[WSBARP] UPDATE: Who gets to see the HUD-1

[Rich Holland]

I have had many direct responses asking about ‘off list’ responses.  So I
am posting this update and clarification.

 

WAC 308-124D-205 contemplates that the Broker receive a full statement
(both sides) when the transaction has closed.  To me, that means the
listing broker for the property.  The selling agent/broker gets paid, as I
remember it, based on a contract they have through the MLS etc. with
listing brokers.   It seems to me that the broker then can share that with
the selling broker if need be or desired (which they will) and we will be
using that as our policy (and of course providing it to the selling broker
if instructed).  If any one feels differently about that portion of this,
please let me know but it makes some logical sense in my not caffeinated
enough brain right now.  I am casting about for a good policy to stand on.

 

I have not yet found any response other than ‘general rule’, ‘our policy’,
‘what we do’ for why buyer and seller do not get to see the other side.
Again, we use those reasons in using that same policy, I am just hoping
someone can help me find the ground beneath that.  I have reached out to
the CFPB to see if they have a statement on the issue and if I hear
anything back, I will post it.  I appreciate all of the responses.

 

Thanks,

 

Rich Holland

 

From: Rich Holland 
Sent: Thursday, February 27, 2014 10:07 AM
To: 'wsbarp at lists.wsbarppt.com'
Subject: Who gets to see the HUD-1

 

General question here:

 

I have what may be an academic question and it may not be.  Do all parties
get to see all of the HUD-1?  I ask because it is routine for the Buyer
not to see the Seller side but the Seller demands to see the entire HUD
and, at the same time, the Buyer’s agent wants to see the entire HUD
(usually to see the commission split) – but in law that is the same thing
as showing the Buyer the entire HUD – which the Seller objects to.  I have
not been able to find the legal authority to show to squabbling parties
why or why not they get to see or do not get to see the entire HUD.  It
all seems to be ruled by “that’s what’s always been done” and, candidly,
that’s not a good enough reason to me so any guidance on an actual rule or
statute or opinion would be appreciated.

 

Sincerely,

 

Richard L. Holland

 

Pacific Northwest Legal & Escrow, P.S.

733 7th Avenue, Suite 110

Kirkland, WA 98033

425-836-6240  / 425-748-3901 (fax)

 

 

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