There is always that moment when you feel that you can do all the work yourself, you go then! I think this is true to an extent and there is a lot during the sale of your property that you can do yourself. However, creating a sales contract might not be one of those items to check off the list yourself. Now, if you are an attorney or have expertise in creating and writing contracts this might be your lucky day. That is not true for most of us. So, I suggest hiring an attorney to draw up, review, and execute the sales contract for you. This will cost you around $800-$2,500 depending on your market and attorney. Make sure you contact a Real Estate attorney that has serviced your market and is familiar with the real estate laws of your state & county. There are many sites that can assist you in finding an attorney near you. Here are some to consider: FindLaw & Lawyers.
Meeting your attorney in person is also a good idea, in my opinion. During your initial visit, set out your expectations and what you would like him/her to assist you with. Be sure to have the sales contract written up and ready to go prior to placing the house on the market. That way you are not working on drafting the contract while negotiating with a buyer. Once a buyer wants to submit an offer on your house, you want to be able to focus on that negotiation process and not on writing up a legal contract. Now, most contracts contain standard language that applies to the state you live in. Therefore, this process should be simple and painless after you have picked your attorney.
Some Sales Contract Pointers to Be Aware of:
- Inspection Period (Buyers will be allowed to inspect the property before committing to the sale. So, consider what your allowable inspection period will be. A 7-10 day period is agreeable to most buyers).
- What types of financing will you consider? Some buyers will not engage with an FHA or VA buyer.
- Which party will pick and pay for title insurance? This can already be set by your county. So, discuss the options with your Real Estate attorney.
- Other items to consider are the initial and second deposits, escrow agent, and appraisal period.
Write it and they will come, is what I like to think. Get your legal documents in order and you will be ready to sell it like a pro in no time. Happy Selling.