Purchase And Sale Agreement washington state Form 2012-2024

Purchase And Sale Agreement washington state Form: What You Should Know

A real estate contract is the legal document which establishes the terms of an agreement. A valid real estate contract is signed by both parties and sealed in the presence of a notary public or judge. A contract is valid for five years. If you are in contract you  Find Your County of Residence Washington Code Title 7.04.220; 7.04.224; 7.04.228. The county in Washington that you currently live in. If you lived out of state, enter your last address. If you reside within the Washington territory you must be in Washington for at least 90 days before you meet the residency requirements. This process can be confusing and  Find your Washington home's county of residence state. A. Purchase and Sale Agreement The Purchase and Sale Agreement, also known as the Statement of Intent to Purchase, is the most important legal part of the real estate transaction. The Statement of Intent to Purchase is signed by each party (the seller and the buyer) and is considered the “sole” agreement between the parties (a binding legal contract), unless both parties sign a purchase & sale agreement at the same time. Note: The Washington State Supreme Court has established the following rules for a valid Real Estate Agreement. 1. A “written copy” of the  Washington Real Estate Purchase and Sale Agreement must be signed or witnessed by two persons, (the seller as well as the buyer). The party must sign the agreement as directed by the other party. 2. The seller must keep the agreement signed and sealed for five years and must make a copy of the written copy available to the buyer at the time of closing. 3. Before closing, the seller must be satisfied that the buyer will be a good risk to the seller and a good tenant of the property. They must obtain a “clear and substantial showing” of the following before closing: the income of the buyer and the credit of the buyer to the seller. 4. A good faith deposit of 2,000 must be made by the buyer at time of closing. If both parties agree the deposit must be made by the buyer, but the seller must submit a deposit form to the real estate commission office before signing any purchase & sale agreement, the buyer must deposit the money for their agreement. 5. Both parties must be satisfied that the property will be a fit rental. 6. The contract is null and void if the parties can't come to an agreement (including if such is a “fraudulent” agreement).

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