Washington Contract for the Sale and Purchase of Real Estate - No Broker - Residential Lot or Land

• Category: Real Estate - Contracts - Land or Lots
• State: Multi-State
• Control #: US-00472B
• Format: Word; Rich Text

Description

This form should be used for the sale of a residential lot or land.

The Washington Contract for the Sale and Purchase of Real Estate NowNo Broke— - Residential Lot or Land is a legally binding document used for the sale and purchase of residential lots or land in the state of Washington, United States. This contract is specifically designed for transactions where no real estate broker is involved. This contract is an essential tool that outlines the terms and conditions agreed upon by the buyer and seller, facilitating a smooth and legal transfer of ownership rights. It establishes the rights and responsibilities of the parties involved, protecting both the buyer and the seller throughout the transaction process. The key elements covered in this contract include: 1. Parties: It identifies the buyer and seller by their respective legal names and contact details. Both parties must be of legal age and mentally competent to enter into a contract. 2. Property Details: This section describes the property being sold, including the legal description, lot size, address, and any improvements or structures attached to it. 3. Purchase Price: The agreed-upon purchase price is specified, which includes any earnest money deposit and the payment terms for the balance of the purchase price. 4. Financing: If the purchase is subject to financing, this section details the type of financing, lender information, application deadlines, and any contingencies related to securing the loan. 5. Closing Date: The anticipated closing date is mentioned, which is the date when the property ownership is officially transferred from the seller to the buyer. It may also include provisions for an extension of the closing date and associated penalties. 6. Title and Title Insurance: The contract may require the seller to provide a marketable title to the property, free of any liens, encumbrances, or claims. The buyer typically has the right to obtain title insurance to protect against any unforeseen title defects. 7. Inspection Contingency: This section allows the buyer to conduct inspections, tests, or surveys of the property to ensure its condition and to identify any potential defects or issues. It may include clauses granting the buyer the right to terminate the contract based on the inspection results. 8. Disclosures: Sellers are required to disclose known material defects on the property, including any environmental hazards, structural issues, or legal disputes. 9. Escrow: The contract usually requires the buyer to deposit an agreed-upon amount of earnest money into an escrow account as a sign of good faith. The conditions for the release of these funds are outlined in the contract. 10. Default and Remedies: This section specifies the actions that can be taken in case of default by either party, such as the non-performance of obligations or breach of terms. It outlines the remedies available to the non-defaulting party, including the right to pursue legal action or retain any deposited funds as liquidated damages. Different types of this contract may exist depending on specific factors, such as the nature of the property (residential lot or land) and additional contingencies or provisions that the buyer and seller may choose to include. However, the core elements mentioned above generally remain consistent across all versions.