The Washington Option to Purchase Real Estate — Long Form is a legal document that grants prospective buyers the right to purchase a property within a specified period of time. This agreement provides some flexibility and allows potential buyers to explore the property, secure financing, and perform due diligence before committing to the purchase. Here is a detailed description of what the Washington Option to Purchase Real Estate — Long Form entails. Key Terms and Provisions: 1. Identification of Parties: The agreement starts by identifying the buyer(s) and seller(s), including their legal names and addresses. It is essential to ensure accurate identification of all parties involved. 2. Property Description: A detailed description of the property being considered, including its address, legal description, and any included items, such as fixtures or appliances. A property survey or plat map may be attached for clarity. 3. Option Fee: The agreement stipulates the amount of the option fee, which is typically paid upfront by the buyer(s) to the seller(s). This fee acts as consideration for granting the option and is usually non-refundable. 4. Option Period: The defined duration during which the buyer(s) have the exclusive option to purchase the property. This period serves as a time frame for the buyer(s) to evaluate the property and arrange financing. 5. Purchase Price: The agreed-upon purchase price for the property, which can be either a fixed amount or determined through negotiations during the option period. 6. Earnest Money Deposit: If the buyer(s) decide to exercise their option and proceed with the purchase, they may be required to provide an earnest money deposit, which is a larger sum paid towards the purchase price to show good faith. 7. Financing Contingencies: The agreement often includes provisions that allow the buyer(s) to secure financing within the option period. If unsuccessful, the buyer(s) may terminate the agreement, and the option fee is typically forfeited. 8. Inspections: The option period usually allows the buyer(s) to conduct property inspections, including but not limited to home inspections, termite inspections, sewer inspections, and radon testing. They can negotiate repairs or credits with the seller(s) based on inspection results. 9. Default and Termination: This section outlines the conditions under which either party can terminate the agreement, including non-performance, breach of contract, or failure to meet specific obligations. Types of Washington Option to Purchase Real Estate — Long Form: 1. Residential Option Agreement: Used for purchasing residential properties, such as houses, condominiums, or townhouses, this agreement caters to the specific needs and contingencies commonly associated with home purchases. 2. Commercial Option Agreement: Designed for commercial properties, including office spaces, retail buildings, industrial complexes, or vacant land. It addresses unique terms relevant to commercial real estate transactions, such as zoning restrictions or environmental assessments. 3. Multi-unit Option Agreement: For properties with multiple units, like apartment buildings or duplexes, this type of agreement accounts for the complexities involved when purchasing or developing multi-unit properties. 4. Lease with Option to Purchase Agreement: This agreement combines elements of a lease and an option to purchase. It allows tenants to lease a property for a specific period while having the right to buy it at a predetermined price within that timeframe. In summary, the Washington Option to Purchase Real Estate — Long Form is a legally binding agreement that offers potential buyers an exclusive option to purchase a property for a predetermined price within a specified period. The agreement protects the interests of both buyers and sellers, providing the necessary provisions to facilitate a smooth transaction.
Washington Option to Purchase Real Estate - Long Form
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Increased Down Payment Addendum (Form 22AD) - New FormIf the lender's appraised value of the property is less than the purchase price, Form 22AD requires the buyer to pay additional funds, up to a certain amount, towards buyer's down payment.
Based on Form 22AD, buyer is contractually obligated to make up the difference between the appraised value and the purchase price at closing and there is no additional notice of that fact, required, between parties.
Based on Form 22AD, buyer is contractually obligated to make up the difference between the appraised value and the purchase price at closing and there is no additional notice of that fact, required, between parties.
Situation: Buyer submitted an offer on property and utilized Form 35E in order to escalate the purchase price based on a competing buyer's offer. Seller signed Buyer's offer and the calculations on Form 35E were completed by Seller's Broker insofar as to justify a new purchase price.
What is this Appraisal Gap? In the Northwest Multiple Listing Service where I am a member, we use the appraisal gap Form 22AD and I use this abbreviation because the formal title of this form is The Increased Down Payment for Low Appraisal Addendum to the Purchase and Sale Agreement.
Fill out the name of the buyer(s), the address of the subject property and the assessor's parcel number for the dwelling. The purchase price is presented both numerically and spelled out. The agreement refers to the buyer and seller as parties, a term which does not include the real estate broker.
Answer. Under Form 22A, paragraph 2, option A, seller must give buyer "Notice to Perform" before buyer has any obligation to consider waiving the financing contingency. If seller never delivers the Notice to Perform, buyer will have the benefit of the financing contingency through closing.
Writing a real estate purchase agreement.Identify the address of the property being purchased, including all required legal descriptions.Identify the names and addresses of both the buyer and the seller.Detail the price of the property and the terms of the purchase.Set the closing date and closing costs.More items...