Washington State Residential Real Estate Purchase And Sale Agreement

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April 14, 2021

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. While an in-depth discussion of the content of these forms goes beyond the scope of this article, a number of important points can be summarized here. First, the seller must indicate in each disclosure form whether he owns the property and whether the security is subject to adverse interest such as a pre-emption right, option, lease or living property. Interventions, border agreements and facilities must also be disclosed. If the buyer does not close, the seller can keep as serious money an amount of up to five per cent of the purchase price. RCW 64.04.005 (1). In the face of this case, buyers in Washington must be very careful about what they are buying. If you are a buyer and you receive information about a property defect, you must answer in the affirmative before the sale is concluded. If you don`t, you will probably be prevented from suing the seller in the future. Although this is not often the case when a buyer or seller unilaterally withdraws from a sales and sale contract, this represents material hardness for the other party.

Contractual relationships generally start from two consenting parties. What happens if you decide to stop the benefit and withdraw? Within five (5) business days following the conclusion of the contract, the seller must submit to the buyer a disclosure statement from the seller detailing the condition of the property. Once the disclosure is accepted, the buyer has three (3) business days to make the purchase or cancel the offer. If the buyer decides to cancel the purchase, he must inform the seller in writing within three (3) working days. If the buyer does not notify the seller within the expected time frame, the buyer will accept the agreement. Be sure to check the licenses of real estate agents, brokers or property managers with whom you are dealing. License information is available at the Washington State Department of Licensing at (360) 664-6505. To verify the license of a mortgage broker or lender, you can call the State Department of Washington Financial Institutions at 1-877-RING-DFI.

NOTE: The revised Washington Code defines “enhanced real estate” as real estate of one to four residential units, specific residential dwellings, part-time units (unless the law is legally disclosed) and mobile or manufactured dwellings. RCW 64.06.005 (2). “Unimproved wohnimmobilien” is a residential use area that is not improved by any of the areas mentioned above. RCW 64.06.005 (5). Washington State also applies property tax on the sale of “dominant shares” to companies holding real estate in the state. For a company, a “dominant interest” represents 50% or more of the total stock of voting shares, or 50% or more of the capital, profits or useful shares of the voting share.