Real Estate Agents. Washington statutes delineate a real estate licensee’s obligations to a buyer or a seller. These statutory agency requirements are spelled out in a pamphlet in the form required under RCW 18.86.120.
Property Managers. In Washington, property management is classified under “real estate brokerage services.” As a result, property managers in Washington are required to have a broker’s license.
Licensure. Make sure you verify the licenses of any real estate agents, brokers, or property managers you deal with. License information can be found by calling the Washington State Department of Licensing at (360) 664-6505. To verify the license for a mortgage broker or lender, you can call the Washington State Department of Financial Institutions at 1-877-RING-DFI.
Forms. The Association of Realtors in every State has developed a State-specific set of forms to facilitate real property transactions. These forms are copyrighted, meaning that they can only be used by members of the Association. Replicate or use these forms at your peril.
Dual Representation. Allowing a non-fiduciary real estate agent to represent both buyer and seller can lead to a conflict of interest serving the interest of one party at the expense of the other. If written permission from both parties is obtained, it must be assumed that both parties are fully apprised and trust the judgment of the agent.
At Timely Contract, our primary legal services include: real estate contract review, real estate contract drafting, legal opinions for title insurance exceptions, and research, due diligence, and legal opinions for properties.
See related article about real estate contracts in Washington State.