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</o:shapelayout></xml><![endif]--></head><body lang=EN-US link="#0563C1" vlink="#954F72" style='word-wrap:break-word'><div class=WordSection1><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif'>Please see the email below and the NWMLS forms revisions attached.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif'>[<b><i>NOTE: </i></b><i>You may get more than one copy of this email due to overlapping distributions lists.</i>]<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif'><o:p> </o:p></span></p><div><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif;mso-ligatures:standardcontextual'>George<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif;mso-ligatures:standardcontextual'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif;color:#1F497D;mso-ligatures:standardcontextual'>George Peters, WTP<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif;color:#1F497D;mso-ligatures:standardcontextual'>Executive Director<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif;color:#1F497D;mso-ligatures:standardcontextual'>Washington Land Title Association<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif;mso-ligatures:standardcontextual'><a href="https://washingtonlandtitle.com">https://washingtonlandtitle.com</a> <span style='color:#1F497D'><o:p></o:p></span></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif;color:#1F497D;mso-ligatures:standardcontextual'>Mail: PO Box 328, Lynnwood, WA 98046<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif;color:#1F497D;mso-ligatures:standardcontextual'>Delivery: 6817 208<sup>th</sup> St SW, #328, Lynnwood, WA 98036<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif;color:#1F497D;mso-ligatures:standardcontextual'>206-437-5869 (Mobile)<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif;color:#1F497D;mso-ligatures:standardcontextual'>206-260-4731 (Fax)<o:p></o:p></span></p><p class=MsoNormal><span style='mso-ligatures:standardcontextual'><a href="mailto:execdirector@wltaonline.org"><span style='font-size:12.0pt;font-family:"Times New Roman",serif;color:blue'>execdirector@washingtonlandtitle.com</span></a></span><span style='mso-ligatures:standardcontextual'><o:p></o:p></span></p><p class=MsoNormal><span style='mso-ligatures:standardcontextual'><o:p> </o:p></span></p><p class=MsoNormal><img border=0 width=169 height=97 style='width:1.7583in;height:1.0083in' id="Picture_x0020_1" src="cid:image001.jpg@01DAD8F8.98A462D0" alt="WLTA Logo w-Ring Blue 1a"><img border=0 width=95 height=95 style='width:.9916in;height:.9916in' id="Picture_x0020_2" src="cid:image002.jpg@01DAD8F8.98A462D0"><span style='font-size:12.0pt;font-family:"Times New Roman",serif;mso-ligatures:standardcontextual'><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif;mso-ligatures:standardcontextual'>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.<o:p></o:p></span></p></div><p class=MsoNormal><span style='font-size:12.0pt;font-family:"Times New Roman",serif'><o:p> </o:p></span></p><div><div style='border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in'><p class=MsoNormal><b>From:</b> Jeannie Simpson <jsimpson@nwmls.com> <br><b>Sent:</b> Wednesday, July 17, 2024 12:46 PM<br><b>Subject:</b> August 15th - NWMLS Forms Revisions<o:p></o:p></p></div></div><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>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.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Let me know if you have any questions.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Thank you.