What is a Washington Real Estate Contract?
A Washington real estate contract, also called a residential purchase and sale agreement, is a contract that is drafted when a buyer makes an offer on a real estate listing. If the seller accepts the offer, the contract can be finalized and the process of purchasing the property will begin.
In Washington, there are several steps that must happen to finalize the sale of real estate. The seller must provide disclosures, contingencies must be met like the buyer securing financing, and home inspections must be conducted. The sale process ends on the closing date when money is paid to the seller and the title of the property is transferred to the buyer.
What Agreement is Required Before Selling a Property in Washington?
Before a property can be sold in Washington, the buyer and seller must reach an agreement about the condition of the property. Withing five days of accepting the buyer’s offer, the seller must provide the buyer with a Seller’s Disclosure Statement, also called “Form 17”. The disclosure statement details the condition of the property and informs the buyer of any issues or defects that could affect the property value.
After receiving the disclosure, the buyer then has three days to review the disclosure and decide whether to rescind their offer and terminate the real estate contract or move forward with the sale.
If the buyer wants to terminate the contract, they must let the seller know in writing within the three day window. If the buyer fails to act in these three days, it will mean that the buyer has accepted the agreement and the sale will move forward.
Common Washington Real Estate Contracts
The most common Washington real estate contract is the Northwest Multiple Listing Service residential real estate purchase and sale agreement. This form is often simply called “Form 21”.
For other types of real estate transactions, the following contracts are also commonly used:
- Real estate assignment contract. Used when purchasing investment properties that may need repairs and maintenance. This contract allows the buyer to assign the contract to a second buyer.
- Commercial purchase agreement. Used when buying and selling commercially zoned property.
- Lease agreement. Use when a landlord wants to rent their property to a tenant for use.
4 Essential Elements of a Washington Real Estate Contract
Washington real estate contracts are required to follow the laws governing contracts. All real estate contracts must be in writing and signed by both parties to be legally enforceable. In addition, all contracts must have the following 4 essential elements:
- Mutual assent
- A valid offer and acceptance of the offer
- Adequate consideration
- A legal contract purpose and parties who can legally enter a contract
What Must Be Included in a Washington Real Estate Contract?
Washington real estate contract must include specific information about the parties and the property to be valid and enforceable agreements.
Terms that should appear in a real estate contract include:
- Party information. The names and addresses of the parties involved in the transaction, including the buyer, seller, and any agents or brokers involved.
- Property description. The address and legal description.
- Purchase price. The agreed upon sale price for the property.
- Contingencies. Conditions that must be met before the sale can be completed like the completion of a home inspection.
- Disclosures. The seller must provide a disclosure statement to the buyer within 5 days of accepting the buyer’s offer. The disclosure will inform the seller of any defects or issues with the property.
- Closing date. The date on which the sale will be completed, and the property will be transferred to the buyer.
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Meet some of our Washington Real Estate Contract Lawyers
Rosario A.
I'm a Washington-licensed lawyer specializing in trademark practice and with an extensive trademark education and academic background. I currently work with domestic and international businesses seeking trademark protection in the U.S. by conducting trademark searches, providing legal advice, submitting USPTO applications, and preparing responses to office actions. I'm passionate about trademark law and always looking forward to helping small and medium businesses promote their value by having a registered federal trademark. If you have questions or concerns about trademark/copyright/IP licensing and require legal advice, feel free to contact me and we can have a first chat.
Justin A.
I am an entrepreneurial lawyer in the Seattle area dedicated to helping clients build and plan for the future. I earned my law degree from the University of Chicago and worked in a top global law firm. But I found advising real people on legal issues far more rewarding. Reach out to discuss how we can work together!
John P.
Technology and property expert in complex discovery.
Jason P.
