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Fill Out a Valid Nwmls 21 Form

The Nwmls 21 form is a Residential Purchase and Sale Agreement used in real estate transactions within the Northwest Multiple Listing Service. This form outlines the specific terms of the sale, including the purchase price, earnest money, and responsibilities of both the buyer and seller. Understanding this form is crucial for anyone involved in a residential property transaction.

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Structure

The Nwmls 21 form, formally known as the Residential Purchase and Sale Agreement, serves as a critical document in real estate transactions within the Northwest Multiple Listing Service (NWMLS) framework. This form outlines the specific terms and general conditions under which a buyer agrees to purchase a residential property from a seller. Key elements include the identification of the parties involved, the property details including tax parcel numbers and legal descriptions, and the purchase price. Additionally, it specifies the earnest money deposit, which demonstrates the buyer's commitment, and outlines the consequences of default. The form also addresses important aspects such as title insurance, closing costs, and possession dates, ensuring that both parties are clear on their responsibilities and the timeline of the transaction. Furthermore, it includes provisions for included items, such as appliances and fixtures, and allows for disclosures related to agency representation. Understanding the Nwmls 21 form is essential for anyone navigating the complexities of residential real estate transactions in Washington State.

Common mistakes

Incomplete Information: Many individuals neglect to fill out all required fields on the Nwmls 21 form. Missing details such as the date, MLS number, or buyer and seller information can lead to delays or complications in the transaction process.
Incorrect Earnest Money Amount: Errors in calculating or entering the earnest money can create issues. Buyers should ensure that the amount matches the agreed terms and is clearly specified in the appropriate section of the form.
Failure to Specify Included Items: Some users overlook the importance of checking the boxes for included items, such as appliances or fixtures. This omission can lead to misunderstandings about what is included in the sale.
Neglecting to Review Default Options: Not carefully selecting the appropriate default option can result in unintended consequences. Buyers and sellers must understand the implications of choosing either forfeiture of earnest money or seller’s election of remedies.

Preview - Nwmls 21 Form

Form 21	©Copyright 2011
Residential Purchase & Sale Agreement	Northwest Multiple Listing Service
Rev. 8/11	ALL RIGHTS RESERVED
Page 1 of 5
RESIDENTIAL REAL ESTATE PURCHASE AND SALE AGREEMENT
SPECIFIC TERMS
1. Date: __________________________________________ MLS No.:	__________________________________

2.Buyer: _____________________________________________________________________________________

3.Seller: ______________________________________________________________________________________

4. Property: Tax Parcel No(s).: ____________________________________ ( ______________________County)

Street Address: ___________________________________________________ Washington ________________

Legal Description: Attached as Exhibit A.

5.Included Items:  stove/range;  refrigerator;  washer;  dryer;  dishwasher;  hot tub;  fireplace insert;

 wood stove;  satellite dish;  security system;  other ___________________________________________

6.Purchase Price: $_____________________________________________________________________________

7.Earnest Money: (To be held by  Selling Firm;  Closing Agent)

Personal Check: $______________; Note: $______________; Other ( ________________ ): $ _______________

8.Default: (check only one)  Forfeiture of Earnest Money;  Seller’s Election of Remedies

9.Title Insurance Company: _____________________________________________________________________

10.Closing Agent:  a qualified closing agent of Buyer’s choice;  _______________________________________

11.Closing Date: ________________________________________________________________________________

12.Possession Date:  on Closing;  Other _________________________________________________________

13.Offer Expiration Date: _________________________________________________________________________

14.Services of Closing Agent for Payment of Utilities:  Requested (attach NWMLS Form 22K);  Waived

15.Charges and Assessments Due After Closing:  assumed by Buyer;  prepaid in full by Seller at Closing

16.Agency Disclosure: Selling Broker represents:  Buyer;  Seller;  both parties;  neither party

Listing Broker represents:  Seller;  both parties

17.Addenda: ___________________________________________________________________________________

____________________________________________________________________________________________

______________________________________________		____________________________________________
Buyer’s Signature	Date	Seller’s Signature	Date
______________________________________________		____________________________________________
Buyer’s Signature	Date	Seller’s Signature	Date
______________________________________________		____________________________________________
Buyer’s Address		Seller’s Address
______________________________________________		____________________________________________
City, State, Zip		City, State, Zip
______________________________________________		____________________________________________
Phone No.	Fax No.	Phone No.	Fax No.
______________________________________________		____________________________________________
Buyer’s E-mail Address		Seller’s E-mail Address
______________________________________________		____________________________________________
Selling Firm	MLS Office No.	Listing Firm	MLS Office No.
______________________________________________		____________________________________________
Selling Firm’s Assumed Name (if applicable)		Listing Firm’s Assumed Name (if applicable)
______________________________________________		____________________________________________
Selling Broker (Print)	MLS LAG No.	Listing Broker (Print)	MLS LAG No.
______________________________________________		____________________________________________
Phone No.	Firm Fax No.	Phone No.	Firm Fax No.
______________________________________________		____________________________________________
Selling Broker’s E-mail Address		Listing Broker’s E-mail Address

