Once you have successfully marketed your home and have received an offer (or offers), your home sale enters its contract phase. Below are some answers to questions you may have about this stage of the process. For more detailed tips and information, contact your real estate broker.

What is covered in a Washington real estate contract?
The Purchase and Sale Agreement, or Contract of Sale, is a legally binding document, through which you, the seller, and the buyer interested in your Seattle, Bellevue or Tacoma property for sale agree to terms that he or she will acquire your property.

Who pays for the various expenses of the sale, including closing costs?
In the state of Washington, both buyers and sellers incur expenses during a real estate transaction. While your Coldwell Banker Bain Realtor will provide you with more details based on your personal situation, here is the basic breakdown when it comes to selling a home in western Washington:

• Buyers are normally responsible for expenses related to the down payment placed on their new home, home inspections, a segment of the escrow fees, the portion of the title insurance policy that benefits the lender, as well as any loan costs.
• Sellers typically pay for a segment of the escrow fee as well as a standard title insurance policy.
• Shared responsibility for the yearly expenses of property taxes as well as homeowner association dues is split between both parties and prorated based on the closing date.

The closing date of a real estate transaction is the date in which the title transfer has been recorded by the county and proceeds from the sale are available to you, the seller. The lender must provide the buyer with a good faith estimate, which offers a close approximation of the payment the buyer must present in order to close the transaction.

The buyer and seller must agree on a date of occupancy during the negotiation phase. If the seller remains in the home after the closing date, there should be a rent-back agreement in place.

Should I provide a home warranty for my Western Washington home?
It is typically a good idea to invest in a home warranty when selling a home – whether it’s a downtown Seattle condo or a sprawling luxury estate on Mercer Island. A home warranty can cover repairs to a home while it is on the market as well as for a specified time after closing. It will cover everything from septic systems and water heaters to central heating and cooling systems. 

Having a home warranty will reduce the risk to a new buyer in the event that there are repair problems after the closing date. Paid out of escrow at the closing of the sale, a home protection plan covers the cost of a variety of repairs or replacement systems to your home.

For peace of mind in selling your home, contact your Coldwell Banker Seattle Realtor today. He or she can provide details about American Home Shield’s home protection coverage for properties for sale in Seattle and the greater Puget Sound area.

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