Washington State Forms 17 For Commercial In Suffolk
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Washington State requires sellers of residential real property to thoroughly disclose material facts on a form called the Residential Real Property Disclosure Statement (often referred to as Form 17).
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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.
The sellers must disclose, in writing, any and all known material facts that affect the value of their property whether the buyers ask or not. Even if a home is sold "as is" in its present condition, the seller must disclose any observable (patent) defects as well as any hidden (latent) defects.
The seller must disclose on the TDS such things as additions made without a building permit, easements, encroachments, the existence and functionality of appliances, fill dirt use, zoning problems, and neighborhood noise or nuisance problems.)
A disclosure statement is a financial document given to a participant in a transaction explaining key information in plain language. Disclosure statements for retirement plans must clearly spell out who contributes to the plan, contribution limits, penalties, and tax status.
Sellers must complete a Transfer Disclosure Statement (TDS), in which they disclose known defects and other pertinent information about the property. Failure to disclose these material facts can lead to legal liability.
