Real Estate Contract Residential Short Form Stewart

Summary

When recorded return to:
REAL ESTATE CONTRACT
(RESIDENTIAL SHORT FORM)
ANY OPTIONAL PROVISION NOT INITIALED BY ALL PERSONS SIGNING THIS CONTRACT--
WHETHER INDIVIDUALLY OR AS AN OFFICER OR AGENT -- IS NOT A PART OF THIS CONTRACT

1. PARTIES AND DATE. This Contract is entered into on ,
between
______________________________________________________________________________________
as "Seller" and
________________________________________________________________________________________
as "Buyer."
2. SALE AND LEGAL DESCRIPTION. Seller agrees to sell to Buyer and Buyer agrees to purchase from Seller
the following described real estate in __________________________ County, State of Washington:
Abbreviated Legal: (Required if full legal not inserted above.)
Tax Parcel Number(s):
3. PERSONAL PROPERTY. Personal property, if any, included in the sale is as follows:
LPB 44-05(ir)
Page 1 of 9
No part of the purchase price is attributed to personal property

4. (a) PRICE. Buyer agrees to pay: $ _________________________ Total Price
Less $_________________________________________ Down Payment
Less $ ________________________________________ Assumed Obligation(s)
Results in $ ____________________________________ Amount Financed by Seller

(b) ASSUMED OBLIGATIONS. Buyer agrees to pay the above assumed obligation(s) by assuming and
agreeing to pay that certain ___________________________________ dated ___________________
(Mortgage/Deed of Trust/Contract)
recorded as Auditor’s File No. ___________________________________

Seller warrants the unpaid balance of said obligation is $ _____________________________ which is
payable $_________________________ on or before the ________ day of_________________________
( ) including ( ) plus interest at the rate of ___________ % per annum on the declining balance
thereof; and a like amount on or before the _____________ day of each and every
_____________________ thereafter until paid in full

(month/year)
NOTE: Fill in the date in the following two lines only if there is an early cash out date on the assumed
obligation

NOTWITHSTANDING THE ABOVE, THE ENTIRE BALANCE OF PRINCIPAL AND INTEREST IS
DUE IN FULL NOT LATER THAN _________________________________, __________

ANY ADDITIONAL ASSUMED OBLIGATIONS ARE INCLUDED IN ADDENDUM
(c) PAYMENT OF AMOUNT FINANCED BY SELLER

Buyer agrees to pay the sum of $__________________________ as follows:
$ _____________________ or more at buyer's option on or before the ______________ day of
_______________________________ ( ) including ( ) plus interest from
_________________________ at the rate of ____________% per annum on the declining balance
thereof; and a like amount or more on or before the _________________ day of each and every
_______________________ thereafter until paid in full

(month/year)
NOTE: Fill in the date in the following two lines only if there is an early cash out date on the amount
financed bu seller

NOTWITHSTANDING THE ABOVE, THE ENTIRE BALANCE OF PRINCIPAL AND INTEREST IS
DUE IN FULL NOT LATER THAN ____________________________________________________

Payments are applied first to interest and then to principal. Payments shall be made at
_________________________ _________________________________________ or such other place as
the Seller may hereafter indicate in writing

LPB 44-05(ir)
Page 2 of 9
5. FAILURE TO MAKE PAYMENTS ON ASSUMED OBLIGATIONS. If Buyer fails to make any payments
on assumed obligation(s), Seller may give written notice to Buyer that unless Buyer makes the delinquent
payment(s) within 15 days, Seller will make the payment(s), together with any late charge, additional interest,
penalties, and costs assessed by the Holder of the assumed obligation(s). The 15-day period may be shortened
to avoid the exercise of any remedy by the Holder of the assumed obligation(s). Buyer shall immediately after
such payment by Seller reimburse Seller for the amount of such payment plus a late charge equal to five
percent (5%) of the amount so paid plus all costs and attorney fees incurred by Seller in connection with
making such payment

6. (a) OBLIGATIONS TO BE PAID BY SELLER. The Seller agrees to continue to pay from payments
received hereunder the following obligation, which obligation must be paid in full when Buyer pays the
purchase price in full: That certain _____________________________________ dated
(Mortgage/Deed of Trust/Contract)
______________________________, recorded as Auditor’s File No. __________________________

