Contracts
In Washington, which party typically prepares the purchase and sale agreement?
AThe title company as a neutral party
BThe buyer's agent, using a standard form✓ Correct
COnly attorneys are authorized to prepare real estate contracts
DThe lender, as part of the loan application
Explanation
In Washington, purchase and sale agreements are typically prepared by the buyer's agent using NWMLS or other standard forms. Real estate licensees may complete standard forms as part of their licensed activities.
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Key Terms to Know
Buyer's Agent
A real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
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.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
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