An instrument modifying or rescinding a contract should identify the contract with certainty. The parts of the contract to be changed should be clearly expressed, and the change itself clearly set forth. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
The Washington Addendum to Contract for the Price, Sale and Purchase of Residential Real Estate is a legal document specifically designed for use in Washington state when buying or selling residential real estate. This addendum serves as an additional agreement that is added to the main contract and contains specific provisions that are relevant to real estate transactions in Washington. Key elements of the Washington Addendum to Contract for the Price, Sale and Purchase of Residential Real Estate include: 1. Inspection Contingency: This clause outlines the buyer's right to conduct inspections and due diligence on the property, such as home inspection, pest inspection, and environmental assessments. It may specify the timeline for completing inspections and the process for addressing any issues that arise. 2. Financing Contingency: This clause addresses the buyer's ability to secure financing for the purchase. It specifies the type of financing (conventional loan, FHA loan, etc.) and the conditions that need to be met for the buyer to proceed with the purchase. 3. Title and Title Insurance: This section ensures that the seller will deliver clear and marketable title to the buyer. It may include information about title insurance, title search, and the steps involved in resolving any title issues that could affect the sale. 4. Seller Disclosures: The addendum may require the seller to disclose any known defects, environmental hazards, or other material facts about the property. This helps protect the buyer from surprises after the purchase. 5. Earnest Money: This clause outlines the amount of earnest money that the buyer must provide as a deposit to secure the purchase. It may also specify the conditions under which the earnest money will be released or refunded. 6. Contingencies and Timelines: The addendum may include specific deadlines for various actions and contingencies, such as the removal of contingencies, the closing date, or the possession of the property. Types of Washington Addendum to Contract for the Price, Sale and Purchase of Residential Real Estate may include: 1. Inspection Addendum: This addendum specifically focuses on the inspection process, timelines, and potential remedies for any issues discovered during the inspections. 2. Financing Addendum: This addendum addresses the financing aspects of the purchase, including specific conditions or contingencies related to securing the necessary financing. 3. Multiple Offer Addendum: In a competitive real estate market, this addendum is used when there are multiple offers on a property. It outlines the specific terms and conditions that apply to the buyer's offer and may include escalation clauses or other provisions to increase the chances of securing the purchase. 4. Rent-Back Addendum: This addendum allows the seller to stay in the property for a specified period after the closing, typically as a tenant paying rent to the buyer. 5. Contingency Removal Addendum: This addendum is used when the buyer decides to remove certain contingencies, such as inspection or financing contingencies, indicating their readiness to proceed with the purchase. It's crucial to consult with a qualified real estate professional or an attorney when using the Washington Addendum to Contract for the Price, Sale and Purchase of Residential Real Estate to ensure compliance with Washington state laws and regulations.
