The Washington residential real estate purchase agreement (“residential real estate purchase contract”) is a contract that is used when placing an offer to purchase real estate. The agreement initiates the negotiation process by indicating the buyer’s offer to acquire the property. Included in the offer will be the purchase price and additional conditions established by the buyer. The seller will have an assigned period in which they can respond to the offer before it expires. During this time, the seller may alter the terms by submitting to the buyer a counteroffer. Should both parties agree on the purchase conditions, they can sign the document to create a legally binding commitment to transfer ownership of the property.
Washington does require real estate sellers to disclose any material defects. Certain states do not require the seller to disclose all defects (caveat emptor), meaning the buyer assumes the responsibility to conduct a real property inspection to seek out any potential defects with the property. In those states, if a buyer fails to conduct a proper examination, they may not have a legal alternative to reverse the real estate transaction.
How Do You Write a Real Estate Contract in Washington? To write a real estate contract in Washington, you will need to identify and document the terms and conditions of the sale. The contract should also include the names of each party and the legal property address. You can download a customizable template or write your own. Read more » How Can You Get Out of a Real Estate Contract in Washington? You can get out of a real estate contract in Washington during several stages of the buying process. First, sellers are required to complete and sign a property condition disclosure statement, to be delivered to a buyer before signing a binding contract of sale. After accepting the disclosure, the buyer has three business days to continue with the purchase or cancel the offer. If the buyer chooses to cancel the purchase, they must notify the seller in writing within three days. Read more » What Is the Effective Date of a Real Estate Contract in Washington? In Washington, the effective date of a real estate contract is the date the buyer and seller agree to the terms of the contract and have it executed. All contract obligations are binding and enforceable on the effective date. Read more » Can a Seller Cancel a Real Estate Contract in Washington? In Washington, a seller can get out of a real estate contract if the buyer’s contingencies are not met—these include financial, appraisal, inspection, insurance, or home sale contingencies agreed to in the contract. Sellers might have additional exit opportunities with unique situations also such as an estate sale. Read more » How Do I Fill Out a Real Estate Contract in Washington? To fill out a real estate contract in Washington, first, download our customizable Washington real estate contract template. Filling out the template is fairly straightforward, complete the information for each party, including the names, party type, and address along with the terms and conditions of the deal. Read more »
