Document Review For Buying Property in Washington State
This page is only for our clients (a hidden page) and it offers a video presentation of the documents we use to make offers on real estate using MLS-approved forms. I try to make this presentation relatively quick and painless… keeping it straight- forward, and include a few jokes so you don’t fall asleep.
If you would like to go in more detail, or just do it together, I am happy to help!
Schedule a time on my calendar here:
I wanted to get you the documents for making an offer on a home, so you would have a better understanding of what our options are as we assemble our offer.
1) FORM 21 is the main property purchase agreement that is the core of the paperwork.
The other items are “mix-and-match” addenda that may or may not be used depending on how we want to structure the offer.
2) Here is an overview of the attached addenda:
a) 22A – Financing Contingency This is your financing contingency clause which allows you to back out of the deal if you can’t get the loan. It also discusses how low appraisals are handled and contains a paragraph we can use to ask the seller to pay for some of the closing costs.
b) 22D – Optional Clauses This is a miscellaneous catch-all document. A potpourri of extra clauses.
c) 22T – Title Allows you time to review the title report. Some people review title in advance and waive this document.
d) 35 – Inspection Clause – this allows you to do a property inspection and/or sewer scope on the property. Some people do an inspection in advance, rely on a seller-provided inspection, or skip the inspection and waive this altogether.
e) 35E – Escalation Clause – This form is used to beat out other offers, and includes an “escalation interval” (how much we beat them by), and a price cap (the most we are willing to pay. https://bit.ly/35E_EscalationAddendum
FOR YOUR INFORMATION –
3) In addition, I am including Washington State-required consumer protection pamphlets that I am legally required to provide. 🙂
a) Working with an Agent – https://bit.ly/LawsOfRealEstateAgencyWA
b) Lead Based Paint – https://bit.ly/LeadInYourHomeWA
c) Mold & Moisture In The Home – https://bit.ly/MoldAndMoisturePamphletWA