[WSBARP] Residential P&S agreement ?

[John McCrady]

And be sure to review RCW 64.04.220, amended in 2015, which changes the picture for how “holders” deal with the earnest money.

John McCrady
Counsel
Puget Sound Title Company
5350 Orchard Street West
University Place WA 98466
253-476-5721

From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of david at vaughanlawonline.net
Sent: Thursday, March 10, 2016 9:03 PM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] Residential P&S agreement ?

Justin,

If the transaction was under standard NWMLS forms, page 2, paragraph b. (second paragraph in b.) specifies that in the event of a disagreement over disbursement of the earnest money deposit, the "closing agent" shall commence an interpleader action.  There are other terms there that speak to timing that might be relevant to this situation.

Best regards

David Vaughan
-------- Original Message --------
Subject: [WSBARP] Residential P&S agreement ?
From: Justin Monro <justinm at monrolawfirm.com<mailto:justinm at monrolawfirm.com>>
Date: Thu, March 10, 2016 5:32 pm
To: "wsbarp at lists.wsbarppt.com<mailto:wsbarp at lists.wsbarppt.com>" <wsbarp at lists.wsbarppt.com<mailto:wsbarp at lists.wsbarppt.com>>

Listmates: property located in Snohomish county. One of my real estate brokers represents sellers of property listed on nwmls. Buyers are represented by another real estate agency. Mutual acceptance occurred at end of January 2016. Buyers were obligated to close P&S transaction on March 8,2016, but failed to do so. No extensions were signed. The agent for buyers has been very difficult to deal with. Buyers have financial funds to close [cash] but chose to try and finance deal but failed to comply with terms of financing addendum's. My clients [sellers] do not want to deal with buyers anymore. Property was placed back on market as active listing to mitigate sellers damages.

My question is: there is a significant amount of earnest money held in third party escrow account. Sellers wants to retain earnest money as damages per Form 21 P&S agreement. Buyers and buyers real estate agency are claiming they want earnest money back from escrow. What are others doing in regards to earnest money disputes?
Interpled with court or arbitration?


Thank you,

Justin K Monro
Attorney at law

Sent from my iPhone

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