ANY ADDITIONAL OBLIGATION TO BE PAID BY SELLER ARE INCLUDED IN ADDENDUM
(b) EQUITY OF SELLER PAID IN FULL. If the balance owed the Seller on the purchase price herein
becomes equal to the balance owed on prior encumbrances being paid by Seller, Buyer will be deemed to
have assumed said encumbrances as of that date. Buyer shall thereafter make payments directly to the
holders of said encumbrances and make no further payments to Seller. Seller shall at that time deliver to
Buyer a fulfillment deed in accordance with the provisions of paragraph 8

(c) FAILURE OF SELLER TO MAKE PAYMENTS ON PRIOR ENCUMBRANCES. If Seller fails to make
any payments on any prior encumbrance, Buyer may give written notice to Seller that unless Seller makes
the delinquent payments within 15 days, Buyer will make the payments together with any late charge,
additional interest, penalties, and costs assessed by the holder of the prior encumbrance. The 15-day period
may be shortened to avoid the exercise of any remedy by the holder of the prior encumbrance. Buyer may
deduct the amounts so paid plus a late charge of 5% of the amount so paid and any attorneys' fees and costs
incurred by Buyer in connection with the delinquency from payments next becoming due Seller on the
purchase price. In the event Buyer makes such delinquent payments on three occasions, Buyer shall have
the right to make all payments due thereafter directly to the holder of such prior encumbrance and deduct
the then balance owing on such prior encumbrance from the then balance owing on the purchase price and
reduce periodic payments on the balance due Seller by the payments called for in such prior encumbrance
as such payments become due

7. OTHER ENCUMBRANCES AGAINST THE PROPERTY. The property is subject to encumbrances
including the following listed tenancies, easements, restrictions, and reservations in addition to the obligations
assumed by Buyer and the obligations being paid by Seller:
ANY ADDITIONAL NON-MONETARY ENCUMBRANCES ARE INCLUDED IN ADDENDUM
LPB 44-05(ir)
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8. FULFILLMENT DEED. Upon payment of all amounts due Seller, Seller agrees to deliver to Buyer a
Statutory Warranty Deed in fulfillment of this Contract. The covenants of warranty in said deed shall not
apply to any encumbrances assumed by Buyer or to defects in title arising subsequent to the date of this
Contract by, through, or under persons other than the Seller herein. Any personal property included in the sale
shall be included in the fulfillment deed

9. LATE CHARGES. If any payment on the purchase price is not made within ten (10) days after the date it is
due, Buyer agrees to pay a late charge equal to 5% of the amount of such payment. Such late payment charge
shall be in addition to all other remedies available to Seller and the first amounts received from Buyer after
such late charges are due shall be applied to the late charges

10. NO ADVERSE EFFECT ON PRIOR ENCUMBRANCES. Seller warrants that entry into this Contract will
not cause in any prior encumbrance (a) a breach, (b) accelerated payments, or (c) an increased interest rate;
unless (a), (b), or (c) has been consented to by Buyer in writing

11. POSSESSION. Buyer is entitled to possession of the property from and after the date of this Contract or
_________________________________________, whichever is later, subject to any tenancies described in
paragraph 7

12. TAXES, ASSESSMENTS, AND UTILITY LIENS. Buyer agrees to pay by the date due all taxes and
assessments becoming a lien against the property after the date of this Contract. Buyer may in good faith
contest any such taxes or assessments so long as no forfeiture or sale of the property is threatened as the result
of such contest. Buyer agrees to pay when due any utility charges which may become liens superior to Seller's
interest under this Contract. If real estate taxes and penalties are assessed against the property subsequent to
date of this Contract because of a change in use prior to the date of this Contract for Open Space, Farm,
Agricultural, or Timber classifications approved by the County or because of a Senior Citizen's Declaration to
Defer Property Taxes filed prior to the date of this Contract, Buyer may demand in writing payment of such
taxes and penalties within 30 days. If payment is not made, Buyer may pay and deduct the amount thereof plus
5% penalty from the payments next becoming due Seller under the Contract

13. INSURANCE. Buyer agrees to keep all buildings now or hereafter erected on the property described herein
continuously insured under fire and extended coverage policies in an amount not less than the balances owed
on obligations assumed by Buyer plus the balance due Seller, or full insurable value, whichever is lower. All
policies shall be held by the Seller and be in such companies as the Seller may approve and have loss payable
first to any holders of underlying encumbrances, then to Seller as their interests may appear and then to Buyer

