[WSBARP] Document from Escrow Officer

[swhite8893 at aol.com]

Catherine,
    I think there are some legitimate reasons for asking for this but the
language might be clarified a bit. 
    I just had a commercial deal where there were significant
contingencies related to the site which the buyer never waived in writing
but said, we're ready to close. We wanted assurances that they had done
their due diligence and were satisfied. I represented the seller who was
obliged to clean up one exception in the title report, and had significant
disclosure obligations. We wanted some assurance they weren't going to
come back later and raise an issue over something that was known to them
or that related to their obligations under the contingency language. So in
that respect, I think if was a legitimate request on our part. On the
other hand, we did not ask them to waive issues unknown to them and there
was no intent to do so. 
    So I think as long as the language used accommodates the above
concerns, then I think it is appropriate.
 
Steve
 
Stephen Whitehouse
Whitehouse & Nichols, LLP
Attorneys at Law
P.O. Box 1273
601 W. Railroad Ave.
Shelton, Wa. 98584
360-426-5885
swhite8893 at aol.com
 
 
-----Original Message-----
From: Clark, Catherine <Cat at loccc.com>
To: wsbarp <wsbarp at lists.wsbarppt.com>
Sent: Wed, Aug 27, 2014 10:04 am
Subject: [WSBARP] Document from Escrow Officer


Listmates:
 
My client, a seller of property, has been presented a document to sign,
pre-closing, which states:
 
All terms, conditions and contingencies of the Purchase and Sale Agreement
have been met to our satisfaction.  Closing was completed per the
Agreement.
 
Ever seen that before?
 
If so, what say you?
 
I think no, no and no.  First, offered pre-closing.  Second, beyond the
terms of the PSA.  Third, what?!
 
All thoughts appreciated.
 
Catherine C. Clark
Law Office of Catherine C. Clark PLLC
701 Fifth Avenue, Suite 4105
Seattle, WA  98104
Phone:  (206) 838-2528
Fax: (206) 374-3003
Email:  cat at loccc.com
 
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As with all lists - let the reader beware! No warranties or
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All opinions and comments in this message represent the views of the
author and do not necessarily have the endorsement of the Washington State
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