If you are looking for easy safe suppliers for your for sale by owner forms, you can check out this page For Sale by Owner Contract Forms.
On this particular page concerning the for sale by owner forms, I'll be sharing with you various time guidelines to follow.
If someone else brings you an offer already filled out for you, the same rules apply.
Again, I will advise you to read the Disclaimer if you haven't already.
You should always have at least one blank offer to purchase on hand, at all times. Where do you get these forms?
For easy safe suppliers for your for sale by owner forms, you can check out For Sale by Owner Contract Forms.
It is my advice, to carefully make a note of different duration frames on the real estate forms.
For example; You do not want to tie up your property for a buyer that is going to take 45 days to find suitable financing.
Here is an example of what can happen.
The buyer writes up a for sale by owner form with a financing clause that states:
First of all, it should be an exact date, rather than a number of days, but I'll cover that shortly and of course, why.
For other information about contracts, forms and clauses please select any of the thumbnail photo links below.
The Sad Truth
The buyer may have put 45 days in because they have already been to 3 banks and have been turned down because of bad credit.
The buyer thinks that if they just have a longer duration to find a lender, they can find some bank that will be willing to advance them the mortgage.
2 days later you receive a very good offer for the full price, 75% down payment, and a perfect closing date.
You can accept the new offer subject to the first offer falling apart BUT, here is something I'll almost guarantee.
That my dear friend is why you want to know about this time stuff when it comes to for sale by owner forms!
Why Should You Worry About Time?
You may say to me, "Doug, won't my lawyer catch that?"
Yes, they may advise you that the duration period is too long, but that is not their job when reviewing your for sale by owner forms.
Their job is to make sure the completed for sale by owner forms are legal, written correctly, and binding to both parties.
What you agree to is your business, when it comes to things like time frames.
Don't get all excited, though. This is also easy, once you follow a few simple rules.
Keep in mind that your county, city, town, state, country etc. might use different duration periods in a for sale by owner contract.
You are a for sale by owner seller. When it comes to time frames, concerning conditions to be met with the for sale by owner forms, shorter is better. So, here are the rules that I advise.
Why use exact dates and times? Exactly, there is no confusion or argument. It's like I say, exact.
For a quick review, you can go to How to Write Your Own Clause
You might also make sure that there is a "Time is of the Essence" clause, somewhere on the for sale by owner forms. Depending on where you obtained your contract forms, this may already be inserted.
For some more information about "time is of the essence", you might want to look at this explanation from Wells, Jaworski, Liebman, Attorneys at Law.
The time you will allow for various clauses on the purchase contract, depends on;
Let's take a look at each of these, shall we?
Where You Live
If you live in an area that both you and the buyer can quickly access to satisfy a clause, short time frame's are in order.
If you live in an area that you or the buyer has to travel a long distance to various areas, you could stretch things out a bit.
What day of the Week
If you live in an area where lawyer offices, mortgage lenders etc. are open from Monday to Friday, and you receive the offer Friday evening, when doing the calculations, don't count the weekend.
You also should be aware of any major holidays or long weekends involved when writing or reviewing a for sale by owner contract.
The Type of Condition to be Met
This is a real rough outline when writing a for sale by owner contract, so don't take this as written in stone.
There may be individual circumstances, that may have to be considered on your completed real estate forms. You will be the best judge for that.
An example could be that the building inspector that the buyer is using may be away on business for the next 4 days.
You could either ask the buyer to select another inspector or if you are feeling comfortable, allow a longer time period.
You wouldn't have to add on an extra 5 days. Perhaps another 2 days to allow the inspector to do up his or her report would work.
The possession date is between you and the buyer. Just a couple notes I'd like to add.
Two reasons are;
- Real estate lawyers are very busy, so book an appointment well in advance.
- The moving companies are overloaded with business, so book well in advance.
For More Information about Offers and Clauses
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