This is an official Washington form for use in land transactions, a Real Estate Contract [Long Form] (with individual and representative acknowledgments). Available in Word and Rich Text format.
Spokane Valley Washington Real Estate Contract — Long For— - with individual and representative acknowledgments refers to a legal document that outlines the terms and conditions of a real estate transaction in Spokane Valley, Washington. This contract serves as a binding agreement between the buyer and seller, setting forth the rights and responsibilities of each party involved. Here is a comprehensive description of what this contract entails: 1. Introduction: This section provides essential details about the parties involved, including their full legal names, addresses, and contact information. It clearly identifies the buyer and seller, establishing their roles in the transaction. 2. Property Description: The contract includes a detailed description of the property being bought or sold. It encompasses the address, parcel number, legal description, and any additional information needed to accurately identify the property. 3. Purchase Price and Financing: The contract specifies the agreed-upon purchase price, the currency in which it will be paid, and the method of payment (e.g., cash, mortgage, installment). It may also include provisions concerning the buyer's ability to secure financing within a specified time frame. 4. Closing and Escrow: This section outlines the closing procedures, including the timeline, responsibilities, and the escrow agent facilitating the transaction. It discusses how the closing costs will be divided between the buyer and seller. 5. Earnest Money: It states the amount of earnest money deposit the buyer agrees to pay upfront as a sign of good faith. The contract may include guidelines on when and how this deposit will be held or refunded in case of breach or default. 6. Contingencies: Various contingencies related to the transaction can be included, such as inspections, appraisals, and loan approvals. These clauses specify the actions or conditions required for the contract to remain valid and may provide instructions on the resolution if any contingencies are not met. 7. Title and Property Condition: The contract addresses the condition of the property, ensuring it is conveyed with clear title, free from any liens or encumbrances unless otherwise specified. 8. Disclosures: Both parties are obligated to disclose any known defects, hazards, or material facts that may affect the value or desirability of the property. This can include information about past repairs, notable neighborhood characteristics, or environmental matters. 9. Default and Remedies: This section details the consequences of default by either party, including potential remedies, such as the termination of the contract, the forfeiture of earnest money, or pursuing legal action. 10. Representations and Warranties: The contract may include representations and warranties made by the parties involved, outlining the reliability of information provided and acknowledging any limitations on liability. Different types of Spokane Valley Washington Real Estate Contract — Long For— - with individual and representative acknowledgments may exist based on specific contractual arrangements, additional addendums, or the involvement of real estate agents or attorneys. It is essential to consult with legal professionals or experienced real estate agents to ensure the contract aligns with individual circumstances and local regulations.Spokane Valley Washington Real Estate Contract — Long For— - with individual and representative acknowledgments refers to a legal document that outlines the terms and conditions of a real estate transaction in Spokane Valley, Washington. This contract serves as a binding agreement between the buyer and seller, setting forth the rights and responsibilities of each party involved. Here is a comprehensive description of what this contract entails: 1. Introduction: This section provides essential details about the parties involved, including their full legal names, addresses, and contact information. It clearly identifies the buyer and seller, establishing their roles in the transaction. 2. Property Description: The contract includes a detailed description of the property being bought or sold. It encompasses the address, parcel number, legal description, and any additional information needed to accurately identify the property. 3. Purchase Price and Financing: The contract specifies the agreed-upon purchase price, the currency in which it will be paid, and the method of payment (e.g., cash, mortgage, installment). It may also include provisions concerning the buyer's ability to secure financing within a specified time frame. 4. Closing and Escrow: This section outlines the closing procedures, including the timeline, responsibilities, and the escrow agent facilitating the transaction. It discusses how the closing costs will be divided between the buyer and seller. 5. Earnest Money: It states the amount of earnest money deposit the buyer agrees to pay upfront as a sign of good faith. The contract may include guidelines on when and how this deposit will be held or refunded in case of breach or default. 6. Contingencies: Various contingencies related to the transaction can be included, such as inspections, appraisals, and loan approvals. These clauses specify the actions or conditions required for the contract to remain valid and may provide instructions on the resolution if any contingencies are not met. 7. Title and Property Condition: The contract addresses the condition of the property, ensuring it is conveyed with clear title, free from any liens or encumbrances unless otherwise specified. 8. Disclosures: Both parties are obligated to disclose any known defects, hazards, or material facts that may affect the value or desirability of the property. This can include information about past repairs, notable neighborhood characteristics, or environmental matters. 9. Default and Remedies: This section details the consequences of default by either party, including potential remedies, such as the termination of the contract, the forfeiture of earnest money, or pursuing legal action. 10. Representations and Warranties: The contract may include representations and warranties made by the parties involved, outlining the reliability of information provided and acknowledging any limitations on liability. Different types of Spokane Valley Washington Real Estate Contract — Long For— - with individual and representative acknowledgments may exist based on specific contractual arrangements, additional addendums, or the involvement of real estate agents or attorneys. It is essential to consult with legal professionals or experienced real estate agents to ensure the contract aligns with individual circumstances and local regulations.
