This form is a Contract for the sale of real estate for use in Washington. It can be used for a cash sale, assumption or new loan buyer. The contract contains provisions common to a real estate transaction. No broker involved.
Washington state purchase and sale agreement form 21 with a signature is a legally-binding document used in real estate transactions within the state of Washington. This agreement outlines the terms and conditions under which a buyer agrees to purchase a property from a seller. This specific form, Form 21, is the standard template provided by the Washington Association of Realtors (WAR) to ensure consistency and compliance with state laws and regulations. It is designed to protect the rights and interests of both buyers and sellers throughout the home-buying process. The Washington state purchase and sale agreement form 21 with signature includes various sections and provisions that detail the specifics of the transaction. Some key elements covered within this form are: 1. Parties Involved: The agreement clearly identifies the buyer(s) and seller(s) involved in the transaction, along with their contact information. 2. Property Description: This section describes the property being sold, including its address and legal description. It may also list any fixtures or personal property included in the purchase. 3. Purchase Price: The agreed-upon purchase price is specified in this section, along with the acceptable forms of payment, earnest money deposit, and financing contingencies. 4. Financing: Buyers can include any financing terms and conditions, including whether the purchase is contingent upon securing a mortgage or loan approval. 5. Inspections: The agreement allows buyers to conduct inspections on the property to identify any potential issues. It outlines the timeframe for inspections and how any necessary repairs or credits will be addressed. 6. Possession: The agreement stipulates when the buyer will take possession of the property, usually at closing. It may also cover rental agreements if the buyer will occupy the property before closing. 7. Disclosures and Representations: Sellers are required to disclose any known defects or issues with the property, such as previous damage, presence of hazardous materials, or any ongoing legal disputes. 8. Closing and Escrow: The agreement includes details on the closing process, escrow and title company, and any prorated expenses like property taxes or homeowners' association fees. It's important to note that while Form 21 is the standard template, there may be variations or additional addenda depending on specific situations. For example, there may be a Form 22B for buyers seeking loan assumption, or Form 22EF for buyers using FHA/VA financing. These additional forms address specific circumstances and must be attached to Form 21 if relevant. Overall, the Washington state purchase and sale agreement form 21 with signature serves as a comprehensive framework for a successful real estate transaction while protecting the rights and interests of both buyers and sellers.
