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7 min read Feb 20, 2024

Things to Check in Your FSBO Contract in Florida

77% of FSBO sellers successfully sold their homes in 2022. However, 13% of them struggled to understand the paperwork and contracts involved in the sale.

FSBO sellers have to deal with multiple insurance papers, listing documents, and contracts. You may find all this paperwork overwhelming and impossible to DIY.

But you can do it! Sell FSBO in the Sunshine State with Flat Fee companies like Houzeo. We provide contract-to-close assistance with our flat fee packages that can put you at ease.

What Is a For Sale By Owner Contract?

A For Sale By Owner contract is the “purchase and sale agreement” of a home sale. The document covers terms and conditions such as contingencies, deadlines, and closing processes to facilitate a smooth sale.

Usually, the seller drafts the contract in an FSBO deal. But you can hire a professional to aid with the process. It seems complex and scary. But with assistance and tips, you can draw the agreement yourself.

To get an error-free contract, contact flat fee companies that give you customer support and contract guidance. Companies like Houzeo offer contract-to-close assistance with flat fee packages under $400.

    🎯 What is “For Sale By Owner”?

    FSBO or For Sale By Owner is the process of selling a property in Florida without the assistance of a listing agent. Often sellers take this route to save on agent commissions and may use a limited-service agent.

» For Sale By Owner Meaning: Read in-depth about the term “FSBO” to understand its meaning.

Common Contingencies in an FSBO Contract

Contingency clauses allow you to back out of a contract. Some common contingencies you must know are:

  • Financing Contingency: This gives buyers time to secure financing and the option of getting their earnest money back.
  • Inspection Contingency: The buyer has the right to withdraw from the deal if the home inspector reports any serious problems.
  • Home Sale Contingency: If the buyer cannot sell their current home within the specified timeframe, they can withdraw their offer.
  • Appraisal Contingency: The buyer can back out if the home is appraised for less than the purchase price.

Don’t let contingencies catch you off guard! Subscribe now for Florida FSBO contract tips on financing, inspections, and home sales.

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Who Draws up a Contract For Sale By Owner in Florida?

The seller draws up the contract in a For Sale By Owner sale. It is not as difficult as you may think. In fact, you can even draft a hand-written FSBO contract and get it approved by a professional.

  • Hire a Real Estate Attorney: They have the knowledge and experience to draft a real estate contract. They charge approximately $150 to $300 per hour.
  • Ask the Buyer’s Agent: If the home seller doesn’t have an agent, the buyer’s agent can help draft the contract.
  • Work With a Transactional Agent: A transactional agent can draft a contract and charge you for the service without representing you.
  • List With FSBO Websites: List your home and get contract-to-close assistance. Companies like Houzeo provide you with contract-to-close help.
    Which Is the Best Way to Draft a FSBO Contract?

    List with FSBO websites! With their MLS listing service, you also get contract assistance at a flat fee. You would have to pay other professionals more just for the contract.

Things to Verify in Your Florida FSBO Contract

To draft a Florida FSBO agreement, it must have a few essential things, which are as follows:

  1. Write a Clear Title: The contract’s title defines the document’s purpose. You may name it a ‘Purchase Contract’ or ‘Real Estate Sales Contract’.
  2. Provide the Names of Parties Involved: The seller’s name should match what is in public records, or the title will not close on the property without an explanation.
  3. Mention the Purchase Price: Write the final price you and the buyer agreed upon. The purchase price should include an earnest money deposit from the buyer to protect you from non-performance.
  4. Define Financing Parameters: Define the parameters for financing if the buyer needs a lender to finance the property. This should include what kind of loan the buyer is choosing to obtain.
  5. Set a Deadline: The deadline should include an exact closing date along with dates for contingencies for financing and inspections.
  6. Property Details: The contract should provide the address, the exact legal description of the property, and the county in which it was recorded. Do not give false information, such as wrong square footage on the MLS, which may get you into trouble.
  7. Closing Costs: Define which party is responsible for what closing costs. Remember that a contract is between the buyer and the seller. If commissions to an outside party are involved, then that should be a separate agreement between the agent and buyer and/or seller. This includes the title agent and their role in closing on the property.
  8. Signature Block: You must leave some space at the bottom of each page for all parties to sign the contract.
  9. Property Disclosures: Was your home built before 1978? Then make sure you submit the “Lead-Based Paint Disclosure” (addendum) with the contract. Mention other seller disclosures that pertain to the state of Florida.
  10. Contingency Clauses: Check and ensure that none of the contingencies apply to you. If it does, you can back out of the contract.

There are more than 10 things to be considered in a valid contract, but these are the basic few. It is a good idea to define the parameters of an agreement and consult a professional for guidance.

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Florida For Sale By Owner Agreement Sample

For Sale By Owner Contract Florida – Page 1

Florida FSBO Contract_page-0001

Source: Florida Freeforms.com

Ready to Draw the Florida FSBO Contract Yourself?

It may seem scary to draft a For Sale By Owner agreement yourself, but you can. The contract consists of a property description, purchase price, and other information that you can fill out on your own.

Verify important elements in your contract and you are good to go. Flat fee companies like Houzeo help you from contract to close. In case, you want hands-on assistance from start to end, then there are other options. But remember that it will cost you more than a Flat Fee MLS company.

» Paperwork for Selling a House Without a Realtor: Mandatory paperwork that FSBO sellers must know when selling their homes!

How Houzeo Helps FSBO Sellers

Houzeo provides flat-fee packages that offer paperwork assistance. You may not get the FSBO agreement from Houzeo. But you can consult professionals at Houzeo to get help drafting the contract.

Houzeo has advanced tools like Intellilist Listing Management and a mobile app. These tools help you monitor and manage your listing paperwork from the comfort of your home.

Reviews: America’s Best FSBO Websites

We’ve reviewed the best paid and free For Sale By Owner Websites in 2023

» Need More Clarity? Read these exclusive Houzeo reviews and learn why it is one of the best Flat Fee Multiple Listing Services in Florida.

Other Agreements You Should Know

Frequently Asked Questions About FL FSBO Contracts

How to write a For Sale By Owner contract in Florida?

You can write an FL For Sale By Owner contract by including details such as the name of the parties involved, the address of the property, home price, and disclosures.

How does a For Sale By Owner contract work?

A FSBO contract works like the traditional "Real Estate Purchase Agreement". Only difference is that the seller draws the contract in a FSBO transaction. Here are a few steps to verify whether your contract covers vital points.

Who draws up contract in For Sale By Owner deal in Florida?

The seller draws the FSBO contract in the by owner home sale. However, the seller has the option of hiring other professionals who can do the job. Some of them are the buyer's agent or a real estate attorney.

Florida For Sale By Owner For Sale By Owner Contract

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