Purchase Agreement vs. Letter of Intent — a purchase agreement is a binding contract, while a letter of intent is a preliminary, non-binding expression of interest.
Warranty Deed vs. Quitclaim Deed — a warranty deed guarantees clear title, while a quitclaim deed transfers only whatever interest the grantor currently holds.
Seller Disclosure vs. Inspection Report — a seller disclosure reflects what the owner knows, while an inspection report reflects what a licensed inspector independently finds.
Earnest Money Receipt vs. Closing Statement — the earnest money receipt confirms the initial deposit, while the closing statement accounts for all funds at the final settlement.
Purchase Agreement vs. Listing Agreement — a purchase agreement is between buyer and seller, while a listing agreement is between the seller and their real estate agent.
Title Insurance vs. Escrow Agreement — title insurance protects against future ownership claims, while an escrow agreement holds funds and documents until all closing conditions are met.
Purchase Agreement — sets the price, terms, and conditions both buyer and seller agree to before closing.
Property Disclosure Statement — informs the buyer of any known material defects or conditions affecting the property.
Deed Transfer Form — legally conveys ownership of the property from the seller to the buyer.
Earnest Money Receipt — acknowledges the buyer's good-faith deposit and outlines the conditions for its return or forfeiture.
Lead-Based Paint Disclosure — required for homes built before 1978, notifying buyers of potential lead paint hazards.
Home Inspection Contingency Addendum — makes the sale conditional on the results of a professional home inspection.
Closing Statement — itemizes all costs, credits, and funds exchanged by both parties at settlement.
FAQs
Washington does not require an attorney to close a residential real estate transaction. Most sales are handled by a licensed escrow or title company. That said, an attorney can be helpful for complex situations such as estate sales, disputed title, or FSBO transactions.
It is a state-mandated form on which the seller answers questions about the property's condition, known defects, and legal status. Washington's disclosure form is more detailed than many other states. Buyers rely on it to make an informed decision before finalizing the purchase.
Earnest money is a deposit the buyer makes to show good faith after the purchase agreement is signed. It is held in escrow until closing, at which point it is applied toward the buyer's costs. If the buyer backs out without a valid contingency, the seller may be entitled to keep the deposit.
REET is a state tax on the sale of real property, calculated as a percentage of the selling price. It is recorded with the deed at the county auditor's office and is generally paid by the seller at closing.
You will typically need a deed form (such as a warranty deed or quitclaim deed), a Real Estate Excise Tax Affidavit, and any lender-required release documents. The deed must be signed by the seller, notarized, and recorded with the county auditor to be legally effective.
Key legal points
Washington sellers are required by law to complete a Seller Disclosure Statement for most residential property sales.
The disclosure must be delivered to the buyer before the purchase and sale agreement is signed, or the buyer may have the right to rescind.
Washington uses escrow-based closings, meaning a neutral third party holds funds and documents until all conditions are satisfied.
Earnest money is typically held in a broker's trust account or by the escrow company, not directly by the seller.
Washington is a community property state, which can affect how title is held and who must sign transfer documents.
Lead-based paint disclosure is a federal requirement for any home built prior to 1978, regardless of state rules.
A deed must be notarized and recorded with the county auditor's office to complete the legal transfer of ownership.
Real estate excise tax (REET) is due at closing in Washington and is typically paid by the seller.
Contingencies — such as financing, inspection, or appraisal — must be clearly stated in the purchase agreement to be enforceable.
How to get started
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Export the completed document as a PDF or share it directly with the other party for signatures.
Practical tip
In Washington, the seller's disclosure deadline is strictly tied to when the buyer can rescind — deliver the completed disclosure statement as early as possible to keep the timeline on track.
Glossary
Purchase AgreementThe binding contract between buyer and seller that sets the price, terms, and conditions of the home sale.
Seller Disclosure StatementA Washington-required form documenting the seller's known information about the property's condition.
Earnest MoneyA good-faith deposit made by the buyer to secure the purchase agreement.
EscrowA neutral third party that holds funds and documents until all closing conditions are fulfilled.
DeedThe legal instrument that transfers ownership of real property from one party to another.
TitleThe legal right to own and use a property, verified through a title search before closing.
Real Estate Excise Tax (REET)A Washington state tax imposed on the transfer of real property, typically paid by the seller.
ContingencyA condition in the purchase agreement that must be met for the sale to proceed, such as a satisfactory inspection or approved financing.
ClosingThe final step of the home sale where documents are signed, funds are distributed, and ownership is officially transferred.
Community PropertyWashington's default form of marital ownership, which may require both spouses to sign transfer documents.
Title InsuranceA policy that protects the buyer and lender against future claims or defects in the property's ownership history.
FSBO (For Sale By Owner)A home sale conducted directly by the seller without a licensed real estate agent.
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