Recently, the NWMLS revised several forms including the Purchase & Sale contract and addendums. I've highlighed a few of the important changes below; for more information, please visit my blog @ Seattle Housing Buzz.
Purchase & Sale Contract (Form 21)
- Possession Date - option defaults to closing, may fall on weekend or holiday
- Computation of Time - clarifies based on days, not hours
- Attachment of Legal Description - must be attached to the offer, otherwise offer is not binding
- Assignment - must be agreed to by both parties in writing
Seller Disclosure Statement (Form 17)
- Revised the proximity to farming statement
Financing Addendum (Form 22A)
- Type of loans - Buyer must now state if loan is a Second or Bridge
- Clarifies that downpayment is from other than financing sources
- Buyers obligation to provide loan committment letter is automatic
Buyer Home Contigency (Form 22B)
- Clarifies that Seller must accept the bump offer before bumping 1st Buyer
- Satisfaction is different than waiver - different ramifications
- Waiver of the contingency also waives the Financing & Inspection contigencies
Home Inspection Contigency (From 35)
- Eliminated Forms 35A and 35B. Replaced with 35, similar to 35A with some differences.
- Buyer can terminate for any reason, no requirement that Seller be given opportunity to repair.
- Removed provision for Deferred Deposit of Earnest Money and the neighborhood review.
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