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Simple earnest money agreement form

Washington state law on earnest money agreement 2025

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The document is an Earnest Money Receipt and Sales Agreement outlining the terms of a real estate transaction between a Buyer and Seller in Washington. It details the earnest money deposit, purchase price, contingencies, title conditions, property information, closing costs, possession rights, and obligations regarding inspections and repairs. The agreement emphasizes that time is of the essence and includes provisions for default and legal remedies.

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Click ‘Get Form’ to open the Washington State Law on Earnest Money Agreement in our editor.
Begin by entering the date and location at the top of the form. This sets the context for your agreement.
Fill in the Buyer’s name and the amount of earnest money received. Ensure accuracy as this is crucial for legal purposes.
Complete the property description section, including county and specific address details, to clearly identify the property involved.
Proceed to outline the purchase price and contingencies. Clearly state any conditions that must be met before closing.
Review sections regarding title, property information, and closing costs. Make sure all necessary disclosures are included.
Finally, ensure both Buyer and Seller sign and date the agreement at the bottom of the form to validate it.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Who keeps earnest money if deal falls through?

Earnest money is returned to the buyer at closing. The buyer can choose whether to apply the funds toward a down payment, closing costs or other settlement costs. But in some cases, if certain provisions of the purchase contract are broken, the buyer will have to forfeit the earnest money and the seller will keep it.

Do you lose earnest money if you change your mind?

Yes you can. If you change your mind when you are within the timeframe of the option period, you get your earnest money deposit back. If its outside that. You could lose your earnest money.

Do I lose earnest money if I back out?

These deposits typically range from 1% to 3% of the purchase price, but thats just a general guideline. Earnest money at closing can compensate the home seller in the event that the buyer walks away from the deal and the seller has to re-list the property all over again.

Is earnest money refundable in Washington state?

If you were to cancel the contract without having a contingency in place, you could end up forfeiting your earnest money to the seller. If a contract is legally cancelled by the buyer, and the seller refuses to release the funds, Washington State real estate code provides a legal avenue to force the release.

What is the new law in Washington state for real estate?

The 2024 law introduces a new approach to agent compensation, transforming how buyers and their real estate agents engage and transact. Traditionally, the seller paid the buyers agents commission, but this law shifts that financial responsibility directly to the buyer.

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Can I get my earnest money back if I change my mind?

You would get your earnest money back if the agreement is terminated based on any clause included in the contract. Could be inspection, could be appraisal, could be you dont secure financing. Whatever contingencies are written into the contract allow you to recoup your earnest money- its not just on the sellers end.

Washington state law on earnest money agreement 2025

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How to use or fill out Washington State Law on Earnest Money Agreement

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Got questions?

Who keeps earnest money if deal falls through?

Do you lose earnest money if you change your mind?

Do I lose earnest money if I back out?

Is earnest money refundable in Washington state?

What is the new law in Washington state for real estate?

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Can I get my earnest money back if I change my mind?

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