Buyer may within 30 days after loss negotiate a contract to substantially restore the premises to their condition
before the loss. If insurance proceeds are sufficient to pay the contract price for restoration or if the Buyer
deposits in escrow any deficiency with instructions to apply the funds on the restoration contract, the property
shall be restored unless the underlying encumbrances provide otherwise. Otherwise the amount collected
under any insurance policy shall be applied upon any amounts due hereunder in such order as Seller shall
determine. In the event of forfeiture, all rights of Buyer in insurance policies then in force shall pass to Seller

14. NONPAYMENT OF TAXES, INSURANCE, AND UTILITIES CONSTITUTING LIENS. If Buyer fails to
pay taxes or assessments, insurance premiums, or utility charges constituting liens prior to Seller's interest
under this Contract, Seller may pay such items and Buyer shall forthwith pay Seller the amount thereof plus a
late charge of 5% of the amount thereof plus any costs and attorney's fees incurred in connection with making
such payment

15. CONDITION OF PROPERTY. Buyer accepts the property in its present condition and acknowledges that
Seller, his/her agents, and subagents have made no representation or warranty concerning the physical
condition of the property or the uses to which it may be put other than as set forth herein. Buyer agrees to
maintain the property in such condition as complies with all applicable laws

LPB 44-05(ir)
Page 4 of 9
16. RISK OF LOSS. Buyer shall bear the risk of loss for destruction or condemnation of the property. Any such
loss shall not relieve Buyer from any of Buyer's obligations pursuant to this Contract

17. WASTE. Buyer shall keep the property in good repair and shall not commit or suffer waste or willful damage
to or destruction of the property. Buyer shall not remove commercial timber without the written consent of
Seller

18. AGRICULTURAL USE. If this property is to be used principally for agricultural purposes, Buyer agrees to
conduct farm and livestock operations in accordance with good husbandry practices. In the event a forfeiture
action is instituted, Buyer consents to Seller's entry on the premises to take any reasonable action to conserve
soil, crops, trees, and livestock

19. CONDEMNATION. Seller and buyer may each appear as owners of an interest in the property in any action
concerning condemnation of any part of the property. Buyer may within 30 days after condemnation and
removal of improvements, negotiate a contract to substantially restore the premises to their condition before the
removal. If the condemnation proceeds are sufficient to pay the contract price for restoration or if the Buyer
deposits in escrow any deficiency with instructions to apply the funds on the restoration contract, the property
shall be restored unless underlying encumbrances provide otherwise. Otherwise, proceeds of the award shall
be applied in payment of the balance due on the purchase price, as Seller may direct

20. DEFAULT. If the Buyer fails to observe or perform any term, covenant, or condition of this Contract, Seller
may:
(a) Suit for Installments. Sue for any delinquent periodic payment; or
(b) Specific Performance. Sue for specific performance of any of Buyer's obligations pursuant to this
Contract; or
(c) Forfeit Buyer's Interest. Forfeit this Contract pursuant to Ch. 61.30, RCW, as it is presently enacted and
may hereafter be amended. The effect of such forfeiture includes: (i) all right, title, and interest in the
property of the Buyer and all persons claiming through the Buyer shall be terminated; (ii) the Buyer's
rights under the Contract shall be cancelled; (iii) all sums previously paid under the Contract shall belong
to and be retained by the Seller or other person to whom paid and entitled thereto; (iv) all improvements
made to and unharvested crops on the property shall belong to the Seller; and (v) Buyer shall be required
to surrender possession of the property, improvements, and unharvested crops to the Seller 10 days after
the forfeiture

(d) Acceleration of Balance Due. Give Buyer written notice demanding payment of said delinquencies and
payment of a late charge of 5% of the amount of such delinquent payments and payment of Seller's
reasonable attorney's fees and costs incurred for services in preparing and sending such Notice and stating
that if payment pursuant to said Notice is not received within 30 days after the date said Notice is either
deposited in the mail addressed to the Buyer or personally delivered to the Buyer, the entire balance
owing, including interest, will become immediately due and payable. Seller may thereupon institute suit
for payment of such balance, interest, late charge, and reasonable attorney's fees and costs

(e) Judicial Foreclosure. Sue to foreclose this Contract as a mortgage, in which event Buyer may be liable for
a deficiency

