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Contracts and Disclosures

Jonathan Minerick
  • Updated

Do you provide the contracts and disclosures?

We provide disclosures for free with any flat fee MLS listing, see our Forms and Disclosures article. The Realtor® association prohibits from providing the blank contract documents. The good news is that you can get the contracts for free (or for a small fee), typically from one of the following:

  1. Free Options:
    1. Escrow. 
    2. Buyer's Agent (if any)
    3. FirstTuesday (California)
  2. Paid Options:
    1. Transaction Coordinator (recommended). A transaction coordinator (TC) will cost ~$450, and will ensure that you have all the correct contracts and they are completed properly. In a typical real estate sale, once a contract is signed, the agents will hand off the paperwork to their own transaction coordinator. We have transaction coordinators available to assist with all paperwork. You can order service through the website - just sign up, create a property, and then select 'Forms Help' in the available services. Learn more here.
    2. Agent Assistance. You can hire a licensed real estate agent directly through the homecoin website. The upside to this is the agent may be able to negotiate a better contract for you, and the cost is a fraction of what you would typically pay an agent. You can order service through the website - just sign up, create a property, and then select 'Forms Help' in the available services. You can search prices clicking here, and you can learn more by clicking here.

Should I use a certain set of forms?

Most of the real estate industry uses the contract and disclosure forms produced by the state Association of Realtors®. Many agents will only use this set of forms. 

 

Should I have all the disclosures filled out before accepting an offer?

Yes. Having the disclosures completed lets buyers know in advance about any issues that you are aware of. It also makes you look very professional and organized.

You do not want to accept an offer where the buyer backs out due to something they later see in the disclosures.

 

 

 

 

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Comments

2 comments

Date Votes
  • Seymour Koblin

    When buying from one of your sellers: Who provides the legal contract  for deposit, balance due, recording and all legal procedures that are usually done at an Escrow company? AND who pays for it buyer? or seller?  both? and how much does it cost for all legal sale procedures?

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  • Jonathan Minerick

    If you are a buyer without an agent, you can use one of the options noted in the article to generate the contract. Most contracts in use will have fields where you can state the deposit, etc.

    The state Realtor contracts are recommended as they often have been the most refined - these are the ones you'd use under the "Paid Options".

    You would still typically use an escrow company, regardless of whether the buyer has an agent or not.

    It is up to the buyer and seller to decide who will pay. The total cost of the entire sale depends on the fees charged by the escrow and title companies (often determined by the home value). You can find many "Net Sheet" calculators on the internet which will help you in understanding the total costs involved. Local escrow companies will also provide you a "Net Sheet".

    0

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