The Washington D.C. residential real estate purchase agreement (“residential real property purchase and sale agreement”) is a contract that outlines the terms of a residential property deal between a buyer and a seller. It binds a buyer and a seller to a definite transaction as described in detail in the contract.
Required Seller Disclosures in Washington D.C.
Residential real estate purchase agreements normally contain promises and provisions guaranteeing a property’s condition. In some states, sellers are required to provide additional documentation guaranteeing the property’s condition. While other states require the seller to disclose a specific type of issue on the property—such as a material defect. In Washington D.C. you will need to complete the following paperwork besides the purchase agreement:
Real Property Seller’s Disclosure Statement – In Washington D.C. the requirements of this disclosure apply to the transfer or sale of real property located in Washington D.C. consisting of at least 1 but not more than 4 dwelling units. This disclosure includes a description of the property’s features and their current or past conditions.
Lead-Based Paint Disclosure – If the property was built before 1978, the buyer must disclose this federal law to the prospective buyer. Any past reports must be given to the buyer and a U.S. Environmental Protection Agency (EPA) pamphlet must be provided.