Buying a "For Sale By Owner"
Information for Buyers

I had an interesting question over the weekend. A man made an offer on a vacant piece of property that is for sale by owner. The offer was written on a blank piece of paper, was accepted, and is now a valid contract. 

The buyer is now aware that the property is in a flood zone and requires additional insurance. 

His question is "Can I get out of this contract and get my deposit back?" Quite simply, yes there are ways of voiding a contract if either party does not meet certain conditions. A big issue arises though since the contract is not a standard real estate contract. 

I haven't seen the contract yet but here are a few of my questions. Was an inspection period requested and for how long? Was there any disclosure made of the property? Where conditions in the contract for the return of the deposit in the case of default by either party? 

Using the legal documents we provide with our listings is critical to protect your best interest when buying or selling real estate. 

Do you have question about buying or selling property? Drop us a quick note at info@byownernation.com