[WSBARP] Letter of Intent/Title Ins. ?

[Paul Neumiller]

I usually negotiate this issue to say that the seller is willing to pay for the basic policy and the buyer has to pay for the incremental amount attributable to it being an extended policy.


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From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Justin Monro
Sent: Thursday, December 13, 2018 10:28 AM
To: 'wsbarp at lists.wsbarppt.com' <wsbarp at lists.wsbarppt.com>
Subject: [WSBARP] Letter of Intent/Title Ins. ?

Hello.

Client process of selling property and accepting Letter of Intent (LOI).

Clients property, 5 acres with home, some wet issues (likely) and potential plat of property. Client would like to sell to developer.

However, developer came back and requested an extended title coverage to be paid by seller. Is this beneficial to my seller? Maybe I am wrong but I assumed the extended coverage included a survey?

Also, is there anything wrong with accepting LOI or just write a P&S agreement. Thoughts. Thank you for any answers!

Thank you,

Justin K. Monro
Attorney at Law
The Monro Law Firm PS Inc.
1830 Bickford Ave. Ste 204
Snohomish, WA 98290

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