[WSBARP] Document from Escrow Officer

[Marc Holmes]

That sounds like the escrow instructions sent in an initial opening packet
to the buyer and seller not long after mutual acceptance and escrow
getting set up  I advise my clients to not sign that particular document
at that time for a few different reasons including the one you mentioned.
For buyers the big one is that the escrow instructions routinely relieve
the escrow company from any responsibility to comply with FIRPTA despite a
specific contractual term in the purchase and sale agreement obligating
them to do so.

 

Moreover, whether or not the client signs the escrow instructions early
on, 9.9 times out of 10 they will be asked to sign yet another copy of the
same document as part of their closing paperwork.  At closing escrow will
almost always have a second document entitled Supplemental Escrow
Instructions (or something to that effect) with additional terms.  I
prefer to deal with the FIRPTA/escrow instruction issue later on in the
transaction so I don’t waste the effort only to see the deal terminate on
inspection, etc.

 

I do advise the client to complete and return the buyer/seller
questionnaire early on as escrow needs that to get their file put
together.  I tell them to skip most if not all of the other documents in
the initial packet.  Escrow companies never complain or push the issue in
my experience, probably because they know full well they’ll have those
missing forms as part of the closing paperwork.

 

 

 

 

Marc Holmes

Holmes Law Group PLLC

808 5th Ave N

Seattle WA 98109

 <http://holmeslawgroup.com/> HolmesLawGroup.com

marc at holmeslawgroup.com

Ofc: 206-357-4224

Cell: 206-849-0853

 

From: wsbarp-owner at lists.wsbarppt.com
[mailto:wsbarp-owner at lists.wsbarppt.com] On Behalf Of Clark, Catherine
Sent: Wednesday, August 27, 2014 10:04 AM
To: wsbarp at lists.wsbarppt.com
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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Information provided on this list should not be considered legal advice.
As with all lists - let the reader beware! No warranties or
representations are made as to the accuracy of any information provided.
All opinions and comments in this message represent the views of the
author and do not necessarily have the endorsement of the Washington State
Bar Association nor its officers or agents. 

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