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><b><span style='font-size:12.0pt;font-family:"Tahoma",sans-serif;color:#698C4E'>Jeannie Simpson<o:p></o:p></span></b></p><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Tahoma",sans-serif'>General Counsel<span style='color:#545E5D'><o:p></o:p></span></span></p><p class=MsoNormal><span style='font-size:4.0pt;font-family:"Tahoma",sans-serif;color:#545E5D'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Tahoma",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><span style='color:#002060'><a href="http://www.nwmls.com/"><b><span style='font-family:"Tahoma",sans-serif;color:#678848;text-decoration:none'>NORTHWEST MULTIPLE LISTING SERVICE</span></b></a></span><b><span style='font-family:"Tahoma",sans-serif;color:#678848'><o:p></o:p></span></b></p><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Tahoma",sans-serif;color:#545E5D'>Powering the Region’s Real Estate Industry<o:p></o:p></span></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><span style='font-family:"Arial",sans-serif;color:#44546A'><o:p> </o:p></span></p><p class=MsoNormal><b><span style='font-family:"Arial",sans-serif;color:#44546A'>Northwest Multiple Listing Service Forms Revisions<o:p></o:p></span></b></p><p class=MsoNormal><span style='font-family:"Arial",sans-serif;color:#44546A'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-family:"Arial",sans-serif;color:#44546A'>Several NWMLS forms will be revised effective Thursday, August 15, 2024.<o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Arial",sans-serif;color:#44546A'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-family:"Arial",sans-serif;color:#44546A'>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.<o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Arial",sans-serif;color:#44546A'><o:p> </o:p></span></p><p class=MsoNormal><b><span style='font-family:"Arial",sans-serif;color:#44546A'>Overview of Revisions<o:p></o:p></span></b></p><p class=MsoNormal><b><span style='font-family:"Arial",sans-serif;color:#44546A'><o:p> </o:p></span></b></p><ol style='margin-top:0in' start=1 type=1><li class=MsoListParagraph style='color:#44546A;margin-left:0in;mso-list:l4 level1 lfo3'><u><span style='font-family:"Arial",sans-serif'>NWMLS purchase and sale agreements (Forms 20, 21, 23, 25 and 28) <o:p></o:p></span></u></li></ol><ul style='margin-top:0in' type=disc><li class=MsoListParagraph style='color:#44546A;margin-left:0in;mso-list:l0 level1 lfo6'><span style='font-family:"Arial",sans-serif'>The purchase and sale agreements will be revised to simplify disclosure and negotiation of any seller payment toward buyer brokerage firm compensation.<o:p></o:p></span></li><li class=MsoListParagraph style='color:#44546A;margin-left:0in;mso-list:l0 level1 lfo6'><span style='font-family:"Arial",sans-serif'>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. <o:p></o:p></span></li><li class=MsoListParagraph style='color:#44546A;margin-left:0in;mso-list:l0 level1 lfo6'><span style='font-family:"Arial",sans-serif'>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. <o:p></o:p></span></li><li class=MsoListParagraph style='color:#44546A;margin-left:0in;mso-list:l0 level1 lfo6'><span style='font-family:"Arial",sans-serif'>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. <o:p></o:p></span></li><li class=MsoListParagraph style='color:#44546A;margin-left:0in;mso-list:l0 level1 lfo6'><span style='font-family:"Arial",sans-serif'>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).<o:p></o:p></span></li></ul><p class=MsoListParagraph><b><span style='font-family:"Arial",sans-serif;color:#44546A'><o:p> </o:p></span></b></p><ol style='margin-top:0in' start=2 type=1><li class=MsoListParagraph style='color:#44546A;margin-left:0in;mso-list:l4 level1 lfo3'><u><span style='font-family:"Arial",sans-serif'>Addendum for Buyer Credit (Form 41C)<b><o:p></o:p></b></span></u></li></ol><ul style='margin-top:0in' type=disc><li class=MsoListParagraph style='color:#44546A;margin-left:0in;mso-list:l2 level1 lfo10'><span style='font-family:"Arial",sans-serif'>The simplified and renamed Addendum for Buyer Credit (Form 41C) will be used solely to address a credit to the buyer. <o:p></o:p></span></li><li class=MsoListParagraph style='color:#44546A;margin-left:0in;mso-list:l2 level1 lfo10'><span style='font-family:"Arial",sans-serif'>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.<o:p></o:p></span></li><li class=MsoListParagraph style='color:#44546A;margin-left:0in;mso-list:l2 level1 lfo10'><span style='font-family:"Arial",sans-serif'>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.<o:p></o:p></span></li></ul><p class=MsoNormal><span style='font-family:"Arial",sans-serif;color:#44546A'><o:p> </o:p></span></p><p class=MsoNormal><o:p> </o:p></p></div></body></html>