A “signed around” Purchase and Sale Agreement is a legal contract binding Buyers and Sellers to its’ literal terms and conditions. In most of Washington State, a brokered real estate transaction begins with an offer drawn up by a licensed Buyer’s Broker using NWMLS boilerplate forms. NWMLS Form #21 is the key document, spelling out the specific terms and conditions such as the selling price, source of buyer’s funds, an inspection contingency, and who will perform title and escrow services and the closing date.  Supporting addenda details the whats, hows and whens.  It is most important that the specifics are spelled out clearly with language that is not ambiguous, or subject to interpretation. Many Buyers and Sellers have a real estate attorney check out the docs before signing them.  It’s a good idea.  Among the basic elements of the contract are: 

  • Agency disclosures (who represents who)
  • Property disclosure form completed by Seller
  • Inspection addendum
  • Financing addendum
  • Title contingency
  • Lead-based paint notification-when appropriate