Washington Purchase Agreement Templates
What Is a Washington Purchase Agreement?
A Washington purchase and sale agreement is a legally binding agreement made between the buyer and seller of a property in Washington state. It governs the sale and purchase of Washington real estate, including a house, an apartment, a condominium, or an investment property.
The purchase agreement is typically written by the seller and its conditions are negotiated by both the buyer and the seller. Purchase agreements are also called purchase contracts. You can find a purchase contract template for easy reference.
In Washington state, the seller must provide the buyer with a Seller’s Disclosure Statement and a Lead-Based Paint Disclosure within five days. The Seller’s Disclosure Statement must include up-to-date information regarding the property’s condition.
After the Seller’s Disclosure Statement is delivered and received, the buyer has three days to proceed with the transaction or cancel it. Inaction on the buyer’s part will result in the buyer’s de facto acceptance of the purchase agreement.
Here are a few different types of Washington state purchase agreements:
Washington Real Estate Purchase Agreement
A Washington Real Estate Purchase Agreement is a purchase agreement which concerns property in Washington state. The term “real estate” refers to land and the buildings on it, which gives it the name real estate purchase agreement.
Washington Business Purchase Agreement
A Washington business purchase agreement is an agreement between the seller and buyer of a business. It includes the transfer of assets between the two parties. This agreement ensures that the purchase of said business is completed in full and legally binding.
The purchase agreement includes a number of things such as covering proper legal practices or filling out any required forms. All agreed upon logistics like transfer of property date, payments, and ownership are laid out in said agreement.
Washington Asset Purchase Agreement
A Washington Business Purchase Agreement (also known as an asset purchase agreement or APA) is a purchase agreement which concerns the purchase and sale of a business in the state of Washington. The assets being purchased can include stock, contracts, land, buildings, and machinery, among other things.
Washington Land Purchase Agreement
A Washington Land Purchase Agreement is a purchase agreement which concerns the sale and purchase of land in Washington state.
Washington Stock Purchase Agreement
A Washington Stock Purchase Agreement is a purchase agreement which concerns the sale and purchase of stock in Washington state. This is different from an APA because it only concerns the purchase of sale of stock.
How To Write a Washington Purchase Agreement
If you sell a property in Washington state, you will likely need to create a Washington purchase contract. You will need to make sure that your purchase contract follows Washington state laws and regulations regarding the purchase and sale of real property. Use these steps to help guide yourself through the process.
You can also review a Washington purchase agreement template or land purchase agreement from Snohomish County.
Your Step by Step Guide To Writing a Washington Purchase Agreement
- Ensure you have included all required legal descriptions of the property you intend to sell.
- Include the names and addresses of both the buyer and the seller. Ensure all of your information is accurate.
- Include critical information, such as the price of the property, the date, and the closing costs. Again, be sure this information is accurate.
- Include the price and terms of the purchase. You should come to an explicit agreement with your buyer beforehand. Be sure to include the price of taxes and any other related costs, such as those associated with additional items being sold with the property.
- Prepare and include the Lead-Based Paint Disclosure and the Seller’s Disclosure Statement. Make sure your buyer receives it within the five-day grace period.
- Review your work to make sure it is professional, accurate, and complete. Proofread it yourself and have a colleague check it over as well, if possible.
Still have some questions? Here are the most frequently asked questions about Washington purchase agreements.