Contracts & Closings
SALES CONTRACTS
Sales contracts are legal and binding documents. Where you make your money selling or buying FSBO is the commission savings. .. not how "cheap" you can market your home or cutting corners on contract preparation. When it comes time to write a sales contract, do it right. In KS and MO it is up to the seller to present all paperwork (contracts, forms, disclosures) to the buyer, based on their agreement. Your best advice is to have a real estate attorney prepare it for you as a seller, or if you are a buyer, review it with you before you sign. Local, experienced real estate attorneys can be found by clicking HERE.
CLOSING & TITLE Services
Local custom and tradition dictates how real estate closings are handled. In KS and MO closings are handled by a title company while other states may have the custom of using a real estate attorney to handle the closing.
In KS and MO it is up to the SELLER to choose a title company to handle their closing. Custom and traditionally the buyer "follows" the seller and the buyer closes where the seller closes. This can be very efficient for both buyer and seller. However, this is not required. A buyer may close anywhere and it does not need to be at the same title company as the seller.
As a seller, you should have a title company in mind before you begin selling because when you get a buyer, you'll ask the buyer for earnest money. This earnest money check should be made payable to the title company you have selected. It is not made payable to you, the seller, because it is not your money yet. Your title company will act as an escrow agent and hold the funds in escrow until closing.
SPECIAL NOTE: Not all title companies are the same. Shop several title companies for services, fees and services offered. Most title companies in the KC metro area charge high fees when buying or selling FSBO. Owners Land Title is KC's first and only title company that markets direct to private buyers and sellers. Owners Land Title specializes in FSBO transactions and eliminates middleman inefficiences and passes the saving on to their customers. Check out their services and site at www.OwnersLandTitle.com.
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IF YOU HAVE ANY QUESTIONS REGARDING ANY ASPECT OF THE CLOSING, PLEASE CALL AND DISCUSS THIS WITH A REAL ESTATE ATTORNEY OR TITLE COMPANY PRIOR TO THE CLOSING!