Form 21			©Copyright 2011
Residential Purchase & Sale Agreement		Northwest Multiple Listing Service
Rev. 8/11	RESIDENTIAL REAL ESTATE PURCHASE AND SALE AGREEMENT		ALL RIGHTS RESERVED
Page 2 of 5	RESIDENTIAL REAL ESTATE PURCHASE AND SALE AGREEMENT
		GENERAL TERMS
		Continued
a. Purchase Price. Buyer shall pay to Seller the Purchase Price, including the Earnest Money, in cash at Closing, unless				1
otherwise specified in this Agreement. Buyer represents that Buyer has sufficient funds to close this sale in accordance				2
with this Agreement and is not relying on any contingent source of funds, including funds from loans, the sale of other				3
property, gifts, retirement, or future earnings, except to the extent otherwise specified in this Agreement.				4
b. Earnest Money. Buyer shall deliver the Earnest Money within 2 days after mutual acceptance of this Agreement to				5
Selling Broker who will deposit any check to be held by Selling Firm, or deliver any Earnest Money to be held by Closing				6
Agent, within 3 days of receipt or mutual acceptance, whichever occurs later. If the Earnest Money is held by Selling				7
Firm and is over $10,000.00 it shall be deposited into an interest bearing trust account in Selling Firm’s name provided				8

that Buyer completes an IRS Form W-9. Interest, if any, after deduction of bank charges and fees, will be paid to Buyer. 9

Buyer shall reimburse Selling Firm for bank charges and fees in excess of the interest earned, if any. If the Earnest	10
Money held by Selling Firm is over $10,000.00 Buyer has the option to require Selling Firm to deposit the Earnest	11
Money into the Housing Trust Fund Account, with the interest paid to the State Treasurer, if both Seller and Buyer so	12
agree in writing. If the Buyer does not complete an IRS Form W-9 before Selling Firm must deposit the Earnest Money	13

or the Earnest Money is $10,000.00 or less, the Earnest Money shall be deposited into the Housing Trust Fund 14

Account. Selling Firm may transfer the Earnest Money to Closing Agent at Closing. If all or part of the Earnest Money is	15
to be refunded to Buyer and any such costs remain unpaid, the Selling Firm or Closing Agent may deduct and pay them	16
therefrom. The parties instruct Closing Agent to provide written verification of receipt of the Earnest Money and notice of	17
dishonor of any check to the parties and Brokers at the addresses and/or fax numbers provided herein.	18
Upon termination of this Agreement, a party or the Closing Agent may deliver a form authorizing the release of Earnest	19

Money to the other party or the parties. The party(s) shall execute such form and deliver the same to the Closing Agent. 20

If either party fails to execute the release form, the other party may make a written demand to the Closing Agent for the	21
Earnest Money. If only one party makes such a demand, Closing Agent shall promptly deliver notice of the demand to	22
the other party. If the other party does not object to the demand within 10 days of Closing Agent’s notice, Closing Agent	23

shall disburse the Earnest Money to the party making the demand. If Closing Agent complies with the preceding 24

process, each party shall be deemed to have released Closing Agent from any and all claims or liability related to the	25
disbursal of the Earnest Money. The parties are advised that, notwithstanding the foregoing, Closing Agent may require	26
the parties to execute a separate agreement before disbursing the Earnest Money. If either party fails to authorize the	27
release of the Earnest Money to the other party when required to do so under this Agreement, that party shall be in	28

breach of this Agreement. Upon either party’s request, the party holding the Earnest Money shall commence an 29

interpleader action in the county in which the Property is located. For the purposes of this paragraph, the term Closing	30
Agent includes a Selling Firm holding the Earnest Money. The parties authorize the party commencing an interpleader	31
action to deduct up to $500.00 for the costs thereof.	32

