[Legislativecommittee1] HB1081 and HB1075

Thu Dec 19 17:54:42 PST 2024

I took a stab at this. Not sure if everything is needed, but I did think it
was important to clarify that later references to a purchase contract ties
to a specific contract between the buyer and seller. I also think "currently
publicly available" and "the real estate market" are vague terms.. And I
don't know if you can "solicit" property so maybe that phrase can be
changed.

These suggested changes & my comments are in the attached redlined document
and I don't know how they'd be transmitted to whomever we might want to send
them to.

No pride of authorship here.maybe too much to ask for; I'm just throwing it
out for our discussion.

George

George Peters, WTP

Executive Director

Washington Land Title Association

 <https://washingtonlandtitle.com> 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: Legislativecommittee1
<legislativecommittee1-bounces at washingtonlandtitle.com> On Behalf Of Jp
Kissling
Sent: Thursday, December 19, 2024 1:37 PM
To: Maureen Pfaff <maureen at olypentitle.com>
Cc: '1 WLTA Legislative Committee'
<legislativecommittee1 at washingtonlandtitle.com>
Subject: Re: [Legislativecommittee1] HB1081 and HB1075

It appears that we are going to be asked for a formal amendment to the bill
is there someone willing to work on that?  I will help where I can.  

From: Maureen Pfaff <maureen at olypentitle.com
<mailto:maureen at olypentitle.com> > 
Sent: Thursday, December 19, 2024 11:52 AM
To: Jp Kissling <jpkissling at fitico.com <mailto:jpkissling at fitico.com> >
Cc: '1 WLTA Legislative Committee'
<legislativecommittee1 at washingtonlandtitle.com
<mailto:legislativecommittee1 at washingtonlandtitle.com> >
Subject: Re: HB1081 and HB1075

>From an escrow standpoint it seems like this bill would put the burden on us
to confirm several things:

1.	Is the transaction the result of a solicited offer that meets the
criteria of the legislation? 

2.	Are the specific items included in the contract in at least 10 pt
font?

3.	 Did the seller affirmatively acknowledge the items?

4.	 Were the timelines for requesting an appraisal or waiving the
appraisal right met?

5.	 Were the timelines for cancellation without penalty or further
obligation met?

Most of these (other than maybe the font size) would be reasonably easy to
confirm, we do this regularly in reading contracts to be sure that
requirements have been met and/or waived.  I think that if the cancellation
notice met the stated requirements in the contract there would be no need to
interplead.  Interpleading would come into play if the contract was
rescinded outside of the stated timeline and then it would be handled as
usual - mutual agreement or we would have to interplead.

What concerns me is that we will have to determine if the sale is the result
of a solicited offer or not in order to even know that these rules apply.
Sometimes it's obvious, but not always and we all know how confusing these
type of nuances can be for the general consumer.  

  _____  

From: Jp Kissling <jpkissling at fitico.com <mailto:jpkissling at fitico.com> >
Sent: Thursday, December 19, 2024 11:02 AM
To: Maureen Pfaff <maureen at olypentitle.com <mailto:maureen at olypentitle.com>
>
Cc: '1 WLTA Legislative Committee'
<legislativecommittee1 at washingtonlandtitle.com
<mailto:legislativecommittee1 at washingtonlandtitle.com> >
Subject: RE: HB1081 and HB1075 

they have the right to cancel the contract within 4 days of receiving the
appraisal without penalty or further obligation.

From: Jp Kissling
Sent: Thursday, December 19, 2024 10:01 AM
To: Maureen Pfaff <maureen at olypentitle.com <mailto:maureen at olypentitle.com>
>
Cc: '1 WLTA Legislative Committee'
<legislativecommittee1 at washingtonlandtitle.com
<mailto:legislativecommittee1 at washingtonlandtitle.com> >
Subject: RE: 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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