[Legislativecommittee1] HB1081 and HB1075

[Jp Kissling]

I feel we also need to have some clarification on the earnest money and how/ if,  it will affect our ability to interplead funds RCW 64.04.220.


From: Legislativecommittee1 <legislativecommittee1-bounces at washingtonlandtitle.com> On Behalf Of Maureen Pfaff
Sent: Thursday, December 19, 2024 9:43 AM
To: legislativecommittee1 at washingtonlandtitle.com
Subject: [Legislativecommittee1] HB1081 and HB1075

We still need a review of HB 1075 if anyone has a few minutes to take a look at it.

I reviewed HB 1081 but have a couple of questions for the committee.  This bill would provide additional protections to the seller in a transaction where the buyer actively solicited the purchase of a property that is not currently being offered for sale and where the Seller is not represented by a licensed Realtor.  It would require that the contract specifically notes that the seller has a right to have an appraisal done by an appraiser of their choosing and paid for by the buyer and that they have the right to cancel the contract within 4 days of receiving the appraisal without penalty or further obligation. For owners who do not choose to have an appraisal done they have the right to cancel the contract without penalty or further obligation within 10 business days after execution. It also adds specific requirements for how these rights will be shown in the contract and that the seller must affirmatively acknowledge them.  Would it fall on us to confirm that the contract in a transaction we close meets these requirements?  If it doesn't and we close and insure the transaction would we be open to a claim down the road?

Maureen

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