Q: fsbo ,"as is" need to know what paperwork is needed so I will be protected from being sued in the future.
A: It is good practice for any real estate transaction to include a sales agreement that details the transaction, identifies the escrow procedure, and explains what "as is" means. Good practice also includes a seller's disclosure statement that communicates what is known about the property. There may be disclosures that are required by law, such as the lead paint disclosure. Title insurance is typical, whether paid for by the seller or by the buyer. A title insurance policy has limitations, but it generally is a policy that guarantees that the seller is the record title owner and that there are no conflicting claims. A settlement statement is an accounting of the money involved in the transaction, providing for, among other things, a proration of taxes between buyer and seller, payment of costs consistent with the sales agreement, and distribution of the net proceeds to the seller once the deed is recorded. There is a deed from the seller to the buyer. The deed is typically a warranty deed, providing a warranty by the seller that the seller has good title and will defend the claim of title against all adverse parties. A quitclaim deed makes no representation that the seller has good title, but simply conveys to the buyer whatever interest in the property the seller does own. You should have the assistance of an attorney to prepare the necessary documents.
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