Nwmls Form 21 – Fill Out and Use

NWMLS Form 21

©Copyright 2006

Residential Purchase & Sale Agreement

Northwest Multiple Listing Service

Revised 6/06

ALL RIGHTS RESERVED

Page 2 of 4

RESIDENTIAL REAL ESTATE PURCHASE AND SALE AGREEMENT

GENERAL TERMS

(CONTINUED)

a. Purchase Price. Buyer agrees to pay to Seller the Purchase Price, including the Earnest Money, in cash at Closing,

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unless otherwise specified in this Agreement. Buyer represents that Buyer has sufficient funds to close this sale in

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accordance with this Agreement and is not relying on any contingent source of funds or gifts, except to the extent

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otherwise specified in this Agreement.

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b. Earnest Money. Buyer agrees to deliver the Earnest Money within 2 days after mutual acceptance of this Agreement

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to Selling Licensee who will deposit any check to be held by Selling Broker, or deliver any Earnest Money to be held

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by Closing Agent, within 3 days of receipt or mutual acceptance, whichever occurs later. If the Earnest Money is held

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by Selling Broker and is over $10,000.00 it shall be deposited into an interest bearing trust account in Selling Broker's

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name provided that Buyer completes an IRS Form W-9. Interest, if any, after deduction of bank charges and fees, will

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be paid to Buyer. Buyer agrees to reimburse Selling Broker for bank charges and fees in excess of the interest

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earned, if any. If the Earnest Money held by Selling Broker is over $10,000.00 Buyer has the option to require Selling

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Broker to deposit the Earnest Money into the Housing Trust Fund Account, with the interest paid to the State

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Treasurer, if both Seller and Buyer so agree in writing. If the Buyer does not complete an IRS Form W-9 before

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Selling Broker must deposit the Earnest Money or the Earnest Money is $10,000.00 or less, the Earnest Money shall

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be deposited into the Housing Trust Fund Account. Selling Broker may transfer the Earnest Money to Closing Agent at

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Closing. If all or part of the Earnest Money is to be refunded to Buyer and any such costs remain unpaid, the Selling

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Broker or Closing Agent may deduct and pay them therefrom. The parties instruct Closing Agent to: (1) provide written

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verification of receipt of the Earnest Money and notice of dishonor of any check to the parties and licensees at the

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addresses and/or fax numbers provided herein; and (2) commence an interpleader action in the Superior Court for the

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county in which the Property is located within 30 days of a party's demand for the Earnest Money (and deduct up to

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$250.00 of the costs thereof) unless the parties agree otherwise in writing.

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c. Included Items. Any of the following items located in or on the Property are included in the sale: built-in appliances;

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wall-to-wall carpeting; curtains, drapes and all other window treatments; window and door screens; awnings; storm

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doors and windows; installed television antennas; ventilating, air conditioning and heating fixtures; trash compactor;

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fireplace doors, gas logs and gas log lighters; irrigation fixtures; electric garage door openers; water heaters; installed

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electrical fixtures; lighting fixtures; shrubs, plants and trees planted in the ground; and all bathroom and other fixtures.

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However, items identified in Specific Term No. 4 are included only if the corresponding box is checked. If any of the

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above Included Items are leased or encumbered, Seller agrees to acquire and clear title at or before Closing.

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d. Condition of Title. Unless otherwise specified in this Agreement, title to the Property shall be marketable at Closing.

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The following shall not cause the title to be unmarketable: rights, reservations, covenants, conditions and restrictions,

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presently of record and general to the area; easements and encroachments, not materially affecting the value of or

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unduly interfering with Buyer’s reasonable use of the Property; and reserved oil and/or mining rights. Monetary

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encumbrances not assumed by Buyer shall be paid by Seller on or before Closing. Title shall be conveyed by a

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Statutory Warranty Deed. If this Agreement is for conveyance of a buyer’s interest in a Real Estate Contract, the

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Statutory Warranty Deed shall include a buyer’s assignment of the contract sufficient to convey after acquired title.

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e. Title Insurance. Seller authorizes Buyer's lender or Closing Agent, at Seller's expense, to apply for an Homeowner's

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Policy of Title Insurance for One-to-Four Family Residence (ALTA 1998), from the Title Insurance Company. If the

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Title Insurance Company selected by the parties will not issue a Homeowner's Policy for the Property, the parties

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agree that the Title Insurance Company shall instead issue a standard form Owner's Policy (ALTA 1992). The Title

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Insurance Company is to send a copy of the preliminary commitment to both Listing Agent and Selling Licensee. The

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preliminary commitment, and the title policy to be issued, shall contain no exceptions other than the General

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Exclusions and Exceptions in the Policy and Special Exceptions consistent with the Condition of Title herein

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provided. If title cannot be made so insurable prior to the Closing Date, then as Buyer's sole and exclusive remedy,

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the Earnest Money shall, unless Buyer elects to waive such defects or encumbrances, be refunded to the Buyer, less

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any unpaid costs described in this Agreement, and this Agreement shall thereupon be terminated. Buyer shall have

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no right to specific performance or damages as a consequence of Seller's inability to provide insurable title.

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f. Closing. This sale shall be closed by the Closing Agent on the Closing Date. If the Closing Date falls on a Saturday,

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Sunday, or legal holiday as defined in RCW 1.16.050, the Closing Agent shall close the transaction on the next day

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that is not a Saturday, Sunday, or legal holiday. "Closing" means the date on which all documents are recorded and

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the sale proceeds are available to Seller. Seller shall deliver keys to Buyer on the Closing Date or on the Possession

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Date, whichever occurs first.

