Washington Contract for the Sale and Purchase of Real Estate - No Broker - Seller Financing or All Cash - Residential

• Category: Real Estate - Contracts - Residential
• State: Multi-State
• Control #: US-00472A
• Format: Word; Rich Text

Description

This Contract is for the sale of a residence or multi-family dwelling where the sellers are to finance a portion of the purchase price or the buyer is to pay cash. The Washington Contract for the Sale and Purchase of Real Estate NowNo Broke— - Seller Financing or All Cash — Residential is a legally binding agreement used in the state of Washington when buying or selling residential real estate without the involvement of a real estate broker. This contract outlines the terms, conditions, and responsibilities of both the buyer and seller in the transaction. The contract allows for two different types of financing options: seller financing or all cash. With seller financing, the seller acts as the lender and provides financing to the buyer, while all cash refers to a situation where the buyer pays the full purchase price in cash without the need for financing. The contract includes various sections and clauses that cover important aspects of the transaction. These sections typically include the following: 1. Property Description: This section provides a detailed description of the property being sold, including the address, legal description, and any other relevant information. 2. Purchase Price: This section specifies the agreed-upon purchase price for the property. In the case of seller financing, it may also outline the terms and conditions of the financing agreement, such as the down payment amount, interest rate, and repayment schedule. 3. Financing Contingency: If the buyer is obtaining financing from a third-party lender, this section may include a contingency clause that allows the buyer to terminate the contract if they are unable to secure the necessary financing within a specified timeframe. 4. Earnest Money: This section outlines the amount of earnest money the buyer is required to deposit as a sign of their intention to purchase the property. It also specifies the conditions under which this money may be refunded or forfeited. 5. Inspection Contingency: The contract may include a clause that allows the buyer to inspect the property and conduct necessary inspections, such as home inspections, termite inspections, or radon inspections. 6. Seller Disclosures: This section requires the seller to disclose any known defects or issues with the property that could affect its value or desirability. 7. Closing Date: This section specifies the agreed-upon closing date, which is the date by which all necessary documents should be signed, and the property will be transferred from the seller to the buyer. 8. Default and Remedies: This section outlines the consequences of defaulting on the contract by either party and defines the remedies available to the non-defaulting party. It's important to note that the specific terms and clauses of the Washington Contract for the Sale and Purchase of Real Estate NowNo Broke— - Seller Financing or All Cash — Residential may vary depending on the version and any amendments or addendums included in the contract. It is crucial for both parties to carefully review and understand all the terms and conditions before signing the contract to ensure a smooth and legally compliant real estate transaction.

The Washington Contract for the Sale and Purchase of Real Estate NowNo Broke— - Seller Financing or All Cash — Residential is a legally binding agreement used in the state of Washington when buying or selling residential real estate without the involvement of a real estate broker. This contract outlines the terms, conditions, and responsibilities of both the buyer and seller in the transaction. The contract allows for two different types of financing options: seller financing or all cash. With seller financing, the seller acts as the lender and provides financing to the buyer, while all cash refers to a situation where the buyer pays the full purchase price in cash without the need for financing. The contract includes various sections and clauses that cover important aspects of the transaction. These sections typically include the following: 1. Property Description: This section provides a detailed description of the property being sold, including the address, legal description, and any other relevant information. 2. Purchase Price: This section specifies the agreed-upon purchase price for the property. In the case of seller financing, it may also outline the terms and conditions of the financing agreement, such as the down payment amount, interest rate, and repayment schedule. 3. Financing Contingency: If the buyer is obtaining financing from a third-party lender, this section may include a contingency clause that allows the buyer to terminate the contract if they are unable to secure the necessary financing within a specified timeframe. 4. Earnest Money: This section outlines the amount of earnest money the buyer is required to deposit as a sign of their intention to purchase the property. It also specifies the conditions under which this money may be refunded or forfeited. 5. Inspection Contingency: The contract may include a clause that allows the buyer to inspect the property and conduct necessary inspections, such as home inspections, termite inspections, or radon inspections. 6. Seller Disclosures: This section requires the seller to disclose any known defects or issues with the property that could affect its value or desirability. 7. Closing Date: This section specifies the agreed-upon closing date, which is the date by which all necessary documents should be signed, and the property will be transferred from the seller to the buyer. 8. Default and Remedies: This section outlines the consequences of defaulting on the contract by either party and defines the remedies available to the non-defaulting party. It's important to note that the specific terms and clauses of the Washington Contract for the Sale and Purchase of Real Estate NowNo Broke— - Seller Financing or All Cash — Residential may vary depending on the version and any amendments or addendums included in the contract. It is crucial for both parties to carefully review and understand all the terms and conditions before signing the contract to ensure a smooth and legally compliant real estate transaction.