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When buying or selling property in Washington State, a Real Estate Purchase Agreement is essential. This document outlines the terms and conditions agreed upon by both the buyer and the seller. It typically includes important details such as the purchase price, financing arrangements, and the closing date. Additionally, the agreement covers contingencies, which are conditions that must be met for the sale to proceed, like home inspections and appraisals. Both parties must also consider earnest money, a deposit made to demonstrate serious intent to follow through with the transaction. Furthermore, the form addresses disclosures, ensuring that the seller provides necessary information about the property, including any known defects. Understanding this agreement is crucial, as it protects the interests of both parties and helps facilitate a smooth transaction process.
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Washington Real Estate Purchase Agreement
This Real Estate Purchase Agreement ("Agreement") is entered into by and between __________________________ ("Seller") and __________________________ ("Buyer") as of the date last signed below. This Agreement is subject to the laws of the State of Washington, specifically the Washington Residential Real Property Transfer Disclosure Act, if applicable.
Property Information
The property to be sold under this Agreement is located at __________________________ ("Property") and is more particularly described as follows:
- Legal Description: __________________________
- Parcel Number(s): __________________________
- Property Type: __________________________
Purchase Price and Terms
The total purchase price for the Property is __________________________ Dollars ($________). The payment terms are as follows:
- Initial Deposit: __________________________ Dollars ($________) to be paid upon execution of this Agreement.
- Additional Deposit: __________________________ Dollars ($________) to be paid by __________________________.
- Balance of Purchase Price: __________________________ Dollars ($________) to be paid at closing.
Closing
The closing of the purchase and sale of the Property shall take place on __________________________, or at another mutually agreed upon date and time. The closing shall occur at a place agreeable to both parties. All necessary documents shall be executed, delivered, and recorded as required by law at that time.
Inspections and Disclosures
Buyer has the right to inspect the Property within __________________________ days after both parties sign this Agreement. Seller agrees to provide Buyer with any and all disclosures required by law, including but not limited to the Washington Seller Disclosure Statement.
Contingencies
This Agreement is contingent upon the following:
- Buyer obtaining financing.
- The completion and satisfaction of the Buyer's inspection of the Property.
- Other: __________________________.
Signatures
This Agreement is executed by the Seller and Buyer as follows:
Seller's Signature: __________________________ Date: __________
Buyer's Signature: __________________________ Date: __________
PDF Data
| Fact Name | Description |
|---|---|
| Governing Law | The Washington Real Estate Purchase Agreement is governed by Washington state law. |
| Purpose | This form is used to outline the terms and conditions of a real estate transaction between a buyer and a seller. |
| Parties Involved | The agreement includes information about the buyer(s) and seller(s), ensuring both parties are clearly identified. |
| Property Description | A detailed description of the property being sold is required, including the address and legal description. |
| Purchase Price | The form specifies the agreed-upon purchase price and any deposits or earnest money required. |
| Contingencies | Buyers can include contingencies, such as financing or inspection, which must be met for the sale to proceed. |
| Closing Date | The agreement should state a closing date, which is when the ownership of the property is officially transferred. |
| Signatures | Both parties must sign the agreement to make it legally binding, indicating their acceptance of the terms. |
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