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Initials: BUYER:

DATE:

SELLER:

DATE:

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BUYER:

DATE:

SELLER:

DATE:

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NWMLS Form 21

©Copyright 2006

Residential Purchase & Sale Agreement

Northwest Multiple Listing Service

Revised 6/06

ALL RIGHTS RESERVED

Page 4 of 4

RESIDENTIAL REAL ESTATE PURCHASE AND SALE AGREEMENT

GENERAL TERMS

(CONTINUED)

o. Assignment. Buyer may not assign this Agreement, or Buyer’s rights hereunder, without Seller’s prior written

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consent, unless the parties indicate that assignment is permitted by the addition of "and/or assigns" on the line

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identifying the Buyer on the first page of this Agreement.

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p. Default. In the event Buyer fails, without legal excuse, to complete the purchase of the Property, then the following

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provision, as identified in Specific Term No. 7, shall apply:

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i. Forfeiture of Earnest Money. That portion of the Earnest Money that does not exceed five percent (5%) of the

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Purchase Price shall be forfeited to the Seller as the sole and exclusive remedy available to Seller for such failure.

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ii. Seller’s Election of Remedies. Seller may, at Seller's option, (a) keep the Earnest Money as liquidated damages

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as the sole and exclusive remedy available to Seller for such failure, (b) bring suit against Buyer for Seller's actual

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damages, (c) bring suit to specifically enforce this

Agreement and recover any incidental damages, or (d) pursue

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any other rights or remedies available at law or equity.

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q. Attorneys’ Fees. If Buyer or Seller institutes suit against the other concerning this Agreement, the prevailing party

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is entitled to reasonable attorneys’ fees and expenses.

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r. Offer. Buyer agrees to purchase the Property under the terms and conditions of this Agreement. Seller shall have

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until 9:00 p.m. on the Offer Expiration Date to accept this offer, unless sooner withdrawn. Acceptance shall not be

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effective until a signed copy is actually received by Buyer, by Selling Licensee or at the licensed office of Selling

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Licensee. If this offer is not so accepted, it shall lapse and any Earnest Money shall be refunded to Buyer.

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s. Counteroffer. Seller agrees to sell the Property under the terms and conditions of this Agreement. If Seller makes

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a counteroffer, Buyer shall have until 9:00 p.m. on the Counteroffer Expiration Date to accept that counteroffer,

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unless sooner withdrawn. Acceptance shall not be effective until a signed copy is actually received by Seller, by

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Listing Agent or at the licensed office of Listing Agent. If the counteroffer is not so accepted, it shall lapse and any

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Earnest Money shall be refunded to Buyer. If no expiration date is specified for a counteroffer, the counteroffer

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shall expire at 9:00 p.m. 2 days after the counteroffer is delivered by the last party making the counteroffer, unless

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sooner withdrawn.

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t. Agency Disclosure. Selling Broker represents the same party that Selling Licensee represents. Listing Broker

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represents the same party that the Listing Agent represents. If Selling Licensee and Listing Agent are different

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salespersons affiliated with the same Broker, then both Buyer and Seller confirm their consent to that Broker

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representing both parties as a dual agent. If Selling Licensee and Listing Agent are the same salesperson

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representing both parties then both Buyer and Seller confirm their consent to that salesperson and his/her Broker

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representing both parties as dual agents. All parties acknowledge receipt of the pamphlet entitled "The Law of Real

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Estate Agency."

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u. Commission. Seller and Buyer agree to pay a commission in accordance with any listing or commission agreement

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to which they are a party. The Listing Broker's commission shall be apportioned between Listing Broker and Selling

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Broker as specified in the listing. Seller and Buyer hereby consent to Listing Broker or Selling Broker receiving

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compensation from more than one party. Seller and Buyer hereby assign to Listing Broker and Selling Broker, as

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applicable, a portion of their funds in escrow equal to such commission(s) and irrevocably instruct the Closing Agent

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to disburse the commission(s) directly to the Broker(s). In any action by Listing or Selling Broker to enforce this

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paragraph, the prevailing party is entitled to court costs and reasonable attorneys' fees.

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v. Cancellation Rights/Lead-Based Paint. If a residential dwelling was built on the Property prior to 1978, and Buyer

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receives a Disclosure of Information on Lead-Based Paint and Lead-Based Paint Hazards (NWMLS Form 22J) after

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mutual acceptance, Buyer may rescind this Agreement at any time up to 3 days thereafter.

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w. Property Condition Disclaimer. Real estate brokers and salespersons do not guarantee the value, quality or con-

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dition of the Property. Some properties may contain building materials, including siding, roofing, ceiling, insulation,

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electrical, and plumbing materials, that have been the subject of lawsuits and/or governmental inquiry because of

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possible defects or health hazards. In addition, some properties may have other defects arising after construction,

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such as drainage, leakage, pest, rot and mold problems. Real estate licensees do not have the expertise to identify

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or assess defective products, materials, or conditions. Buyer is urged to retain inspectors qualified to identify the

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presence of defective materials and evaluate the condition of the Property.

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Initials: BUYER:

DATE:

SELLER:

DATE:

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BUYER:

DATE:

SELLER:

DATE:

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