Contracts
A Washington seller's disclosure statement (Form 17) is required for which of the following transactions?
AAll real estate transactions in Washington regardless of property type
BSales of residential property of one to four units, including condominiums✓ Correct
CCommercial and investment property sales only
DOnly transactions involving FHA or VA financing
Explanation
Washington's seller disclosure law (RCW 64.06) requires Form 17 for sales of improved residential property consisting of one to four dwelling units, including condominiums.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
State-Specific Concepts
Disclosure Requirements
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