What must be disclosed when selling a house in Washington state?

Sellers must fill out either an unimproved or improved residential real estate disclosure form, which covers various topics about the property's condition. This comprehensive form asks about the state of the home's electrical, plumbing, heating and other systems.

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Washington State Form 17 Withholding In Los Angeles

Category:

Real Estate - Listing Agreements

State:

Multi-State

County:

Los Angeles

Control #:

US-00056DR

Format:

Instant download

Description

The Washington State Form 17 Withholding in Los Angeles is an essential legal document utilized during real estate transactions to ensure compliance with tax requirements related to property sales. This form is particularly important for individuals involved in the sale and purchase of real estate, including attorneys, partners, owners, associates, paralegals, and legal assistants. Key features of the form include the specification of withholding amounts based on the sales price and the identification of parties involved in the transaction. Filling out the form requires clear notation of the seller's details, the buyer's information, and the payment terms for the agent or brokerage. It serves various use cases, from finalizing sales agreements to ensuring regulatory compliance during property transfers. Users should ensure accurate completion to avoid complications during the closing process. Additionally, legal professionals should guide their clients in understanding the implications of the form to facilitate smooth transactions.

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FAQ

You must collect retail sales tax from all of your nonresident customers, unless the customer or sale qualifies for another exemption. See our list of common nonresident exemptions for more information and related documentation requirements.

While sellers have always been required to disclose material facts, the Form 17 has been required by law (RCW 64.06. 020) since January 1, 1995. It has undergone ten revisions since its inception, the last of which went into effect in 2021.

Telephone Information Center Mon through Fri, 8 a.m. - 5 p.m. (PT) ... 360-705-6741 Business licensing. 360-705-6705 Tax assistance. 360-705-6706 Espaol (impuestos y licencias) 360-704-5900 Remote sales and consumer use tax. 360-534-1324 Forest tax. 360-534-1502 Claims and holder reporting.

Some real estate property transfers are exempt from REET under chapter 458-61A WAC. For instance, gifts of real property are generally exempt from REET (WAC 458-61A-201), as are transfers of property through wills or inheritance (WAC 458-61A-202) and transfers due to divorce settlement agreements (WAC 458-61A-203).

See WAC 458-61A-102(18) for further information. All sales of real property in Washington state are subject to REET, unless a specific exemption applies. Usually, the seller pays this tax, but if they don't, the buyer is responsible.

Almost every U.S. state has passed laws mandating that sellers give buyers specific information about what structural and other features the house contains, and their condition. In some cases, the brokers must speak up about hidden conditions, too.

The state does not require disclosure of any deaths, including murders or suicide. Do you have to report a death in your home while selling real estate in Washington?

Sellers must fill out either an unimproved or improved residential real estate disclosure form, which covers various topics about the property's condition. This comprehensive form asks about the state of the home's electrical, plumbing, heating and other systems.