These days, more and more homeowners are taking the leap and selling their homes themselves, foregoing the realtor. Is that a good idea? The answer to that is yes. However, there is quite a bit of paperwork involved to do so. In this article we will review some of the forms you will need when doing a sale by owner (FSBO) of your home.

The first document you will need is the sales contract. This form will contain all the terms of the deal between you and your buyer. This contract is a legal agreement, so don’t forget ANY of the important details. Of course, it will include the purchase price. Nevertheless; Regarding your protection and the protection of your buyer, it must also contain a contingency clause. A qualifying contingency could be that the buyer is unable to secure financing OR their home fails inspection. If your buyer is purchasing your home “AS IS”, the details of this MUST also be incorporated into the sales contract.

The next form you must have is the Property Disclosure Form. In this document, any defects your home currently has MUST be listed. Quite a few states and countries require that this form be used no matter what type of real estate transaction you choose. If you don’t disclose any of these problems with your home to the buyer, you may be legally liable for the damages and have to pay them a large amount of money. Do yourself a favor: DON’T FORGET THE OWNERSHIP DISCLOSURE FORM!

Another important document you should have is an Occupancy Contract Form. This form will state all the terms of the move-in periods for both you and your buyer. If the buyer intends to move out before the deal is secured, they will also need a pre-occupancy agreement. This is important because once YOU move out of your home, your homeowners insurance plan will most likely NOT cover you. So if the house is later damaged and/or you incur losses, you’re just out of luck. So be sure to remember the occupancy and/or pre-occupancy form. A great real estate attorney should be consulted to make sure you don’t forget anything important related to this document.

If your home was built before 1978, you will also need “lead paint records” on a separate form. This form must fully disclose; with written notice to the buyer, any traces of lead paint that was used to build it or later improve its interior. It is a federal law that you MUST have this form. You must also provide your buyer with an EPA-approved lead paint information pamphlet. In addition, the warning form MUST be signed by everyone who will be involved in the purchase of your home. Again, it would be wise to consult your attorney to ensure that you are doing everything in accordance with the law. Otherwise, there could be dire consequences for you later on.