Contracts
In Washington, a seller who makes a material misrepresentation in the seller disclosure statement (Form 17) may be liable for:
AOnly criminal penalties
BDamages and rescission of the contract✓ Correct
CLoss of the broker's commission only
DA DOL complaint against the seller's broker
Explanation
A seller who makes material misrepresentations on Form 17 may be liable to the buyer for damages (cost to cure defects) and rescission of the contract. The buyer may also have claims for fraud or violation of the Consumer Protection Act.
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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.
Math Concepts
State-Specific Concepts
Disclosure Requirements
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