c.Included Items. Any of the following items, including items identified in Specific Term No. 5 if the corresponding box is 33 checked, located in or on the Property are included in the sale: built-in appliances; wall-to-wall carpeting; curtains, 34 drapes and all other window treatments; window and door screens; awnings; storm doors and windows; installed 35 television antennas; ventilating, air conditioning and heating fixtures; trash compactor; fireplace doors, gas logs and gas 36 log lighters; irrigation fixtures; electric garage door openers and remotes; water heaters; installed electrical fixtures; 37

lighting fixtures; shrubs, plants and trees planted in the ground; all bathroom and other fixtures; and all associated	38
operating equipment. If any of the above Included Items are leased or encumbered, Seller shall acquire and clear title at	39
or before Closing.	40

d.Condition of Title. Unless otherwise specified in this Agreement, title to the Property shall be marketable at Closing. 41 The following shall not cause the title to be unmarketable: rights, reservations, covenants, conditions and restrictions, 42 presently of record and general to the area; easements and encroachments, not materially affecting the value of or 43 unduly interfering with Buyer’s reasonable use of the Property; and reserved oil and/or mining rights. Monetary 44 encumbrances or liens not assumed by Buyer, shall be paid or discharged by Seller on or before Closing. Title shall be 45

conveyed by a Statutory Warranty Deed. If this Agreement is for conveyance of a buyer’s interest in a Real Estate	46
Contract, the Statutory Warranty Deed shall include a buyer’s assignment of the contract sufficient to convey after	47
acquired title.	48

e.Title Insurance. Seller authorizes Buyer’s lender or Closing Agent, at Seller’s expense, to apply for the then-current 49 ALTA form of Homeowner’s Policy of Title Insurance for One-to-Four Family Residence, from the Title Insurance 50 Company. If Seller previously received a preliminary commitment from a Title Insurance Company that Buyer declines 51 to use, Buyer shall pay any cancellation fees owing to the original Title Insurance Company. Otherwise, the party 52 applying for title insurance shall pay any title cancellation fee, in the event such a fee is assessed. If the Title Insurance 53 Company selected by the parties will not issue a Homeowner’s Policy for the Property, the parties agree that the Title 54 Insurance Company shall instead issue the then-current ALTA standard form Owner’s Policy, together with 55 homeowner’s additional protection and inflation protection endorsements, if available. The Title Insurance Company 56 shall send a copy of the preliminary commitment to Seller, Listing Broker, Buyer and Selling Broker. The preliminary 57 commitment, and the title policy to be issued, shall contain no exceptions other than the General Exclusions and 58 Exceptions in the Policy and Special Exceptions consistent with the Condition of Title herein provided. If title cannot be 59

Initials: BUYER: _________________	Date: _____________	SELLER: ________________	Date: ___________
BUYER: _________________	Date: _____________	SELLER: ________________	Date: ___________

Form 21			©Copyright 2011
Residential Purchase & Sale Agreement		Northwest Multiple Listing Service
Rev. 8/11	RESIDENTIAL REAL ESTATE PURCHASE AND SALE AGREEMENT		ALL RIGHTS RESERVED
Page 3 of 5	RESIDENTIAL REAL ESTATE PURCHASE AND SALE AGREEMENT
	GENERAL TERMS
	Continued
made so insurable prior to the Closing Date, then as Buyer’s sole and exclusive remedy, the Earnest Money shall,				60
unless Buyer elects to waive such defects or encumbrances, be refunded to the Buyer, less any unpaid costs described				61
in this Agreement, and this Agreement shall thereupon be terminated. Buyer shall have no right to specific performance				62
or damages as a consequence of Seller’s inability to provide insurable title.				63

f.Closing and Possession. This sale shall be closed by the Closing Agent on the Closing Date. If the Closing Date falls 64 on a Saturday, Sunday, legal holiday as defined in RCW 1.16.050, or day when the county recording office is closed, 65 the Closing Agent shall close the transaction on the next day that is not a Saturday, Sunday, legal holiday, or day when 66 the county recording office is closed. “Closing” means the date on which all documents are recorded and the sale 67 proceeds are available to Seller. Seller shall deliver keys and garage door remotes to Buyer on the Closing Date or on 68 the Possession Date, whichever occurs first. Buyer shall be entitled to possession at 9:00 p.m. on the Possession Date. 69 Seller shall maintain the Property in its present condition, normal wear and tear excepted, until the Buyer is entitled to 70 possession. If possession transfers at a time other than Closing, the parties agree to execute NWMLS Form 65A 71

