Alabama For Sale By Owner Contract
An Alabama purchase agreement enables a buyer to present an offer to a seller. If and when the seller accepts the deal terms, it becomes a legally binding sales contract. Buyers usually offer a deposit of earnest money, ranging between 2% to 5% of the sales price, to demonstrate their good faith in fulfilling the contract.
When can an Alabama Purchase and Sale Contract be used?
- Cash Sale
- New Loan Buyer
From the Alabama Revenue Office, Buyers must know the following criteria:
- Buyer Beware
- All Known Defects
Alabama Real Estate Disclosure Forms
- Lead-Based Paint Disclosure Form (REQUIRED)
- Property Disclosure Statement
Source: Alabama Revenue Office
How do you fill out an Alabama Contract For the Sale And Purchase Of Real Estate With No Broker For a Residential Home Sale Agreement?
If you want to be 100% sure your contract is plausible, verify the warranty is valid by requesting a legal attorney to review the document.
Property Disclosure Statement
The seller doesn’t need to disclose any issue related to the property unless it poses a threat to the buyer’s health or safety. However, the seller should complete a property disclosure statement and the Alabama real estate purchase agreement. This documentation is not compulsory, but it is recommended, as it will inform the buyer of any issues related to the property they intend to buy.
ALABAMA ASSOCIATION OF REALTORS