Jason is a self-starting, go-getting lawyer who takes a pragmatic approach to helping his clients. He co-founded Fortify Law because he was not satisfied with the traditional approach to providing legal services. He firmly believes that legal costs should be predictable, transparent and value-driven. Jason’s entrepreneurial mindset enables him to better understand his clients’ needs. His first taste of entrepreneurship came from an early age when he helped manage his family’s small free range cattle farm. Every morning, before school, he would deliver hay to a herd of 50 hungry cows. In addition, he was responsible for sweeping "the shop" at his parent's 40-employee HVAC business. Before becoming a lawyer, he clerked at the Lewis & Clark Small Business Legal Clinic where he handled a diverse range of legal issues including establishing new businesses, registering trademarks, and drafting contracts. He also spent time working with the in-house team at adidas® where, among other things, he reviewed and negotiated complex agreements and created training materials for employees. He also previously worked with Meriwether Group, a Portland-based business consulting firm focused on accelerating the growth of disruptive consumer brands and facilitating founder exits. These experiences have enabled Jason to not only understand the unique legal hurdles that can threaten a business, but also help position them for growth. Jason's practice focuses on Business and Intellectual Property Law, including: -Reviewing and negotiating contracts -Resolving internal corporate disputes -Creating employment and HR policies -Registering and protecting intellectual property -Forming new businesses and subsidiaries -Facilitating Business mergers, acquisitions, and exit strategies -Conducting international business transactions In his free time, Jason is an adventure junkie and gear-head. He especially enjoys backpacking, kayaking, and snowboarding. He is also a technology enthusiast, craft beer connoisseur, and avid soccer player.
James M.
Reproductive law attorney focused on reviewing surrogacy contracts and sperm/egg/embryo donation contracts.
October 21, 2021
Reuben O.
As an entrepreneur at heart, I enjoy working with business owners and executives on a variety of corporate matters, including mergers and acquisitions, corporate financing, corporate governance, public and private securities offerings, privacy regulation and early-stage corporate matters including formation. As a lawyer and business professional, I understand the value of providing personal service and focused legal answers to clients navigating a rapidly changing regulatory environment. Whether in Aerospace, Consumer Goods, or Technology, I find great success in work collaboratively with clients to strategical structure their business or implementing strategic growth-oriented financing opportunities.
February 9, 2022
Amy P.
Amy has served as outside general counsel and litigator to established businesses throughout western Washington since 2010. Her passion and focus is providing the best possible representation for clients in the construction, transportation and hospitality industries.
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Real Estate Contract
Illinois
what is better to buy land or rent for construction in US?
we are a construction company from Ukraine, we are planning to build a cottage town in the USA
T. Phillip B.
I suppose it doesn't matter if you have the lease giving you permission and the lease is long enough to justify the building expense when you won't own it. But I'd buy the land so you could eventually sell the property with the building on it.
Real Estate
Real Estate Contract
Georgia
How many years does a quick claim become effective?s
Number of years for quick claim to be effect ive
Meghan T.
A quit claim deed is effective upon execution so long as the deed is dated as of the date of signature. Execution means that the deed is signed, in front of a witness and a notary. The witness and notary must also sign the deed. Finally, the deed must be recorded. This means that the deed must be submitted to the Superior Court recording office of the County in which the property sits. Please let me know if you have any questions. Thanks, Meghan K Thomas
Real Estate
Real Estate Contract
Georgia
WHAT ARE YOUR FEES TO PERFORM QUIT CLAIM DEED COMPLETE BUTTS COUNTY GEORGIA 30233
SON AND EX
Meghan T.
Hi. The cost for my practice to prepare a Quit Claim Deed is $99. The Cost for me to handle the closing is $250 plus recording fees. These costs apply for any county within the state of Georgia. Let me know if you have any more questions. Meghan K Thomas
Real Estate
Real Estate Contract
New York
Can you purchase or refinance under a land contract?
I’ve been living here for 2 years. Currently have been working with my credit union and they are having a terrible time trying to understand the legalities of my land contract first off, and secondly they just don’t seem to know what they are doing. It’s been over 8 months, 4 different loan officers and I’m once again waiting for someone else to help finish this thing out. It’s only $60,000 with a $120,000 appraisal. So, as of now I am stuck paying 2.5x monthly under this land contract than I was promised would be an easy mortgage process. So any guidance in the right direction would be very helpful. It’s a New York home. 20 yr fixed, no balloon, with a (brace yourself) 12% apr. HELP ME PLEASE! One month I’m being told to authorize a credit check for a first time homebuyer grant method of mortgaging this property. The next it’s authorizing it for a refinance. I do have earnest money deposits for over $3,000 and another $3000 paid towards principal under this land contract also.
Jane C.
I suggest you speak with a New York real estate attorney. That attorney needs to review the documents related to the transaction.
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Doc Type: Real Estate Purchase Agreement
Page Count: 60
Number of Bids: 8
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