(Rental Agreement/Occupancy Prior to Closing) or NWMLS Form 65B (Rental Agreement/Seller Occupancy After	72
Closing) (or alternative rental agreements) and are advised of the need to contact their respective insurance companies	73
to assure appropriate hazard and liability insurance policies are in place, as applicable.	74

g.Section 1031 Like-Kind Exchange. If either Buyer or Seller intends for this transaction to be a part of a Section 1031 75 like-kind exchange, then the other party shall cooperate in the completion of the like-kind exchange so long as the 76 cooperating party incurs no additional liability in doing so, and so long as any expenses (including attorneys’ fees and 77 costs) incurred by the cooperating party that are related only to the exchange are paid or reimbursed to the cooperating 78

party at or prior to Closing. Notwithstanding the Assignment paragraph of this Agreement, any party completing a	79
Section 1031 like-kind exchange may assign this Agreement to its qualified intermediary or any entity set up for the	80
purposes of completing a reverse exchange.	81

h.Closing Costs and Prorations and Charges and Assessments. Seller and Buyer shall each pay one-half of the 82 escrow fee unless otherwise required by applicable FHA or VA regulations. Taxes for the current year, rent, interest, 83 and lienable homeowner’s association dues shall be prorated as of Closing. Buyer shall pay Buyer’s loan costs, 84 including credit report, appraisal charge and lender’s title insurance, unless provided otherwise in this Agreement. If any 85 payments are delinquent on encumbrances which will remain after Closing, Closing Agent is instructed to pay such 86 delinquencies at Closing from money due, or to be paid by, Seller. Buyer shall pay for remaining fuel in the fuel tank if, 87 prior to Closing, Seller obtains a written statement as to the quantity and current price from the supplier. Seller shall pay 88 all utility charges, including unbilled charges. Unless waived in Specific Term No. 14, Seller and Buyer request the 89

services of Closing Agent in disbursing funds necessary to satisfy unpaid utility charges in accordance with RCW 60.80	90
and Seller shall provide the names and addresses of all utilities providing service to the Property and having lien rights	91
(attach NWMLS Form 22K Identification of Utilities or equivalent).	92
Buyer is advised to verify the existence and amount of any local improvement district, capacity or impact charges or	93
other assessments that may be charged against the Property before or after Closing. Seller will pay such charges that	94
are encumbrances at the time of Closing, or that are or become due on or before Closing. Charges levied before	95
Closing, but becoming due after Closing shall be paid as agreed in Specific Term No. 15.	96

i.Sale Information. Listing Broker and Selling Broker are authorized to report this Agreement (including price and all 97

terms) to the Multiple Listing Service that published it and to its members, financing institutions, appraisers, and anyone	98
else related to this sale. Buyer and Seller expressly authorize all Closing Agents, appraisers, title insurance companies,	99

and others related to this Sale, to furnish the Listing Broker and/or Selling Broker, on request, any and all information 100

and copies of documents concerning this sale.

101

j.FIRPTA - Tax Withholding at Closing. The Closing Agent is instructed to prepare a certification (NWMLS Form 22E or 102

equivalent) that Seller is not a “foreign person” within the meaning of the Foreign Investment In Real Property Tax Act. 103 Seller shall sign this certification. If Seller is a foreign person, and this transaction is not otherwise exempt from FIRPTA, 104

Closing Agent is instructed to withhold and pay the required amount to the Internal Revenue Service.

105

k.Notices. In consideration of the license to use this and NWMLS's companion forms and for the benefit of the Listing 106 Broker and the Selling Broker as well as the orderly administration of the offer, counteroffer or this Agreement, the 107 parties irrevocably agree that unless otherwise specified in this Agreement, any notice required or permitted in, or 108 related to, this Agreement (including revocations of offers or counteroffers) must be in writing. Notices to Seller must be 109 signed by at least one Buyer and shall be deemed given only when the notice is received by Seller, by Listing Broker or 110 at the licensed office of Listing Broker. Notices to Buyer must be signed by at least one Seller and shall be deemed 111 given only when the notice is received by Buyer, by Selling Broker or at the licensed office of Selling Broker. Receipt by 112 Selling Broker of a Form 17, Disclosure of Information on Lead-Based Paint and Lead-Based Paint Hazards, Public 113 Offering Statement or Resale Certificate, homeowners’ association documents provided pursuant to NWMLS Form 114 22D, or a preliminary commitment for title insurance provided pursuant to NWMLS Form 22T shall be deemed receipt 115 by Buyer. Selling Broker and Listing Broker have no responsibility to advise of receipt of a notice beyond either phoning 116 the party or causing a copy of the notice to be delivered to the party's address shown on this Agreement. Buyer and 117

