The Washington residential real estate purchase agreement (“residential real estate purchase contract”) is a contract that is used when placing an offer to purchase real estate. The agreement initiates the negotiation process by indicating the buyer’s offer to acquire the property.
Included in the offer will be the purchase price and additional conditions established by the buyer. The seller will have an assigned period in which they can respond to the offer before it expires. During this time, the seller may alter the terms by submitting to the buyer a counteroffer. Should both parties agree on the purchase conditions, they can sign the document to create a legally binding commitment to transfer ownership of the property.
Required Seller Disclosures in Washington
Residential real estate purchase agreements commonly contain promises and provisions guaranteeing a property’s condition. Many states legally require sellers to disclose explicit information concerning a property’s condition. In states where this is required and a seller willfully hides such information, they can be sued for fraud.
In Washington, sellers are required to complete a real estate purchase agreement and the following property condition disclosure statement for the agreement to be considered legally binding:
Property Condition Disclosure Statement. In Washington, sellers are required to complete and sign a property condition disclosure statement, to be delivered to a buyer before signing a binding contract of sale. After accepting the disclosure, the buyer has three business days to continue with the purchase or cancel the offer. If the buyer chooses to cancel the purchase, they must notify the seller in writing within three days. Failure of the buyer to notify the seller within the designated period will constitute the buyer’s acceptance of the agreement. (RCW 64.06.020)