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                               Required FSBO seller forms 

     If you are selling your home on a FSBO basis, and the buyer has a Realtor, their Realtor will have a purchase contract and the necessary forms.

     If the buyer doesn't have a Realtor, and you are on a FSBO basis, you are required to have the necessary forms.  To obtain these forms, you can get them at an office supply store, or you can go online and purchase software to create the contract, or you can go to an escrow company and they can create a contract/purchase contract combination document for you.   However escrow usually will not create the contract for you unless you have a signed purchase agreement by both parties along with an earnest money deposit.

     Before, you agree to an offer, it is recommended that you visit a real estate attorney to have them review the contract and give you guidance.  There are over 30 different clauses in a California Real Estate Purchase Contract that must be intialed or agreed upon with each carrying a heavy amount of legal ramifications if not done right. 

     When going FSBO and the buyer doesn't have a Realtor, you really don't know what kind of buyer you are dealing with.   They may be more experienced at doing this than you, and if there is a clause that required initialing and it's overlooked, you can bet it will be to the buyers advantage.

     Get a real estate attorney to protect you!  They charge $200.00-300.00 per hour, but it is time well spent and since you are saving a bundle in Realtor commissions, you hopefully can afford it.  Use the attorney whether or not the buyer is using a Realtor, they are there to protect you.

     Visit the attorney first before accepting any offers, and go over a standard California Real Estate Purchase Contract, paragraph by paragraph.  It would be wise to download and print a sample contract, and it's additional disclosures, prior to visiting the attorney.   Make notes on what questions you have and what kind of legal ramifacations certain disclosures have.  Cover all the questions you have and take extensive notes on the answers the attorney provides. It would also be a good idea to do a mock contract at the attorneys office, filling in the information that would be required, and initialing the documents and disclosures needed to complete a binding contract.   Now you will have a basic understanding on how to fill out a contract. The contract that is included on our website for printing purposes, does not include the additional disclosures you may need, nor does it include any counteroffer disclosures.  Counteroffers disclosures will be needed as the prospective homebuyer attempts to offer you less than the asking price for the property.  As you negotiate back and forth, you need documentation (ny law) for each time you are going back and forth until you settle on a final sales price.  There could be 6 or more counteroffers before you finally settle on terms!    The additional disclosures may or may not be needed depending on the buyers demands on what they require in order for their offer to be valid.  If the buyer wants a stipulation added to the contract, than typically an addendum would have to added to the contract.  Depending on what the stipulation is, there is probably an already existing purchase contract addendum that exists for the buyers request.  You have to supply the addendum for both of you to sign.  There are many addendums that exist, which is why only the basic purchase contract is on our site.  Where else would you get an addendum?  Ask your escrow officer if they have one that can be used for the buyer and seller signatures, that covers the buyers request.  Click here to print the basic California Purchase Contract and Joint Escrow Instructions.

     If your buyer isn't using a Realtor and you have agreed in principle to a purchase price, and your buyer has a loan commitment letter to show you prior to making an offer, go down to your selected escrow company (there are many in your town to choose from), with or without the buyer, have a purchase contract/escrow instructions combination document drawn up by the escrow officer.  The buyer may want to take the contract to their attorney for review prior to signing.  Once the contract is signed and all necessary areas have been signed and initialed you can either return the contract to escrow or have the attorney review the signatures and any alterations and ammendments  the buyer or the buyers attorney made to the contract.

     Once the contract wrinkles are ironed out, the buyer must give an earnest money deposit.  The amount varies, check with your attorney, but it usually runs .50% to 3% of the purchase price.  The funds must be given to escrow, you can not keep these funds.  Call your escrow officer for more guidance on how to handle the funds and who the check is to be made out to (usually escrow).

     Make sure and stay organized!  Sometimes there may be 6 counteroffers before you settle on a final purchase price and disclosures.  Keep everything, and always give escrow a copy as well!