The Washington purchase agreement is a document that provides the terms and conditions under which the seller will sell and the buyer will buy a certain item.
Although the purchase agreement itself doesn’t transfer any legal rights between the seller and the buyer, they use it to determine all the details related to the sale and purchase of a certain item. That prevents any misunderstandings and disputes between the parties.
Washington Purchase and Sale Agreement Form
The seller and buyer should use the purchase and sale agreement for transferring any property with a purchase price over $500 or for any complex transaction, regardless of the purchase price.
This type of document usually includes the following information:
Purchase and Sale Agreement Form Mandatory Details
Details about the seller and the buyer (their full names and mailing addresses)
Description of the transferred item
Details about the financing
Other terms and conditions
The Washington purchase agreement is also known as the Washington purchase and sale agreement, the Washington sale and purchase agreement, the Washington sale and purchase contract, the Washington purchase and sales contract, and more.
However, all of these refer to one document that provides the terms and conditions for the property transfer in Washington.
Purchase Agreement Washington Laws & Requirements
In Washington, there are no specific requirements for the purchase agreement form. However, for real estate transactions in the state, it is necessary to include certain disclosures within the purchase agreement template.
Purchase Agreement Required Disclosures in Washington
Here, you can find the list of disclosures that must be included in the Washington real estate purchase agreement:
Lead-Based Paint Disclosure: According to 42 U.S. Code § 4852d, the seller is required to notify the buyer about the presence of lead-based paint hazards at the property. This obligation is applicable to all properties constructed before 1978 and to properties where there is a known lead-based paint hazard.
Property Condition Disclosure Statement: The Washington legislature provides an obligation for the seller to inform the buyer about the condition of the property they are selling. The seller must send this statement to the buyer before signing any binding purchase agreement. (RCW 64.06.020)
Common Types of Purchase Agreements in Washington
This section provides all the types of purchase agreement forms used in Washington:
Variety of Purchase Agreement
Residential real estate purchase agreement. Parties use it to determine the conditions for selling and purchasing a house, apartment, or other kinds of property used for residential purposes.
Commercial real estate purchase agreement. Sellers and buyers use it for transferring ownership over office space, warehouses, manufacturing facilities, and other kinds of commercial properties.
Vehicle purchase agreement. You can use it for the purchase and sale of cars, motorcycles, trucks, and other kinds of motor vehicles. Also known as the motor vehicle bill of sale.
Business purchase agreement. Used for providing terms and conditions for transferring the company's shares.
Land purchase agreement. Parties use it to provide terms and conditions for the transfer of agricultural, residential, commercial, or other kinds of land in Washington.
Purchase Agreement in Washington FAQ
Yes, a purchase agreement is a legally binding document in Washington. It becomes legally binding the moment both the seller and the buyer sign it.
Yes, a Washington sales agreement needs to state the purchase price. This is due to the fact that the purchase price is the main obligation of the buyer, and the document won’t produce any legal effects without it.
No, purchase and sales agreements in Washington don’t need to be notarized. The reason for this is that the purchase and sale agreement itself doesn’t transfer any legal rights between the parties.
Yes, the seller can back out of the purchase agreement if the buyer fails to meet the contingencies set out in the document.