Any page containing information about these specifications must be signed and dated by the seller. In addition, the seller`s disclosure statement must contain notifications to the buyer and confirmation from the buyer that the buyer must sign. The purchase and sale contract in Washington is used for the purchase of real estate during the offer. The agreement opens the negotiation process by indicating the buyer`s proposal to acquire the property. The offer includes the desired purchase price and other conditions set by the buyer. The seller has a certain amount of time to respond to the offer before it expires. During this period, the seller can change the conditions by making a counter-offer to the buyer. If the two parties agree on the terms of purchase, they can sign the document in order to create a legally binding obligation to transfer ownership of the property. Lead-based colouring – Used to inform buyers of the presence of lead paint on the site (only for apartments built before 1978).
The contract for sale in Washington refers to written documentation of the event in which land is passed on to another for a specified financial sum. Any contingencies or conditional provisions can be negotiated between the parties to be included in the document. The paperwork becomes a binding contract as soon as everyone involved has signed the commitment. Seller`s Disclosure Statement (No. 64.06.030 and No. 64.06.020) – A statement that describes the condition of the property. The seller must submit the return to the buyer to the buyer within five (5) working days following the reciprocal agreement. However, sellers are still exposed to significant risk because chapter RCW 64.06.070 “has no right or recourse of a buyer of real estate against the seller or against a broker acting for the seller who otherwise exists in accordance with the common law, statute, or contract.” In other words, a buyer may continue to pursue the misrepresentation claims. For example, a buyer may terminate a purchase and sale contract on the basis of false information contained in Form 17, even without real knowledge.
Jackoswki v. Borchelt, 174 Wn.2d 720, 278 P.3d 1100 (2012). Therefore, a misrepresentation on Form 17 can have serious consequences depending on the circumstances. A seller should exercise caution when disclosing to a potential buyer. Will the seller be provided with other forms? Northwest MLS Residential Real Estate Purchase and Sale Agreement (Form 21) – Adobe PDF RCW 64.06.020 describes the wealth of information a seller must provide to its potential buyer regarding ownership, including, but not only those relating to title issues, sewer issues, structural issues, devices and environmental issues. Form 17 allows a seller to mark the answers to the form`s questions as “yes,” “no,” “I don`t know” and “NA.” According to RCW 64.06.030, the seller has five working days from mutual acceptance to the delivery of Form 17, and the buyer has three business days to approve the disclosure or revoke the sales and sale contract. These deadlines can be adjusted with the agreement of the parties. This form is most often referred to as Form 17 because it is the name given to it by the Northwest Multiple Listing Service. The law requires a certain language, so that the terms – and forms – are interchangeable.
The seller must forward the disclosure statement to the buyer and his or her respective real estate agent. The seller must also keep a copy for his files. Beresford Booth PLLC`s lawyers have extensive experience in assisting buyers and sellers in real estate transactions, particularly in disputes, such as.B. Disputes over Form 17 between the parties.