The entire process of buying a property requires the filling and signature of many legal documents, such as . B an offer to buy, counter-offers, sales and sales contracts, etc. With respect to the seller`s disclosure statement, the need to attach supporting documentation depends on the responses and comments on the provisions of the statement. Overall, if the seller`s response is “yes” to any of the items that are asterisks, it is imperative that the seller provide a statement on the attached sheets or be accompanied by documentation or disclosure. In the midst of all this, a home seller could forgive beautifying one of the many aspects of the sales process – the seller`s disclosure statement, often referred to as Form 17. Form 17 is governed by Chapter 64.06 of the revised Washington Code and, in the event of improvements in residential real estate, including RCW 64.06.020. The purchase and sale contract in Washington is used for the purchase of real estate during the offer. The agreement opens the negotiation process by indicating the buyer`s proposal to acquire the property. The offer includes the desired purchase price and other conditions set by the buyer. The seller has a certain amount of time to respond to the offer before it expires. During this period, the seller can change the conditions by making a counter-offer to the buyer.
If the two parties agree on the terms of purchase, they can sign the document in order to create a legally binding obligation to transfer ownership of the property. Northwest MLS Residential Real Estate Purchase and Sale Contract (Form 21) – Adobe PDF Seller Disclosure Statement (p. 64.06.030 – s 64.06.020) – A statement that describes the condition of the property. The seller must submit the return to the buyer to the buyer within five (5) working days following the reciprocal agreement. When entering into a real estate contract, it is important to ensure that all legal procedures are properly followed. In addition to many terms and conditions on which parties (sellers and buyers) must agree, there is another tool that can help avoid unexpected disappointments in a newly acquired property. As a general rule, the seller is required to inform the buyer of any known defects through a disclosure statement from the seller. Disclosure statement of sellers` real estate (form 17) – State statutes provide that an accepted offer to purchase a residential property must contain documents that reveal the condition of the property. This accompanying disclosure must be notified to the buyer within five days of the signing of the sales contract.
Once the disclosure has been received, the purchaser has three days to decide whether the condition of the property is acceptable and whether he wishes to close the sale. If the content of the disclosure is unacceptable to the purchaser, they are given three days to terminate the contract in writing. If no written notification of revocation is sent, the contract remains binding. Beresford Booth PLLC`s lawyers have extensive experience in assisting buyers and sellers in real estate transactions, particularly in disputes, such as.B. Disputes over Form 17 between the parties. If you need a lawyer, please contact us. This form is most often referred to as Form 17 because it is the name given to it by the Northwest Multiple Listing Service. The law requires a certain language, so that the terms – and forms – are interchangeable. However, sellers are still exposed to significant risk because chapter RCW 64.06.070 “has no right or recourse of a buyer of real estate against the seller or against a broker acting for the seller who otherwise exists in accordance with the common law, statute, or contract.” In other words, a buyer may continue to pursue the misrepresentation claims.