(2) Red tape: The main types of paperwork that affect the purchase of real estate are the documents found in the public registration, as stated in your preliminary title report, and all the services, conditions, restrictions or private rules and regulations that govern the use of the package. Homeowner Association Records and Budgets. Financial or administrative documents include minutes of directors` and members` meetings, as well as annual accounts. HOA Boards in Washington are required to send a summary of the proposed regular or special budget to all owners within 30 days of the budget being adopted and 14-60 days before the owners consider ratification. This summary contains detailed information on current and future valuations and reserve account balances as well as future funding levels recommended for the reserve account. As a result, HOA members in Washington have a greater capacity than ever to monitor and evaluate spending within the association. We use all standard MLS forms when developing your purchase and sale contract, we make sure you understand the pros and cons of different contingencies and addendums and we are with you every step of the way through the closing. (2) Property tax: The State of Washington levies a tax on the sale of real estate. The state tax rate is 0.0128%, although counties or municipalities may collect additional taxes.

The tax applies to the seller, but the buyer can be held liable for the tax if it cannot be recovered by the seller. The tax is normally levied by the Landkreis on presentation of the sales documents for registration in the public records. You will be happy to help you answer questions regarding the Washington State purchase and sale contract, how you can buy and sell real estate in Snohomish County Washington and/or if you want more information on how to become a real estate agent. (2) Specific performance. While the seller can receive up to five percent of the purchase price in serious cash if the buyer does not close, the buyer wants the sale contract of the land to include a «specific benefit». «specific benefit» means that a court can order the seller to sell the property to the buyer, as contractually agreed. In most infringement proceedings, the reimbursement of damages and financial assets is the only recourse available. But courts, including the Washington courts, have long held that some service is appropriate when a seller violates a contract to sell real estate. Therefore, the buyer should ensure that the contract authorizes a specific service in the event of a seller`s violation. Title Report III.

Due to differences in the different types of residential and commercial contracts, we advise you to amend your contract to make the adoption and approval of the preliminary title report and the documents identified as a contractual quota, as this is not already the case. It takes at least 10 days for the listed documents to be verified and evaluated legally. As in most jurisdictions, Washington`s title insurance does not cover any adverse effects that public documents could have on title or land use. Check the preliminary title report and public documents before proceeding with another due diligence. Their contract to purchase and sell real estate must be taken into account for this review, as well as the verification of the necessary environmental reports, Estoppel certificates and other contingency documents such as they may be used in commercial, industrial or agricultural land purchase contracts. (1) Real estate agents. The Washington statutes define the obligations of a real estate licensee to a buyer or seller. These statutory requirements of the Agency are defined in a brochure in the form prescribed under RCW 18.86.120. As in other jurisdictions, it can be problematic to have a real estate agent represent both buyer and seller and, in many cases, to constitute an insurmountable conflict of interest.