Washington Residential Real Estate
For a great many Pacific Northwesterners calling Washington home, their private residence is the largest single financial purchase they will make in life. As such, these proud homeowners are likely to aggressively safeguard the value of their personal real estate holdings. This observation is especially true during challenging economic times in the aftermath of the housing market's collapse.
Help Is Readily Available to Washington Homeowners
Fortunately, property owners do not have to navigate the confusing, difficult, and risky maze of real estate transactions alone. Capable, competent, and qualified residential real estate attorneys are available in Washington and ready to roll up their sleeves to aid clients as they tackle the home ownership process. Most local real estate professionals offer free initial consultations.
Residential Real Estate Transactions 101
In Washington, as in most states, there are several distinct phases to residential real estate transactions. Homeowners and prospective buyers can anticipate undertaking the following steps during the course of their residential real estate transactions:
- Execution of purchase and sales contract
- Title search
- Mortgage or other financing
- Closing escrow
- Deed recordation
To execute a contract, buyer and seller must sign a written contract for the purchase and sale of land and improvements on the land, if any. These contracts are usually prepared on standardized forms supplied by local licensed real estate agents or brokers, although individuals can represent themselves in the marketing and sale of real estate without a real estate agent. The buyer is allotted a specified time period in which to conduct a title search to ascertain whether the seller’s title to the subject property is valid and clear of encumbrances or clouds. The buyer also has a limited time for the purpose of obtaining financing from a mortgage lender or other source.
The escrow closing is scheduled and conducted when all conditions of the purchase agreement have been met. In Washington residential real estate closings, a deed of trust passes ownership from the seller to the buyer when the buyer has paid into escrow the purchase price. At that time, the seller tenders the deed, keys, and legal ownership of the property. Many forms and other documents are signed and exchanged during the escrow process prior to closing. For the final step after closing, the buyer or his representative, usually a lawyer, records the deed.
Locate a Washington Residential Real Estate Lawyer Today
A Washington residential real estate attorney represents buyers and sellers throughout the transaction, and in litigation, if necessary. These qualified local real estate attorneys routinely draft, review, analyze, negotiate, and amend real estate contracts and documents to make sure clients’ claims, rights, and interests are zealously protected under Washington’s real property laws. Washington lawyers are adept at issue spotting and problem solving throughout the title search process; with property, tax, judgment, and other liens; with obtaining mortgage financing; or when costly repairs are needed after a home inspection reveals serious structural or mechanical defects. A residential real estate attorney guides clients through the maze of purchase and sale transactions with their attendant financial risks, while working in tandem with real estate brokers, home inspectors, home appraisers, and title examiners to offer comprehensive services to clients. Call now to speak with a residential real estate lawyer in Washington at 877-913-7222.