susan,

If you are buying directly from the owner, make sure to have an attorney review everything you sign. If I understand your question correctly, you seem to be questioning the 90 day window. The offer should already have a closing date on it . (That can be changed if both parties agree. )

Hope it all works out!
Web Reference:  http://homes.DebN.net
0 votes
Bill Eckler, Agent, Venice, FL
Sat Jan 10, 2009
As explained, yes. Our advice is if you have questions about the contract and buying process, that you refer your questions to an attorney for their input.

Good luck
0 votes
Dallas Texas, Agent, Dallas, TN
Fri Jan 9, 2009
YES you can do that, buyer / seller has to comply with terms and conditions and laws of state for selling a property.
Web Reference:  http://www.lynn911.com
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