How the NWMLS purchase and sale agreement works — what's in it, how mutual acceptance is reached, your contingency windows after signing, and what to expect between accepted offer and closing.
Written by Isaac Ortiz · Real Estate Broker · Compass | NWMLS #146754
When a seller accepts your offer, you don't just shake hands — you sign a legally binding contract. In Washington, most residential transactions use NWMLS Form 21, the Residential Real Estate Purchase and Sale Agreement. It's the primary document that governs the transaction from accepted offer through closing. The PSA specifies the purchase price, earnest money amount and delivery deadline, closing date, what's included in the sale (appliances, fixtures, personal property negotiated as inclusions), and the contingencies both parties have agreed to. Until both the buyer and the seller have signed and a written notice of mutual acceptance has been delivered to both sides, there is no binding contract — either party can walk away. Once mutual acceptance is confirmed, the transaction clock starts and all contingency windows begin running.
The PSA covers more than just price. The purchase price section states your offer amount and any escalation clause terms. The earnest money section specifies the deposit amount, how it's delivered (typically a check or wire to the escrow company within 2–3 days of mutual acceptance), and the conditions under which it can be returned or is forfeited. The closing date section sets the target close — usually 30–45 days from mutual acceptance in standard financed transactions. The inclusions and exclusions section lists what stays with the home: built-in appliances, light fixtures, window coverings, and any personal property the seller has agreed to include (like a riding mower or TV mount). The contingency section identifies which protective clauses the buyer has retained — inspection, financing, appraisal, and title review are the most common. Each contingency has a deadline and a process for either removing the contingency or terminating the contract if the buyer isn't satisfied.
Mutual acceptance in Washington occurs when both parties have signed the PSA and written notice of that acceptance has been delivered to both sides. It's not enough for the seller to sign — the buyer's agent must receive written confirmation. In practice, mutual acceptance is usually confirmed by email or electronic notification through the transaction platform (Dotloop, DocuSign, etc.). The date and time of mutual acceptance matters because it starts all contingency countdown windows. If your inspection contingency is 10 days, those 10 days run from mutual acceptance — not from when you first toured the home or when your offer was submitted. Your buyer's agent should confirm mutual acceptance in writing immediately and note the exact date, because even a one-day dispute about when the clock started can matter at the end of a contingency window.
Most contingency windows in a Washington PSA run from mutual acceptance. The default inspection contingency in NWMLS Form 35 is 10 calendar days — within that window, you must complete your inspection, negotiate any repair requests or credits using the inspection response form (NWMLS 35R), and either remove the contingency or terminate. The financing contingency typically runs 21 calendar days — your lender must issue a loan commitment letter within that window or you have the right to terminate and recover earnest money. The appraisal contingency, if retained, usually runs 17 calendar days — if the property appraises below purchase price, you can negotiate an appraisal gap, ask the seller to reduce price, or terminate. Title review is typically 5 calendar days — your title company delivers a preliminary commitment and you have 5 days to object to any title issues. These windows can be shortened (common in competitive markets) or lengthened by mutual agreement.
Once you have mutual acceptance, there are four to six weeks of activity before you close. In week one, you'll deposit earnest money with the escrow company, schedule your home inspection, and your lender will order an appraisal. In weeks two and three, you'll receive your inspection report, negotiate any response with the seller (repairs, credits, or as-is acceptance), and your appraisal will be completed. By week three or four, your lender should issue a loan commitment, your title company will have delivered preliminary title and handled any liens or clouds on title, and your escrow officer will begin preparing closing documents. In the final days before closing, you'll receive your closing disclosure (CD) from your lender — federal law requires it be delivered at least three business days before closing so you can review final numbers. On closing day, you'll sign documents with the escrow officer, wire or bring a cashier's check for closing funds, and once the deed records with the county, your agent will hand over the keys.
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