What types of documents are used in real estate transactions?

Real estate transactions involve many documents that are used in order to complete the transaction and protect everyone involved. In the state of Washington, some of the most common documents used in a real estate transaction include: 1. The Purchase and Sale Agreement: The Purchase and Sale Agreement is the contract that both the buyer and the seller sign off on outlining the terms of the real estate transaction. This document includes all the details of the purchase, such as the purchase price and closing date. 2. Escrow Instructions: Escrow instructions are documents that outline the instructions for the completion of the real estate transaction. This includes instructions on how the money will be handled and distributed to the seller and which documents need to be reviewed before the transaction can be completed. 3. Title Report: A title report is a document that outlines the legal status of the property. It shows who currently owns the property and helps to ensure that the real estate transaction is free from any encumbrances, liens, or legal issues. 4. Disclosures and Addendums: Disclosures and addendums are documents that outline important information about the property such as if it is located in a flood plain or if there are any zoning restrictions. These documents help to protect the buyer from any unexpected issues they may encounter after the transaction is completed. 5. Closing Statement: The closing statement is a document that outlines all the financial details of the real estate transaction including the purchase price, taxes, and closing costs. This is the document that the buyer and seller sign off on to complete the real estate transaction. These are just some of the documents that are used in real estate transactions in the state of Washington. In order to ensure that the real estate transaction is proper and legal, it is important to consult with a qualified real estate attorney and to review all the documents outlined in the purchase and sale agreement.

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