This form is for an option to purchase residential real estate - Residential home. It provides for the payment of option money, sales price, and all terms of the agreement.
Washington Option For the Sale and Purchase of Real Estate - Residential Home
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Washington first-time homebuyer loan programs620 minimum credit score.Maximum 50 percent debt-to-income ratio.Annual income under $145,000.
Washington's Seller Disclosure Statute, RCW 64.06, originally passed in 1994, required Sellers of real property to disclose material defects on a Seller Disclosure Statement, which quickly became known as a Form 17.
Washington courts have repeatedly affirmed the legal principal of caveat emptor, meaning buyer-beware. A buyer should make sure to investigate any defects it learns of both in areas where the defect is known to exist and throughout the entirety of the home.
(1) "Contract" or "real estate contract" means any written agreement for the sale of real property in which legal title to the property is retained by the seller as security for payment of the purchase price.
What Credit Score is Needed to Buy a House in Washington State? Generally speaking, lenders require a minimum credit score of 620. However, you may be able to qualify for an FHA loan with a credit score of 580 or even 500.
While sellers don't have a duty to inspect their home or look for defects, they do have a duty to disclose defects that affect the value, physical condition, or title to the property. Sellers should consider disclosure to be a form of insurance.
The basics: What is an option contract in real estate? In the simplest terms, a real-estate option contract is a uniquely designed agreement that's strictly between the seller and the buyer. In this agreement, a seller offers an option to the buyer to purchase property at a fixed price within a limited time frame.
Here are the basic requirements to buy a house in Washington State and get a mortgage.Stable employment with the same employer for 1-2+ years.Ability to repay with a debt-to-income ratio of 36% or less.Cash reserves to pay for closing costs and other expenses.Satisfactory credit score.More items...?
Washington first-time home buyer programs Assume you'll need a credit score of 640 or better for these, but you may get away with one as low as 620 if your debt-to-income ratio is low. You'll also have to complete an approved home buyer education course to be eligible.
In the state of Washington, you, as a residential home seller, are required by law to disclose certain details about a residential property you are trying to sell. These disclosures are important because buyers want to know as much as possible about a property before they make such an important purchase.