Island County Real Estate Contract Form (Washington)

The following Washington and Island County supplemental forms are included as a courtesy with your order:

When using these Real Estate Contract forms, the subject real estate must be physically located in Island County. The executed documents should then be recorded in the following office:

Local jurisdictions located in Island County include:

• Camano Island
• Clinton
• Coupeville
• Freeland
• Greenbank
• Langley
• Oak Harbor

This Real Estate Contract, often referred to as a Land Contract or Contract for Deed allows for the sale of real property with seller financing. Financing can be with traditional installment payments or with a balloon payment. Use on residential, rental property, vacant land and condominiums. Listed below are paragraph subjects that are addressed in the document. A contract with stringent default terms can be beneficial. For use in the State of Washington only.

REAL ESTATE CONTRACT
1. THE SELLER AGREES TO SELL, subject property
2. PURCHASE PRICE IS $
3. THE PRINCIPAL AND INTEREST
4. MATURITY DATE
5. LATE CHARGE FEES:
6. IN ADDITION TO ANY OTHER REMEDIES. available to Lender if this Note is not paid in full at the Maturity Date, Borrowers shall pay to Lender an Overdue Loan Fee, which fee shall be due at the time this Note is otherwise paid in full. The "Overdue Loan Fee" shall be determined based upon the outstanding principal balance of this Note as of the Maturity Date and shall be:
(a) one percent (1.0%) of such principal balance if the Note is paid in full on or after thirty (30) days after the Maturity Date but less than sixty (60) days after the Maturity Date, or
(b) two percent (2.0%) of such principal balance if the Note is paid in full on or after sixty (60) days after the Maturity Date.
7. RIGHT TO PREPAY
8. TITLE AND TITLE INSURANCE. Seller shall provide Buyer with a standard form owner’s
9. PURCHASER’S CONTINGENCIES
10. DEED Of CONVEYANCE
11. NO ADVERSE EFFECT ON PRIOR ENCUMBRANCES
12. TAXES, ASSESSMENTS AND UTILITY LIENS. Buyer agrees to pay by the date due all
13. INSURANCE.
14. NON-PAYMENT OF TAXES, INSURANCE AND UTILITIES CONSTITUTING LIENS.
15. WASTE. Buyer shall keep the property in good repair and shall not commit or suffer waste or
16. CONDEMNATION. Seller and Buyer may each appear as owners of an interest in the property in any action concerning condemnation of any part of the property.
17. DEFAULT. If Buyer fails to observe or perform any term, covenant or condition
of this contract, Seller may:
a. Suit of installments. Sue for any delinquent periodic payment; or
b. Specific performance. Sue for specific performance of any Buyer's obligations pursuant to this Contract; or
c. Forfeit buyer's interest. Forfeit this Contract pursuant to Ch.61.30, RCW, as it
presently enacted and may hereafter be amended. The effect of such forfeiture includes:
(i) all right, title and interest in the property of the Buyer and all persons claiming through the Buyer shall be terminated; (ii) the Buyer's rights under the Contract shall be canceled; (iii) all sums previously paid under the Contract shall belong to and be retained by the Seller or other person to whom paid and entitled thereto; (iv) all improvements made to the property shall belong to the Seller; and (v) Buyer shall be required to surrender possession of the property, improvements, Seller10 days after the forfeiture.
d. Acceleration of balance due. Give Buyer written notice demanding payment of said delinquencies and payment of a late charge of 5% of the amount of such delinquent payments and payment of Seller's reasonable attorneys’ fees and costs incurred for services in preparing and sending such Notice and stating that if payment pursuant to said Notice is not received within 30 days after the date said Notice is either deposited in the mail addressed to Buyer or personally delivered to the Buyer, the entire balance owing, including interest, will become immediately due and payable. Seller may thereupon institute suit for payment of such balance, interest, late charge and reasonable attorneys' fees and costs.
e. Judicial foreclosure. Sue to foreclose this contract as a mortgage, in which
event Buyer may be liable for a deficiency
18. RECEIVER
19. BUYER'S REMEDY FOR SELLER'S DEFAULT.
20. RIDERS TO THIS SECURITY INSTRUMENT. If one or more riders are executed by Buyer and recorded together with this Security Instrument, the covenants and agreements of each such rider shall be incorporated and shall amend and supplement the covenants and agreements of this Security Instrument as if the Rider(s) were part of this Security Instrument.[check box as applicable]:
Condominium Rider Mortgage Ins. Rider
Escrow Rider Planned Unit Development Rider
1-4 Family Rider Other(s) [specify]:
21. NON-WAIVER. Failure of either party to insist upon strict performance of the other party's obligations hereunder shall not be construed as a waiver of strict performance thereafter of all of the other party's obligations hereunder and shall not prejudice any remedies as provided herein.
22. ATTORNEYS' FEES AND COSTS.
23. NOTICES. Notices shall be either personally served or shall be sent certified mail, return receipt requested and by regular first-class mail to
24. TIME FOR PERFORMANCE. Time is of the essence in performance of any Obligations pursuant to this Contract.
25. SUCCESSORS AND ASSIGNS
26. ALTERATIONS. Buyer shall not make any substantial alteration to the improvements on the property without the prior written consent of Seller, which consent will not be unreasonably withheld.
27. DUE ON SALE. If Buyer, without written consent of Seller, (a) conveys, (b) sells, (c) leases,
28. SPECIAL PROVISIONS:
29. GOVERNING LAW AND VENUE. This Agreement shall be governed by and
construed according to the laws of the State of Washington
30. ENTIRE AGREEMENT.

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