[Board1] FW: August 15th - NWMLS Forms Revisions

[George Peters]

Please see the email below and the NWMLS forms revisions attached.

 

[NOTE: You may get more than one copy of this email due to overlapping
distributions lists.]

 

George

 

George Peters, WTP

Executive Director

Washington Land Title Association

https://washingtonlandtitle.com 

Mail: PO Box 328, Lynnwood, WA 98046

Delivery: 6817 208th St SW, #328, Lynnwood, WA 98036

206-437-5869 (Mobile)

206-260-4731 (Fax)

 <mailto:execdirector at wltaonline.org> execdirector at washingtonlandtitle.com

 



This is a confidential communication intended solely for the named
recipient. If you are not the intended recipient, please destroy it and call
George Peters at 206-437-5869 immediately. Thank you.

 

From: Jeannie Simpson <jsimpson at nwmls.com> 
Sent: Wednesday, July 17, 2024 12:46 PM
Subject: August 15th - NWMLS Forms Revisions

 

The below announcement is intended for members of the Escrow Association of
Washington and the Washington Land Title Association.  Please share this
information with your members.

 

Let me know if you have any questions.

 

Thank you.

 

Jeannie Simpson

General Counsel

 

 

 <http://www.nwmls.com/> NORTHWEST MULTIPLE LISTING SERVICE

Powering the Region's Real Estate Industry

 

 

 

Northwest Multiple Listing Service Forms Revisions

 

Several NWMLS forms will be revised effective Thursday, August 15, 2024.

 

The changes relate to seller payment of buyer brokerage firm compensation.
Revisions in the transaction forms that escrow may receive are outlined
below.  Samples of revised Form 21 and 41C are attached for reference.

 

Overview of Revisions

 

1.	NWMLS purchase and sale agreements (Forms 20, 21, 23, 25 and 28) 

*	The purchase and sale agreements will be revised to simplify
disclosure and negotiation of any seller payment toward buyer brokerage firm
compensation.
*	On page one, the specific term titled "Buyer Brokerage Compensation"
will be revised to display both the "Seller's Offer" (if any) and the
"Amount to be Paid by Seller".  Both fields must be completed. 
*	The "Seller's Offer" field is a disclosure required by RCW
18.86.030(1)(g)(ii) to ensure that the buyer is aware if the seller has
offered compensation and the amount of any such offer.  
*	The "Amount to be Paid by Seller" field indicates the amount that
the seller will pay to the buyer brokerage firm, and this field must be
completed regardless whether such amount matches the Seller's Offer or is a
different amount. 
*	Because the amount to be paid by the seller now will be negotiated
on the first page of the purchase and sale agreement, the check boxes for
"Pay as Offered" and "Other- See Addendum" will be deleted.  If Seller's
Offer is greater than the amount to be paid by the seller, buyer may request
that the difference be applied as a credit to the buyer by selecting a new
checkbox "Addendum for Buyer Credit" and attaching the revised Form 41C
(discussed below).

 

2.	Addendum for Buyer Credit (Form 41C)

*	The simplified and renamed Addendum for Buyer Credit (Form 41C) will
be used solely to address a credit to the buyer.  
*	Because the amount of buyer brokerage firm compensation to be paid
by seller will be in the purchase and sale agreement, Form 41C will no
longer be used for the buyer to negotiate buyer brokerage firm compensation
adjustments.
*	Instead, the buyer may use Form 41C to request a credit to buyer if
the Seller's Offer is greater than the buyer brokerage compensation. The
form will remove all buyer brokerage firm compensation adjustments, and a
new "credit to buyer" provision will request a credit to the buyer, subject
to lender's approval, with a checkbox on how to apply any disallowed
amounts.

 

 

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