How to Arrange Legal Sale of Land in Spokane County

How to Arrange Legal Sale of Land in Spokane County

How does the legal sales of land in Spokane County (WA) work? In legal terms the sale of land is called a conveyance. During the execution of such a sale, both parties (seller and buyer) have certain rights during various points of the transaction. The two main points of a sale transaction are the initial contract of sale, and the closing.

Contract for Sale

The contract is more commonly referred to as the "purchase and sale agreement", and is a source of rights for both parties involved in the sale.

The document itself needs only 2 things in order to be considered a valid legal contract. The first is the signatures of both parties, and the second is a unique description of the property being sold. Even a contract without a price may be enforceable in court.

An oral contract may also be enforceable if certain conditions apply. If there has been partial performance, meaning that the buyer has already taken possession of the land, or paid some portion of the selling price. Estoppel is the other condition. This means that the buyer has taken steps relying on the completion of the transaction. For example, the seller has given an oral agreement to sell land to the buyer, and then the buyer puts a building on the land. In that case, the seller will be obligated to complete the deal.

In order for the contract to be valid, the seller must have marketable title, which means that they are in fact the rightful owner of the property being sold. The buyer has the right to back out of the deal if there is "reasonable doubt" about the title holder. Additionally, the seller must disclose any defects with the property. If there are unseen defects, the buyer has the right to sue the seller for the costs of repair.

Closing

Closing takes place when the executed deed is delivered to the buyer. Once you have reached the closing stage, the rights involved in the initial contract are no longer available to either party. Now it's the deed itself that is the central document.

An executed deed includes the words of conveyance ("I grant...."), a unique description of the land being sold, and the signature of the seller. The delivery of the deed does not necessarily mean the physical handing over of a piece of paper. Delivery is said to be complete when the buyer intends to be "immediately bound" by the deed. Even just a verbal statement of intent along with the executed deed is sufficient.

As you'll see, the legal sale of land in Spokane is pretty straightforward and with the right legal help the process should go rather smoothly.

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