Initials: BUYER: _________________	Date: _____________	SELLER: ________________	Date: ___________
BUYER: _________________	Date: _____________	SELLER: ________________	Date: ___________

Form 21			©Copyright 2011
Residential Purchase & Sale Agreement		Northwest Multiple Listing Service
Rev. 8/11	RESIDENTIAL REAL ESTATE PURCHASE AND SALE AGREEMENT		ALL RIGHTS RESERVED
Page 4 of 5	RESIDENTIAL REAL ESTATE PURCHASE AND SALE AGREEMENT
		GENERAL TERMS

Continued

Seller must keep Selling Broker and Listing Broker advised of their whereabouts in order to receive prompt notification 118

of receipt of a notice.

119

l.Computation of Time. Unless otherwise specified in this Agreement, any period of time measured in days and stated 120 in this Agreement shall start on the day following the event commencing the period and shall expire at 9:00 p.m. of the 121 last calendar day of the specified period of time. Except for the Possession Date, if the last day is a Saturday, Sunday 122 or legal holiday as defined in RCW 1.16.050, the specified period of time shall expire on the next day that is not a 123 Saturday, Sunday or legal holiday. Any specified period of 5 days or less shall not include Saturdays, Sundays or legal 124 holidays. If the parties agree that an event will occur on a specific calendar date, the event shall occur on that date, 125 except for the Closing Date, which, if it falls on a Saturday, Sunday, legal holiday as defined in RCW 1.16.050, or day 126 when the county recording office is closed, shall occur on the next day that is not a Saturday, Sunday, legal holiday, or 127 day when the county recording office is closed. If the parties agree upon and attach a legal description after this 128 Agreement is signed by the offeree and delivered to the offeror, then for the purposes of computing time, mutual 129

acceptance shall be deemed to be on the date of delivery of an accepted offer or counteroffer to the offeror, rather than 130

on the date the legal description is attached. Time is of the essence of this Agreement.

131

m.Facsimile and E-mail Transmission. Facsimile transmission of any signed original document, and retransmission of 132 any signed facsimile transmission, shall be the same as delivery of an original. At the request of either party, or the 133

Closing Agent, the parties will confirm facsimile transmitted signatures by signing an original document. E-mail 134 transmission of any document or notice shall not be effective unless the parties to this Agreement otherwise agree in 135

writing.

136

n.Integration and Electronic Signatures. This Agreement constitutes the entire understanding between the parties and 137 supersedes all prior or contemporaneous understandings and representations. No modification of this Agreement shall 138

be effective unless agreed in writing and signed by Buyer and Seller. The parties acknowledge that a signature in 139

electronic form has the same legal effect and validity as a handwritten signature.

140

o.Assignment. Buyer may not assign this Agreement, or Buyer’s rights hereunder, without Seller’s prior written consent, 141 unless the parties indicate that assignment is permitted by the addition of “and/or assigns” on the line identifying the 142

Buyer on the first page of this Agreement.

143

p.Default. In the event Buyer fails, without legal excuse, to complete the purchase of the Property, then the following 144

provision, as identified in Specific Term No. 8, shall apply:

145

i.Forfeiture of Earnest Money. That portion of the Earnest Money that does not exceed five percent (5%) of the 146 Purchase Price shall be forfeited to the Seller as the sole and exclusive remedy available to Seller for such failure. 147

ii.Seller’s Election of Remedies. Seller may, at Seller’s option, (a) keep the Earnest Money as liquidated damages 148 as the sole and exclusive remedy available to Seller for such failure, (b) bring suit against Buyer for Seller’s actual 149

damages, (c) bring suit to specifically enforce this Agreement and recover any incidental damages, or (d) pursue 150

any other rights or remedies available at law or equity.

151

q.Professional Advice and Attorneys’ Fees. Buyer and Seller are advised to seek the counsel of an attorney and a 152 certified public accountant to review the terms of this Agreement. Buyer and Seller agree to pay their own fees incurred 153

for such review. However, if Buyer or Seller institutes suit against the other concerning this Agreement the prevailing 154

party is entitled to reasonable attorneys’ fees and expenses.

155

r.Offer. Buyer shall purchase the Property under the terms and conditions of this Agreement. Seller shall have until 9:00 156 p.m. on the Offer Expiration Date to accept this offer, unless sooner withdrawn. Acceptance shall not be effective until a 157

signed copy is received by Buyer, by Selling Broker or at the licensed office of Selling Broker. If this offer is not so 158

accepted, it shall lapse and any Earnest Money shall be refunded to Buyer.

