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>From an escrow standpoint it seems like this bill would put the burden on us to confirm several things:</div>
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<div class="elementToProof">Is the transaction the result of a solicited offer that meets the criteria of the legislation? </div>
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<div class="elementToProof">Are the specific items included in the contract in <i>
at least 10 pt font?</i></div>
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<div class="elementToProof"><i> </i>Did the seller affirmatively acknowledge the items?</div>
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<div class="elementToProof"> Were the timelines for requesting an appraisal or waiving the appraisal right met?</div>
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<div class="elementToProof"> Were the timelines for cancellation without penalty or further obligation met?</div>
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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 Interpleading would come into play if the contract was rescinded outside of the stated timeline and then it would be handled as usual - mutual agreement or we would have to interplead.</div>
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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. </div>
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<div dir="ltr" id="divRplyFwdMsg"><span style="font-family: Calibri, sans-serif; font-size: 11pt; color: rgb(0, 0, 0);"><b>From:</b> Jp Kissling <jpkissling@fitico.com><br>
<b>Sent:</b> Thursday, December 19, 2024 11:02 AM<br>
<b>To:</b> Maureen Pfaff <maureen@olypentitle.com><br>
<b>Cc:</b> '1 WLTA Legislative Committee' <legislativecommittee1@washingtonlandtitle.com><br>
<b>Subject:</b> RE: HB1081 and HB1075</span>
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<p style="margin: 0in; font-family: Aptos, sans-serif; font-size: 12pt;"><span style="font-family: Arial, sans-serif; color: black;">they have the right to cancel the contract within 4 days of receiving the appraisal
</span><span style="font-family: Arial, sans-serif; color: black; background-color: yellow;">without penalty or further obligation</span><span style="font-family: Arial, sans-serif; color: black;">.</span></p>
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<p style="margin: 0in; font-family: Aptos, sans-serif; font-size: 12pt;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;"><b>From:</b> Jp Kissling<br>
<b>Sent:</b> Thursday, December 19, 2024 10:01 AM<br>
<b>To:</b> Maureen Pfaff <maureen@olypentitle.com><br>
<b>Cc:</b> '1 WLTA Legislative Committee' <legislativecommittee1@washingtonlandtitle.com><br>
<b>Subject:</b> RE: HB1081 and HB1075</span></p>
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<p style="margin: 0in; font-family: Aptos, sans-serif; font-size: 12pt;"> </p>
<p style="margin: 0in; font-family: Aptos, sans-serif; font-size: 12pt;"><span style="font-size: 11pt;">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.</span></p>
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<p style="margin: 0in; font-family: Aptos, sans-serif; font-size: 12pt;"><span style="font-family: Calibri, sans-serif; font-size: 11pt;"><b>From:</b> Legislativecommittee1 <</span><span style="font-family: Calibri, sans-serif; font-size: 11pt; color: blue;"><u><a href="mailto:legislativecommittee1-bounces@washingtonlandtitle.com" id="OWAf509c481-0e85-e921-eea5-5ab24e57ae7c" class="OWAAutoLink" style="color: blue; margin-top: 0px; margin-bottom: 0px;">legislativecommittee1-bounces@washingtonlandtitle.com</a></u></span><span style="font-family: Calibri, sans-serif; font-size: 11pt;">>
<b>On Behalf Of </b>Maureen Pfaff<br>
<b>Sent:</b> Thursday, December 19, 2024 9:43 AM<br>
<b>To:</b> </span><span style="font-family: Calibri, sans-serif; font-size: 11pt; color: blue;"><u><a href="mailto:legislativecommittee1@washingtonlandtitle.com" id="OWAf25d3db9-ab52-84de-104d-f7e29d223969" class="OWAAutoLink" style="color: blue; margin-top: 0px; margin-bottom: 0px;">legislativecommittee1@washingtonlandtitle.com</a></u></span><span style="font-family: Calibri, sans-serif; font-size: 11pt;"><br>
