[WSBARP] NWMLS Form - Bad Language?
Tom J. Westbrook
tjw at w3net.net
Thu Jun 12 18:57:20 PDT 2014
James,
I agree with you and Theresa. Adopt the rest of the form for your use,
drop the NWMLS reference, and make the change the way you like it. You can
make your own financing addendum. After all, the words really matter –
even if our clients don’t like to read, it’s our duty to give them what
they need. And, then don’t ever let them be cavalier about signing
documents without reading – take them through it kicking and screaming.
Sincerely,
Tom
Thomas J. Westbrook
Attorney at Law
Thomas J. Westbrook, PLLC
PO Box 1
Littlerock, WA 98556
Olympia Office:
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From: wsbarp-owner at lists.wsbarppt.com
[mailto:wsbarp-owner at lists.wsbarppt.com] On Behalf Of James Spencer
Sent: Thursday, June 12, 2014 6:39 PM
To: wsbarp at lists.wsbarppt.com
Subject: RE: [WSBARP] NWMLS Form - Bad Language?
I think it matters to the extent that in this competitive market, the
seller could get a subsequent (better) offer, and attempt to cancel the
deal by forcing the buyer’s hand on financing without the buyer having
time to pull it all together.
Ultimately, I just think it would be nice if NWMLS made the language more
reflective of its intent. But then when would we ever get to have fun in
litigation?
James W. Spencer, Esq.
1700 Seventh Avenue, Suite 2100
Seattle, Washington 98101
tel: (206) 420-4567 | fax: (206) 257-3076 | www.spectra-law.com
Business & Estate Planning | LGBT Law | Probate & Trust
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From: wsbarp-owner at lists.wsbarppt.com
[mailto:wsbarp-owner at lists.wsbarppt.com] On Behalf Of Marc Holmes
Sent: Thursday, June 12, 2014 5:04 PM
To: wsbarp at lists.wsbarppt.com
Subject: RE: [WSBARP] NWMLS Form - Bad Language?
In my humble opinion it’s much ado about nothing from the buyer’s
perspective. Yes, the seller can theoretically demand that the buyer
waive financing or else he/she will terminate. But, the buyer can always
tell them to go pound sand and see if the seller has the stones to
actually do it. In practice, that rarely occurs probably because sellers
have no idea how the form operates and that nothing actually happens on
day 31 unless the seller takes affirmative action. And their listing
agent usually does not want to start all over again with a new buyer so
they don’t bring the subject up.
I tell seller clients that 22A financing contingency is actually very
favorable to the buyer because the seller’s remedy is almost never useful.
At day 31 the deal is usually close to the end anyways so you’re usually
better off rolling the dice and seeing if it closes.
A better solution is to address the issue up front before the contract is
formed. If we’re really concerned about the buyer’s ability to get the
deal done or if we simply have the leverage we’ll add a clause that
modifies this form so that the entire contingency is waived unless the
buyer gives notice that he can’t get financing before the 30 days expire.
Then the onus is on the buyer and not the seller.
Marc Holmes
Holmes Law Group PLLC
808 5th Ave N
Seattle WA 98109
HolmesLawGroup.com <http://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 TEEDowell at aol.com
Sent: Thursday, June 12, 2014 2:53 PM
To: wsbarp at lists.wsbarppt.com
Subject: Re: [WSBARP] NWMLS Form - Bad Language?
totllly agree on your point and my clients are continually confused by
this.
Theresa E. Dowell
Dowell Law Offices
Suite # 202
BELLEWOOD OFFICE PARK
1975 112TH AVE. NE
Bellevue, WA 98004
Tel: 206-660-1502
Email: TEEDowell at aol.com
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In a message dated 6/12/2014 2:49:30 P.M. Pacific Daylight Time,
james at spectra-law.com writes:
Greetings Listmates:
Am I alone in finding this language on the NWMLS Form 22A really
dangerous?:
2. SELLER’S RIGHT TO TERMINATE.
a. Right to Terminate Notice. At any time ______ days (30 days if not
filled in) after mutual acceptance, Seller may give notice to Buyer that
Seller may terminate the Agreement at any time 3 days after delivery of
that notice….
b. Termination Notice. If Buyer has not previously waived the Financing
Contingency, Seller may give notice of termination….
My client’s agent says the intent of the language is that after 30 days
have passed, if the Buyer hasn’t secured financing, the Seller can cancel
the contract. This makes sense.
My read, however, is that the Seller can cancel the contract at any time
in the 30 days after mutual acceptance.
I understand that the intent of the language is the former, but it just
seems very poorly crafted to me. Should it not say “If after _____ days
(30 days if not filled in) from mutual acceptance Buyer has not waived the
Financing Contingency, Seller may give notice of termination….”
Anyone in touch with NWMLS that could get their opinion on it?
Thanks,
James
James W. Spencer, Esq.
1700 Seventh Avenue, Suite 2100
Seattle, Washington 98101
tel: (206) 420-4567 | fax: (206) 257-3076 | www.spectra-law.com
Business & Estate Planning | LGBT Law | Probate & Trust
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