159

s.Counteroffer. Any change in the terms presented in an offer or counteroffer, other than the insertion of the Seller’s 160 name, shall be considered a counteroffer. If a party makes a counteroffer, then the other party shall have until 9:00 p.m. 161 on the counteroffer expiration date to accept that counteroffer, unless sooner withdrawn. Acceptance shall not be 162

effective until a signed copy is received by Seller, by Listing Broker or at the licensed office of Listing Broker. If the 163

counteroffer is not so accepted, it shall lapse and any Earnest Money shall be refunded to Buyer.

164

t.Offer and Counteroffer Expiration Date. If no expiration date is specified for an offer/counteroffer, the 165

offer/counteroffer shall expire 2 days after the offer/counteroffer is delivered by the party making the offer/counteroffer, 166

unless sooner withdrawn.

167

u.Agency Disclosure. Selling Firm, Selling Firm’s Designated Broker, Selling Broker’s Branch Manager (if any) and 168 Selling Broker’s Managing Broker (if any) represent the same party that Selling Broker represents. Listing Firm, Listing 169 Firm’s Designated Broker, Listing Broker’s Branch Manager (if any), and Listing Broker’s Managing Broker (if any) 170 represent the same party that the Listing Broker represents. If Selling Broker and Listing Broker are different persons 171 affiliated with the same Firm, then both Buyer and Seller confirm their consent to Designated Broker, Branch Manager 172

Initials: BUYER: _________________	Date: _____________	SELLER: ________________	Date: ___________
BUYER: _________________	Date: _____________	SELLER: ________________	Date: ___________

Form 21			©Copyright 2011
Residential Purchase & Sale Agreement		Northwest Multiple Listing Service
Rev. 8/11	RESIDENTIAL REAL ESTATE PURCHASE AND SALE AGREEMENT		ALL RIGHTS RESERVED
Page 5 of 5	RESIDENTIAL REAL ESTATE PURCHASE AND SALE AGREEMENT
		GENERAL TERMS

Continued

(if any), and Managing Broker (if any) representing both parties as dual agents. If Selling Broker and Listing Broker are 173 the same person representing both parties then both Buyer and Seller confirm their consent to that person and his/her 174 Designated Broker, Branch Manager (if any), and Managing Broker (if any) representing both parties as dual agents. All 175

parties acknowledge receipt of the pamphlet entitled “The Law of Real Estate Agency.”

176

v.Commission. Seller and Buyer agree to pay a commission in accordance with any listing or commission agreement to 177 which they are a party. The Listing Firm’s commission shall be apportioned between Listing Firm and Selling Firm as 178 specified in the listing. Seller and Buyer hereby consent to Listing Firm or Selling Firm receiving compensation from 179 more than one party. Seller and Buyer hereby assign to Listing Firm and Selling Firm, as applicable, a portion of their 180 funds in escrow equal to such commission(s) and irrevocably instruct the Closing Agent to disburse the commission(s) 181 directly to the Firm(s). In any action by Listing or Selling Firm to enforce this paragraph, the prevailing party is entitled to 182

court costs and reasonable attorneys’ fees. Seller and Buyer agree that the Firms are intended third party beneficiaries 183

under this Agreement.

184

w.Cancellation Rights/Lead-Based Paint. If a residential dwelling was built on the Property prior to 1978, and Buyer 185

receives a Disclosure of Information on Lead-Based Paint and Lead-Based Paint Hazards (NWMLS Form 22J) after 186

mutual acceptance, Buyer may rescind this Agreement at any time up to 3 days thereafter.

187

x.Information Verification Period and Property Condition Disclaimer. Buyer shall have 10 days after mutual 188 acceptance to verify all information provided from Seller or Listing Firm related to the Property. This contingency shall 189 be deemed satisfied unless Buyer gives notice identifying the materially inaccurate information within 10 days of mutual 190 acceptance. If Buyer gives timely notice under this section, then this Agreement shall terminate and the Earnest Money 191 shall be refunded to Buyer. Buyer and Seller agree, that except as provided in this Agreement, all representations and 192 information regarding the Property and the transaction are solely from the Seller or Buyer, and not from any Broker. The 193 parties acknowledge that the Brokers are not responsible for assuring that the parties perform their obligations under 194 this Agreement and that none of the Brokers has agreed to independently investigate or confirm any matter related to 195 this transaction except as stated in this Agreement, or in a separate writing signed by such Broker. In addition, Brokers 196 do not guarantee the value, quality or condition of the Property and some properties may contain building materials, 197 including siding, roofing, ceiling, insulation, electrical, and plumbing, that have been the subject of lawsuits and/or 198 governmental inquiry because of possible defects or health hazards. Some properties may have other defects arising 199 after construction, such as drainage, leakage, pest, rot and mold problems. Brokers do not have the expertise to identify 200 or assess defective products, materials, or conditions. Buyer is urged to use due diligence to inspect the Property to 201 Buyer’s satisfaction and to retain inspectors qualified to identify the presence of defective materials and evaluate the 202 condition of the Property as there may be defects that may only be revealed by careful inspection. Buyer and Seller 203 acknowledge that home protection plans may be available which may provide additional protection and benefit to Buyer 204 and Seller. Brokers may assist the parties with locating and selecting third party service providers, such as inspectors or 205