21. RECEIVER. If Seller has instituted any proceedings specified in Paragraph 20 and Buyer is receiving rental or
other income from the property, Buyer agrees that the appointment of a receiver for the property is necessary to
protect Seller's interest

22. BUYER'S REMEDY FOR SELLER'S DEFAULT. If Seller fails to observe or perform any term, covenant, or
condition of this Contract, Buyer may, after 30 days' written notice to Seller, institute suit for damages or
specific performance unless the breaches designated in said notice are cured

LPB 44-05(ir)
Page 5 of 9
23. NON-WAIVER. Failure of either party to insist upon strict performance of the other party's obligations
hereunder shall not be construed as a waiver of strict performance thereafter of all of the other party's
obligations hereunder and shall not prejudice any remedies as provided herein

24. ATTORNEY'S FEES AND COSTS. In the event of any breach of this Contract, the party responsible for the
breach agrees to pay reasonable attorney's fees and costs, including costs of service of notices and title
searches, incurred by the other party. The prevailing party in any suit instituted arising out of this Contract and
in any forfeiture proceedings arising out of this Contract shall be entitled to receive reasonable attorney's fees
and costs incurred in such suit or proceedings

25. NOTICES. Notices shall be either personally served or shall be sent certified mail, return receipt requested, and
by regular first class mail to Buyer at ___________________________________________________________
_________________________________________________________________________________________
and to the Seller at _______________________________________________________________________
_________________________________________________________________________________________
or such other addresses as either party may specify in writing to the other party. Notices shall be deemed given
when served or mailed. Notice to Seller shall also be sent to any institution receiving payments on the
Contract

26. TIME FOR PERFORMANCE. Time is of the essence in performance of any obligations pursuant to this
Contract

27. SUCCESSORS AND ASSIGNS. Subject to any restrictions against assignment, the provisions of this Contract
shall be binding on the heirs, successors, and assigns of the Seller and the Buyer

28. OPTIONAL PROVISION -- SUBSTITUTION AND SECURITY ON PERSONAL PROPERTY. Buyer may
substitute for any personal property specified in Paragraph 3 herein other personal property of like nature
which Buyer owns free and clear of any encumbrances. Buyer hereby grants Seller a security interest in all
personal property specified in Paragraph 3 and future substitutions for such property and agrees to execute a
financing statement under the Uniform Commercial Code reflecting such security interest

SELLER INITIALS: BUYER
_______________________________________ _____________________________________
_______________________________________ _____________________________________
29. OPTIONAL PROVISION -- ALTERATIONS. Buyer shall not make any substantial alteration to the
improvements on the property without the prior written consent of Seller, which consent will not be
unreasonably withheld

SELLER INITIALS: BUYER
_______________________________________ _____________________________________
_______________________________________ _____________________________________
30. OPTIONAL PROVISION -- DUE ON SALE. If Buyer, without written consent of Seller, (a) conveys, (b)
sells, (c) leases, (d) assigns, (e) contracts to convey, sell, lease or assign, (f) grants an option to buy the
property, (g) permits a forfeiture or foreclosure or trustee or sheriffs sale of any of the Buyer's interest in the
LPB 44-05(ir)
Page 6 of 9
property or this Contract, Seller may at any time thereafter either raise the interest rate on the balance of the
purchase price or declare the entire balance of the purchase price due and payable. If one or more of the
entities comprising the Buyer is a corporation, any transfer or successive transfers in the nature of items (a)
through (g) above of 49% or more of the outstanding capital stock shall enable Seller to take the above action

A lease of less than 3 years (including options for renewals), a transfer to a spouse or child of Buyer, a transfer
incident to a marriage dissolution or condemnation, and a transfer by inheritance will not enable Seller to take
any action pursuant to this Paragraph; provided the transferee other than a condemnor agrees in writing that the
provisions of this paragraph apply to any subsequent transaction involving the property entered into by the
transferee

SELLER INITIALS: BUYER
_______________________________________ _____________________________________
_______________________________________ _____________________________________
31. OPTIONAL PROVISION -- PRE-PAYMENT PENALTIES ON PRIOR ENCUMBRANCES. If Buyer elects
to make payments in excess of the minimum required payments on the purchase price herein, and Seller,
because of such prepayments, incurs prepayment penalties on prior encumbrances, Buyer agrees to forthwith
pay Seller the amount of such penalties in addition to payments on the purchase price