<b>Subject:</b> [Legislativecommittee1] HB1081 and HB1075</span></p>
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<p style="margin: 0in; font-family: Aptos, sans-serif; font-size: 12pt;"> </p>
<p style="margin: 0in; font-family: Aptos, sans-serif; font-size: 12pt;"><span style="color: black;">We still need a review of HB 1075 if anyone has a few minutes to take a look at it.</span></p>
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<p style="margin: 0in; font-family: Aptos, sans-serif; font-size: 12pt;"><span style="font-family: Arial, sans-serif; color: black;">I reviewed<b> HB 1081</b> 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. <b>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?</b></span></p>
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<p style="margin: 0in; font-family: Aptos, sans-serif; font-size: 12pt;"><span style="font-family: "Lucida Handwriting"; font-size: 14pt; color: black;">Maureen</span></p>
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<p><span style="font-family: Arial, sans-serif; font-size: 9.5pt; color: rgb(34, 34, 34);">Maureen Pfaff, President and CEO</span></p>
<p><span style="font-family: Roboto; font-size: 9.5pt; color: rgb(34, 34, 34);">Ph: (360) 457-4451 | Fax:
</span><span style="font-family: Roboto; font-size: 9.5pt; color: rgb(34, 34, 34); background-color: white;">(844) 513-2400</span></p>
<p><span style="font-family: Arial, sans-serif; font-size: 9.5pt; color: rgb(34, 34, 34);">403 S Peabody St, Port Angeles, WA 98362</span></p>
<p><span style="font-family: Roboto; font-size: 9.5pt; color: blue;"><u><a href="mailto:maureen@olypentitle.com" id="OWAbb99cb69-0980-8715-4abd-39a7fb886cf1" class="OWAAutoLink" title="mailto:maureen@olypentitle.com" style="color: blue; margin-top: 0px; margin-bottom: 0px;">maureen@olypentitle.com</a></u></span></p>
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<p style="margin-bottom: 10pt;"><span style="font-family: "Times New Roman", serif; color: rgb(153, 0, 0);"><b>WARNING – FRAUDULENT FUNDING INSTRUCTIONS</b></span></p>
<p style="margin-bottom: 10pt;"><span style="font-family: "Times New Roman", serif; color: rgb(34, 34, 34);"><b>Email hacking and fraud are on the rise to fraudulently misdirect funds. Please call your escrow officer immediately using contact information found
from an independent source, such as the sales contract or internet, to verify any funding instructions received. We are not responsible for any wires sent by you to an incorrect bank account.</b></span></p>
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<p style="line-height: 11.05pt; margin-bottom: 10pt;"><span style="font-family: Arial, sans-serif; font-size: 10pt; color: rgb(51, 51, 51); background-color: yellow;"><b>ATTENTION LENDERS: Loan packages, complete with documents and balanced CD, must be received
no later than 2:00 pm PST on the day <i>prior</i> to signing.</b></span></p>
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<p><span style="font-family: Arial, sans-serif; color: rgb(17, 85, 204);"><b><u><a href="https://url.avanan.click/v2/r01/___https:/www.youtube.com/watch?v=ek4TwC9owwY&feature=youtu.be___.YXAzOmZpZGVsaXR5dGl0bGVjbzphOm86NTY3NzgzZjY2Njc3ZGVlNGYxOTgyNmMyZmU2YzM3MDU6NzplZTM2OjhlYjI3N2QxYTQ0NGZiMjJkODYzOGI3NWNmMzRmMjBkOWVjNWVmYTdkZmQ0YWU5NmQzMTc4ZDY3YzVlYjZhMWI6aDpUOkY" id="OWA7969e812-7a4f-d2ee-2bb7-88454aa870f8" class="OWAAutoLink" title="Protected by Avanan: https://www.youtube.com/watch?v=ek4TwC9owwY&feature=youtu.be" data-auth="NotApplicable" style="color: rgb(17, 85, 204); margin-top: 0px; margin-bottom: 0px;">CLICK
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</b></span><span style="font-family: Arial, sans-serif; color: rgb(17, 85, 204);"><b><u><a href="https://url.avanan.click/v2/r01/___https:/www.youtube.com/watch?v=ek4TwC9owwY&feature=youtu.be___.YXAzOmZpZGVsaXR5dGl0bGVjbzphOm86NTY3NzgzZjY2Njc3ZGVlNGYxOTgyNmMyZmU2YzM3MDU6Nzo2YjIwOmU4ZDljYWYyZTY4OTQ0NWQxZGY4Njg5ZWI3MmUxOGQwM2M3MTk0YjdmYmExOTUxOGUzOWQ5Y2JjZjBmM2ExOGI6aDpUOkY" id="OWA924654ca-cc9e-f166-32ce-063778397ae5" class="OWAAutoLink" title="Protected by Avanan: https://www.youtube.com/watch?v=ek4TwC9owwY&feature=youtu.be" data-auth="NotApplicable" style="color: rgb(17, 85, 204); margin-top: 0px; margin-bottom: 0px;">ON
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