contractors, but Brokers cannot guarantee or be responsible for the services provided by those third parties. The parties 206

agree to exercise their own judgment and due diligence regarding third-party service providers.

207

Initials: BUYER: _________________	Date: _____________	SELLER: ________________	Date: ___________
BUYER: _________________	Date: _____________	SELLER: ________________	Date: ___________

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Documents used along the form

The NWMLS 21 form is a critical document in the residential real estate transaction process. Several other forms and documents often accompany it to ensure a smooth transaction and compliance with legal requirements. Below is a list of these commonly used forms.

NWMLS Form 22K: This form is used to request the closing agent's services for the payment of utilities. It specifies whether the buyer or seller will be responsible for utility charges after closing.
Texas Homeschool Letter of Intent: This formal document is crucial for parents notifying their local school district of their decision to homeschool. For more information, refer to the Homeschool Letter of Intent, which guides you through the submission process and ensures compliance with Texas law.
NWMLS Form 22E: This certification confirms whether the seller is a foreign person under the Foreign Investment in Real Property Tax Act (FIRPTA). It ensures compliance with tax withholding requirements at closing.
NWMLS Form 22D: This form provides disclosure of homeowners' association documents, which may include rules, regulations, and financial information relevant to the property.
NWMLS Form 65A: This rental agreement is used when the buyer occupies the property before closing. It outlines the terms of occupancy and responsibilities of both parties.
NWMLS Form 65B: Similar to Form 65A, this document is used when the seller occupies the property after closing. It establishes the terms of the seller's continued occupancy.
NWMLS Form 17: This disclosure form provides information about lead-based paint hazards in properties built before 1978, ensuring buyers are aware of potential risks.
NWMLS Form 22T: This form is a preliminary commitment for title insurance, outlining the conditions under which the title insurance will be issued.
IRS Form W-9: This form is used to provide taxpayer identification information, particularly when the earnest money is over $10,000 and must be deposited into an interest-bearing account.
Closing Statement: This document details all financial transactions involved in the closing process, including costs, fees, and the distribution of funds.
Statutory Warranty Deed: This legal document conveys ownership of the property from the seller to the buyer, ensuring that the title is clear and marketable.

These forms and documents are essential to facilitate various aspects of the real estate transaction process. Each serves a unique purpose, helping to protect the interests of all parties involved and ensuring compliance with legal requirements.

Similar forms

The NWMLS Form 21, known as the Residential Purchase and Sale Agreement, shares similarities with the Residential Lease Agreement. Both documents outline the terms of an agreement between parties regarding a property. The Residential Lease Agreement specifies the rental terms, including duration, rent amount, and responsibilities for maintenance, mirroring the structure of the NWMLS Form 21, which details purchase price, earnest money, and included items. Both forms require signatures from the involved parties and establish the legal framework for the transaction, ensuring clarity in expectations and obligations.

Another document akin to the NWMLS Form 21 is the Purchase Agreement for a Commercial Property. This agreement serves a similar purpose in detailing the terms of sale for commercial real estate. Like the NWMLS Form 21, it includes specifics such as the purchase price, earnest money, and conditions of sale. However, the Commercial Purchase Agreement may also address aspects unique to commercial transactions, such as zoning laws and tenant leases, which are less relevant in residential agreements. Both documents aim to protect the interests of buyers and sellers while facilitating a smooth transaction.

The Buyer’s Agency Agreement is also comparable to the NWMLS Form 21. This document establishes a formal relationship between a buyer and a real estate agent, defining the agent’s duties and the buyer’s obligations. Similar to the NWMLS Form 21, it includes provisions for compensation and termination of the agreement. Both forms emphasize the importance of clear communication and agreement on roles, ensuring that all parties understand their rights and responsibilities throughout the transaction process.