SELLER INITIALS: BUYER
_______________________________________ _____________________________________
_______________________________________ _____________________________________
32. OPTIONAL PROVISION -- PERIODIC PAYMENTS ON TAXES AND INSURANCE. In addition to the
periodic payments on the purchase price, Buyer agrees to pay Seller such portion of the real estate taxes and
assessments and fire insurance premium as will approximately total the amount due during the current year
based on Seller's reasonable estimate

The payments during the current year shall be $ _____________________ per
______________________________. Such "reserve" payments from Buyer shall not accrue interest. Seller
shall pay when due all real estate taxes and insurance premiums, if any, and debit the amounts so paid to the
reserve account. Buyer and Seller shall adjust the reserve account in April of each year to reflect excess or
deficit balances and changed costs. Buyer agrees to bring the reserve account balance to a minimum of $10 at
the time of adjustment

SELLER INITIALS: BUYER
_______________________________________ _____________________________________
_______________________________________ _____________________________________
33. ADDENDA. Any addenda attached hereto are a part of this Contract

34. ENTIRE AGREEMENT. This Contract constitutes the entire agreement of the parties and supersedes all prior
agreements and understandings, written or oral. This Contract may be amended only in writing executed by
Seller and Buyer

LPB 44-05(ir)
Page 7 of 9
IN WITNESS WHEREOF the parties have signed and sealed this Contract the day and year first above written

SELLER BUYER
___________________________________________ ______________________________________________
___________________________________________ ______________________________________________
STATE OF
ss

COUNTY OF
I certify that I know or have satisfactory evidence that
(is/are) the person(s) who appeared
before me, and said person(s) acknowledged that signed this instrument and acknowledged it to be
free and voluntary act for the uses and purposes mentioned in this instrument.

Dated:
Notary name printed or typed:
Notary Public in and for the State of
Residing at
My appointment expires:
STATE OF
ss

COUNTY OF
I certify that I know or have satisfactory evidence that
(is/are) the person(s) who appeared
before me, and said person(s) acknowledged that signed this instrument and acknowledged it to be
free and voluntary act for the uses and purposes mentioned in this instrument.

Dated:
Notary name printed or typed:
Notary Public in and for the State of
Residing at
My appointment expires:
LPB 44-05(ir)
Page 8 of 9
STATE OF
ss

COUNTY OF
I certify that I know or have satisfactory evidence that
(is/are) the person(s) who appeared before me, and said person(s) acknowledged that
signed this
instrument, on oath stated that authorized to execute the instrument and acknowledge it as
the
of to
be the free and voluntary act of such party(ies) for the uses and purposes mentioned in this instrument

Dated:
Notary name printed or typed:
Notary Public in and for the State of
Residing at
My appointment expires:
STATE OF
ss

COUNTY OF
I certify that I know or have satisfactory evidence that
(is/are) the person(s) who appeared before me, and said person(s) acknowledged that
signed this
instrument, on oath stated that authorized to execute the instrument and acknowledge it as
the
of to
be the free and voluntary act of such party(ies) for the uses and purposes mentioned in this instrument

Dated:
Notary name printed or typed:
Notary Public in and for the State of
Residing at
My appointment expires:
LPB 44-05(ir)
Page 9 of 9

Interest under this Contract. If real estate taxes and penalties are assessed against the property subsequent to date of this Contract because of a change in use prior to the date of this …

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Frequently Asked Questions

Who can use this contract to sell a residential property?

A person who wishes to sell his residential real estate property can use this contract for the purpose. It comprises of all the important clauses that should be included in such a contract. The user can, however, make changes to this as per his needs. you may also see Construction Contract Forms.

What is an offer to purchase real estate form?

As the name indicates, this is the standard design of a real estate contract form which can be used for the sale or purchase of a property. This offer to purchase real estate form gives the user a clear idea of the clauses and segments that should be included in such a contract. You may also see Sample Contract Forms.

When to use a commercial real estate sales contract form?

Download A commercial real estate owner can use this form to draft a sales contract when he is ready to sell his property to an interested party. This contract gives the user an idea of the format to be followed and the segments to be included in such a form. Real Estate Sales Contract Addendum Form

What do you need to know about a real estate contract?

This form is used by the owner of a real estate property when he wishes to sell the property to another person. The contract comprises of all the important sales terms and the other financial aspects that are included after both the parties agree to these. Standard Form Contract for Purchase and Sale of Real Estate nystatemls.com Details