Washington Real Estate Purchase Contract

Real estate purchase agreements first appeared in the U.S. legal practice at the end of the 19th century to transfer ownership over property and protect the rights of both the buyer and the seller.

Nowadays, an individual uses the Washington Real Estate Purchase Agreement once they decide to buy tangible property in the state to affix the terms and conditions of the transaction. The covenant provides the parties with all the necessary details and legal protection.

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Washington Residential Purchase and Sale Agreement

The Washington residential purchase and sale agreement should be used when transferring ownership rights involves residential property. The fillable real estate purchase agreement will help you indicate the buyer’s real estate proposal.

Thus, the following points must be included in the order:

  • Requested price
  • Conditions established by the buyer

The seller has an estimated period when they can respond to the offer. During this period, the seller can change the terms and make a counter-offer. As soon as both parties agree on the purchase conditions, they can sign the contract to create a mutual commitment to swap ownership of the property. The periods are the following:

  • Once the agreement is drafted, the seller must provide the seller’s disclosure and deliver it to the buyer within five working days. It is a detailed report on the condition of the property.
  • As soon as the buyer accepts the disclosure, they have three business days to continue purchasing or canceling the offer. If the buyer eventually decides to cancel the deal, they have to send a written notification to the seller within three working days. If the buyer does not notify the seller during the given period, it automatically means they accept the agreement.

Washington Commercial Purchase and Sale Agreement

The Washington commercial real estate purchase and sale agreement generally regulates commercial property. The commercial purchase agreement also includes various conditions, which can be different but should always contain closing dates and advance payment details.

Such an agreement represents a document concluded by the seller and the buyer expressing conditions for buying commercial real estate.

The conditions concern the following aspects:

  • Advance money deposit (from 1% to 2% on average)
  • Closing and completion dates
  • Emergencies
  • The amount of purchase

As the seller reviews the offer, there will be three options: accept the proposal, reject it or submit a counter offer. The offers usually contain a date of expiry, which means that time is of great significance in this matter.

Required Seller Disclosures in Washington

1. Agency Laws (§18.86.030(f))

This is a pamphlet with a list of the duties of brokers. Brokers must provide it to buyers and sellers.

2. Agency Disclosure (§18.86.030(g))

This agency disclosure indicates the parties represented by the broker during the real estate transaction.

3. Seller Disclosure Statement (§64.06.030 and §64.06.020)

This is a statement that summarizes the overall condition of the real estate. The seller must provide it within five or business days after reaching the agreement.

4. Lead-Based Paint Disclosure form (42 U.S. Code §4852d)

The form is only used with buildings constructed before 1978. It contains information on whether the residence contains lead paints. At that time, lead paint was forbidden due to its harmfulness. The form is created to inform the new tenants about the possible adverse effects. That way, if the new tenant witnesses the cracking or chipping of the paint, they should give a warning to the local authorities immediately.

The tenant may find out about the building date via the building department or the local property assessor’s office. One can also find all the needs in the brochure “Protect the family from lead in your home,” which gives all the essential information on possible risks along with handy tips.

The newly established homeowners must be given a document called Seller’s Disclosure of Lead-Based Paint aimed to keep them aware of the risks.

Landlords or sellers willing to sell a building constructed before 1978 must attach the following form to the agreement Landlord’s Disclosure of Lead-Based Paint. One may request an inspection and address the relevant authorities to do so if they have doubts.

Published: Jun 15, 2021