This is a form of Contract For the Sale of Land.
Washington Contract For Sale of Land
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The provision requires buyer to deliver earnest money within two days following mutual acceptance. Buyer must deliver within two days following mutual acceptance regardless of whether buyer is delivering to buyer's broker or to escrow.
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Each Buyer and Seller should have a fully signed copy of the contract. The original signed contract should be filed (or recorded) in the official county land records. These are in the office of the Clerk of the County Commission in the county where the real estate is located.
(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.
A Washington land contract is a formal sale agreement between two parties transferring ownership of vacant real estate. Whether for residential or commercial land/lots, the contract must contain all information pertaining to the transaction, such as the agreed-upon purchase price or any related financial arrangements.
A land contract is typically between two parties: the buyer, sometimes referred to as the vendee; and the seller, also known as the vendor. In a land contract, the seller agrees to finance the property for the buyer in exchange for the buyer meeting the terms agreed upon in the land contract.
The contract can be voided and the buyer's deposit refunded if the financing contingency is not met. If the lender's appraiser finds that the property is worth less than the amount being mortgaged, the contract can be cancelled.
In real estate contracts, there are contract clauses that outline the terms of the agreement and responsibilities of each party. The contract clauses address all aspects of the sale terms and are legally binding once both parties sign the document.
From ensuring all documents are completed accurately, to coordinating the final key exchange between buyer and seller, the contract to close coordinator is the wheel on which a real estate transaction flows smoothly till the end. Real estate involves selling homes and landed properties.