[Legislativecommittee1] HB1081 and HB1075

Thu Dec 19 11:00:05 PST 2024

I would assume that escrow should confirm that there is no RealtorR involved
as the transaction progresses, beyond what the signed PSA says (for example,
might it be possible that either party could retain, or even just speak to,
a RealtorR after the PSA is executed?), and could always ask for
confirmation from the seller that it has complied with the terms of the PSA.
Someone with more escrow experience than I have can speak to that.

I agree with JP that escrow should still be able to interplead funds if
there is a dispute between buyer and seller.

George

George Peters, WTP

Executive Director

Washington Land Title Association

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From: Legislativecommittee1
<legislativecommittee1-bounces at washingtonlandtitle.com> On Behalf Of Jp
Kissling
Sent: Thursday, December 19, 2024 10:01 AM
To: Maureen Pfaff <maureen at olypentitle.com>
Cc: '1 WLTA Legislative Committee'
<legislativecommittee1 at washingtonlandtitle.com>
Subject: Re: [Legislativecommittee1] HB1081 and HB1075

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
<mailto:legislativecommittee1-bounces at washingtonlandtitle.com> > On Behalf
Of Maureen Pfaff
Sent: Thursday, December 19, 2024 9:43 AM
To: legislativecommittee1 at washingtonlandtitle.com
<mailto: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

Maureen Pfaff, President and CEO

Ph: (360) 457-4451 | Fax: (844) 513-2400

403 S Peabody St, Port Angeles, WA 98362

maureen at olypentitle.com <mailto:maureen at olypentitle.com> 

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