There are a number of exceptions to property taxes. These include gifts, inheritances or land; forced sales or tickets instead of enforced execution; and transfers to irrevocable trust recipients. Within five (5) business days following the conclusion of the contract, the seller must submit to the buyer a disclosure statement from the seller detailing the condition of the property. Once the disclosure is accepted, the buyer has three (3) business days to make the purchase or cancel the offer. If the buyer decides to cancel the purchase, he must inform the seller in writing within three (3) working days. If the buyer does not notify the seller within the expected time frame, the buyer will accept the agreement. (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. A. Interpretation of the contract. When checking a contract to buy and sell real estate, you should not accept anything and verify everything. Washington follows the “objective” theory of treaty interpretation, where the courts look at the language of the contract to determine the intent of the parties. Most contracts for the purchase and sale of real estate in Washington will have standardized rules whose amendments can be negotiated by the parties. The commercial property disclosure form must contain at least the information contained in the revised code of Section 64.06.013 of Washington. Disclosure forms regarding un improved residential real estate and residential property improvement must contain information listed in sections 64.06.015 and 64.06.020. The seller must forward the information statement to the buyer within five business days of mutual acceptance of a contract for the sale of the property by the parties.

The buyer then has three business days from the date the seller makes the disclosure statement to terminate the contract (unless the seller resolves the issue at least three business days from the deadline). Seller`s Disclosure Statement (No. 64.06.030 and No. 64.06.020) – A statement that describes the condition of the property. The seller must submit the return to the buyer to the buyer within five (5) working days following the reciprocal agreement. Washington State also applies property tax on the sale of “dominant shares” to companies holding real estate in the state. For a company, a “dominant interest” represents 50% or more of the total stock of voting shares, or 50% or more of the capital, profits or useful shares of the voting share. For companies other than companies, a “dominant stake” is equal to or greater than 50% of the company`s capital, profits or useful shares.

(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. If the buyer does not close, the seller can keep as serious money an amount of up to five per cent of the purchase price.