Washington Option to Purchase Vacant Real Property
Description
How to fill out Option To Purchase Vacant Real Property?
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FAQ
There is a legal doctrine called caveat emptorwhich is latin for let the buyer beware. Under this theory, it is the buyer's obligation to reasonably inspect a good she is purchasing.
With the option-to-purchase route, the buyer pays the seller money for the exclusive right to purchase the property within a specified term (often six months to a year). The buyer and seller might agree to a purchase price at that time, or the buyer can agree to pay market value at the time their option is exercised.
(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.
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.
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.
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.
Yes, if you want to understand rent-to-own (RTO) home purchase agreements. There are two sections: Considering Rent-to-Own? Read this if you are thinking about buying a rent-to-own home.
An option to purchase is an agreement that gives a potential buyer (optionee) the right, but not the obligation, to buy property in the future. The optionee must decide by a certain time whether to exercise the option and thereafter by bound under the contract to purchase.
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.
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.