Furthermore, the Listing Agreement shares similarities with the NWMLS Form 21. This document is used by sellers to formally engage a real estate agent to market their property. It outlines the terms of the listing, including the commission structure and duration of the agreement. Both agreements aim to protect the interests of the parties involved and establish clear expectations. They also require signatures to validate the commitments made by each party, ensuring legal enforceability.

For those considering the implications of a legal agreement, exploring the significance of a Durable Power of Attorney form is crucial. This essential document can ensure that your financial and legal decisions are managed effectively. To learn more about its specifics, visit the importance of the Durable Power of Attorney for ensuring your wishes are honored when you are unable to do so yourself.

Lastly, the Earnest Money Receipt is another document that aligns with the NWMLS Form 21. This receipt acknowledges the buyer's deposit of earnest money, which demonstrates their commitment to the purchase. Similar to the provisions in the NWMLS Form 21, it outlines the amount of the deposit and the conditions under which it may be forfeited. Both documents serve to formalize the financial aspect of the transaction, providing a clear record of the buyer's intent and the seller's acceptance.

Dos and Don'ts

When filling out the NWMLS 21 form, there are several important guidelines to follow. Below is a list of things you should and shouldn't do.

Do ensure all names are spelled correctly, including those of the buyer and seller.
Do provide accurate and complete information regarding the property, including the legal description.
Do specify the earnest money amount clearly and indicate who will hold it.
Do check the boxes for included items to avoid any misunderstandings about what is part of the sale.
Don't leave any sections blank; incomplete forms can lead to delays or complications.
Don't forget to sign and date the form; without signatures, the agreement is not valid.
Don't ignore the expiration date of the offer; ensure it is clearly stated and adhered to.

Key takeaways

Accurate Information: Ensure all sections are filled out completely and accurately, including the date, buyer and seller names, and property details.
Included Items: Clearly indicate any items included in the sale, such as appliances and fixtures, by checking the appropriate boxes.
Earnest Money: Specify the amount of earnest money and how it will be held, either by the selling firm or closing agent.
Default Options: Choose one option regarding default: forfeiture of earnest money or seller’s election of remedies.
Closing Agent: Designate a qualified closing agent of the buyer's choice or specify an alternate.
Closing and Possession Dates: Clearly state the expected closing date and possession date, ensuring both parties agree.
Agency Disclosure: Indicate who the selling broker represents, whether it be the buyer, seller, both parties, or neither party.
Legal Description: Attach a legal description of the property as Exhibit A to avoid ambiguity.
Review and Sign: Both parties should carefully review the agreement and sign it, ensuring all signatures are dated appropriately.

How to Use Nwmls 21

Completing the NWMLS Form 21 is a crucial step in the residential real estate transaction process. This form outlines the specific terms and conditions of the purchase and sale agreement between the buyer and seller. To ensure a smooth transaction, it is essential to fill out the form accurately and completely. Below are the steps to guide you through the process.

Date: Write the date of the agreement in the space provided.
MLS Number: Enter the MLS number associated with the property.
Buyer: Fill in the full name of the buyer(s).
Seller: Enter the full name of the seller(s).
Property Information: Provide the tax parcel number(s) and the county where the property is located. Include the street address and legal description, which should be attached as Exhibit A.
Included Items: Check all applicable boxes for items included in the sale, or specify any other items not listed.
Purchase Price: Clearly state the total purchase price of the property.
Earnest Money: Indicate the amount of earnest money and specify who will hold it (Selling Firm or Closing Agent). Include details for personal check, note, or other payment methods.
Default: Check one option for how default will be handled (Forfeiture of Earnest Money or Seller’s Election of Remedies).
Title Insurance Company: Write the name of the title insurance company that will provide coverage.
Closing Agent: Indicate if a qualified closing agent of the buyer’s choice will be used, or provide the name of the closing agent.
Closing Date: Specify the date when the closing will occur.
Possession Date: Indicate when possession of the property will be granted to the buyer (on closing or another specified date).
Offer Expiration Date: Fill in the date by which the offer must be accepted.
Services of Closing Agent: Check whether services for payment of utilities are requested or waived.
Charges and Assessments: Indicate who will be responsible for any charges or assessments due after closing.
Agency Disclosure: Specify the representation of both the selling and listing brokers.
Addenda: List any additional documents or addenda related to the agreement.
Signatures: Ensure all parties (buyers and sellers) sign and date the form in the designated areas. Include addresses, phone numbers, and email addresses for all parties involved.