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What paperwork is in involved when selling FSBO?

What am I responsible for; documents, inspections, etc?

Thank you.
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July 04 2012 - Northeast Anaheim
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Answers (10)

Yes you are responsible for the contracts if you are selling on your own. You need some trained and qualified help to complete the sale and to protect  yourself from liability.
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6 days ago
Profile picture for Pasadenan
A HUD-1 form also typically needs to be filled out.  But the lender for the new buyer will often take care of that.

There also are typically some notices about U.S. Fair Housing Act and U.S. Fair Lending Act that must be "acknowledged".  But that is all downloadable from both the State and HUD as well.
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July 05 2012
Profile picture for Pasadenan
You don't need to worry about most of the forms if you select a good escrow company and good title company.  They should be able to assist with all the paperwork needed for the title transfer.  And the buyer is planning on submitting an offer contract for you to review and sign or revise...  (you may want some help reviewing it after receiving it).

The two most important items that you need are:
1) The seller disclosure statement.  As that is a state mandated item, you can download it from the State website.
2) The termite inspection.  The termite company will file all the correct forms, but you need to pay for that inspection and the required corrections.

As you are most likely leasing the land, you may need to file some papers with the mobile home park for the contract transfer.  But they will walk you through that.

If you have an existing mortgage on the house, you will need to fill out paperwork to pay off the loan and to have the mortgage company removed from the title.  But your mortgage company and your escrow company will help walk through that and will do most of that work.

Typically, a new owner will need a new certificate of occupancy and that typically involves a building inspection by the local building and safety department.  But that is typically the new owner's responsibility and not the seller's.

You also need to cancel all your utility and phone contracts.  But typically that can be done with phone calls.  It helps if you coordinate the utility transfers with the buyer, as the buyers often forget to contact the utility companies to set up the new accounts.  If done properly, they don't lock out the services, but just send a meter reader for the transfer date, and then make the new accounts effective the date you terminate your accounts.

Appraisals and home inspections are the buyer's responsibility.  Your only responsibility would be to let them in at the scheduled times, and to help coordinate those schedules with what works for you.
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July 05 2012
Hi again,  I just noticed - by clicking on your profile - that, apparently, the property in question is a manufactured home, in a trailer park.  

That is an entirely different type of property, than I suspect, most Zillow agent contributors are accustomed to dealing with. ( None, for me, in over 35 years.)

I am under the impression that it is VERY specialized, both in terms of the paperwork, and also in terms of the transaction.  

Hopefully there are some agents on this site with some of that specialized knowledge, but it might have helped your cause to have mentioned that in your original post.
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July 05 2012
Profile picture for the_country_hick
Reading the link below can be helpful in selling FSBO. It was written by one who sold their house FSBO.

http://rockinblu-rockinblu.blogspot.com/2009/02/thinking-about-doing-fsbo.html
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July 05 2012
Only one form is needed to ensure a successful sale.

An MLS listing form, with a Realtor that you use a little due diligence to find and select.  Once THAT form is signed, the Realtor then has to do all the thinking about which forms - out of dozens - to use for your unique transaction.
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July 04 2012
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Thank you all for your replies.  I appreciate it very much.
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July 04 2012
To sell a house fsbo is not easy, specially when it comes to all the disclosures. You have the purchase contract to start with, you the disclosrres and inspections. On the buyres side you the loan papers and appraisales and other forms. Feel free to contact me, i can show you the checklist that I use for my transactions...your forms may vary though, depending on your terms, conditions and other agreements that you may have... Ofcourse the best thing for you todo is to get legal help if you are selling on your own,, highly recommend it! I will be glad to,answer if you have any specific questions. Mike
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July 04 2012
You can search the internet for local requirements. Or hire a Real Estate attorney. Or hire a listing agent.
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July 04 2012
You can contact your local division of real estate for the required state and federal forms. Or, I would suggest hiring an attorney or Realtor by the hour to assist with contracts only. You must disclose any known defects, etc. Not hiring a professional is kind of like going to court without an attorney.
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July 04 2012
 
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What paperwork is in involved when selling FSBO?
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