If you`re buying or selling a home in Nebraska without the help of a real estate agent, it`s important to understand the legal requirements for a successful FSBO (For Sale By Owner) transaction. One crucial document you`ll need is a purchase agreement, which outlines the terms of the sale.
Here are some key things to keep in mind when drafting or reviewing a Nebraska FSBO purchase agreement:
1. Include the basics: The purchase agreement should clearly identify the buyer and seller, the property being sold, and the purchase price.
2. Outline any contingencies: Contingencies are clauses that allow either party to back out of the deal if certain conditions aren`t met. Common contingencies in a Nebraska FSBO purchase agreement might include a financing contingency (if the buyer needs to secure a mortgage) or an inspection contingency (if the buyer wants to have the property inspected before closing).
3. Address any repairs or credits: If the property needs repairs, the purchase agreement should spell out who will be responsible for making them and how any costs will be dealt with. Alternatively, the parties might agree to a credit at closing that will offset the cost of repairs.
4. Detail the timeline: The purchase agreement should set forth deadlines for important events, such as the inspection, financing approval, and closing.
5. Define the closing process: The purchase agreement should specify where and when closing will take place, who will attend, and what documents will be required.
6. Consult an attorney: Although it`s possible to create a Nebraska FSBO purchase agreement on your own, it`s a good idea to have an attorney review and revise it to ensure that it complies with state laws and protects your interests.
By following these guidelines, you can create a comprehensive and legally sound Nebraska FSBO purchase agreement that will help you navigate the home buying or selling process with confidence.