When you`re buying or selling a home, it can be overwhelming to navigate the legal documents involved in the process. One of the most important documents is the residential purchase and sale agreement, also known as Form 21.

Form 21 is a standard legal document used in the state of Washington when purchasing or selling a residential property. It outlines the terms and conditions of the transaction and serves as a legally binding contract between the buyer and seller.

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When it comes to the specifics of Form 21, there are several key components that buyers and sellers should be aware of:

1. Purchase Price: The purchase price is the amount the buyer is willing to pay for the property. It`s important to be clear about the agreed-upon price in the contract to avoid any confusion or disputes down the line.

2. Closing Date: The closing date is the date when ownership of the property transfers from the seller to the buyer. Both parties should agree to a specific date and include it in the contract.

3. Contingencies: Contingencies are conditions that must be met before the sale can be completed. Common contingencies include a satisfactory home inspection, financing approval, and a clear title.

4. Earnest Money: Earnest money is a deposit made by the buyer to show their commitment to purchasing the property. It`s typically a percentage of the purchase price and is held in escrow until closing.

5. Disclosures: Sellers are required to disclose any known defects or issues with the property. Buyers should review these disclosures carefully and address any concerns with the seller before signing the contract.

Overall, Form 21 is a critical document in the home buying and selling process. It protects both parties and ensures that everyone is clear on the terms and conditions of the transaction. By understanding the key components of Form 21 and working with a knowledgeable real estate agent or attorney, buyers and sellers can navigate this process with confidence.