A seller in Yakima wants to accept a buyer's offer but needs to add a clause stating that the sale is contingent upon the seller finding a suitable replacement home within 30 days. The buyer's broker advises that this clause should be added through a specific document. Which document is most appropriate for adding this contingency to the already-drafted Purchase and Sale Agreement?
Correct Answer
A) A written addendum signed by both buyer and seller, attached to the PSA
In Washington real estate practice, modifications to an existing Purchase and Sale Agreement are made through a written addendum (or amendment) signed by both parties. The addendum is attached to and incorporated into the original PSA. This approach satisfies Washington's Statute of Frauds (RCW 19.36.010), which requires real estate contracts and their modifications to be in writing and signed by the parties to be enforceable.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
A financing contingency makes the purchase contract conditional upon the buyer obtaining mortgage approval within a specified time period. If the buyer cannot secure financing, they can cancel the contract and receive their earnest money back.
An inspection contingency gives the buyer the right to have the property professionally inspected within a specified time frame and to negotiate repairs or cancel the contract based on the findings.
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