Starting the Process

Before signing any document or paying any money, you should carefully examine your requirements, resources and needs for professional help.

An experienced, reputable real-estate broker may be indispensable. Although the seller ordinarily hires the real- estate broker and agrees to pay the fee, it is possible for a buyer to make such arrangements.

The Washington Administrative Code requires agents to disclose whether they represent the buyer or seller (or both). Verbal and/or written disclosure is required before showing homes for sale. In addition, the disclosure must be confirmed in a separate paragraph in a written purchase and sale agreement.

When you buy or sell real estate you may also come into contact with bankers or other lenders, title and mortgage officers, inspectors, or other authorities whose function you should understand. Of all your advisers, your lawyer is probably in the best position to assist you with each phase of the transaction.

Types of Documents Used

Various documents are used to specify rights and obligations in real-estate transactions. Preprinted forms, individually drafted forms, or a combination may be used; your lawyer can assist you in determining which are best for your situation. Typical documents include listing agreements, purchase and sale agreements, and financing agreements.