Someone suggested that I talk about the Seller Disclosure form.
What is the Form 17 Seller Disclosure
In the State of Washington all sellers must provide a list of disclosures to potential buyers…even if it is a private sale that does not involve a real estate agent. The MLS has a special form which serves that purpose called the Form 17. Usually the listing broker will have this available when the property is listed.
The buyer has 3 days to back out of the transaction from when they receive the Form 17. A buyer making a competitive offer will sign the line where they acknowledge receipt of the Form 17 and also the line waiving the 3 day review period.
If the seller doesn’t give you the Form 17 until the day before closing…..then you still have 3 days to decide if you want to buy the property.