[WSBARP] Letter of Intent/Title Ins. ?

[Lewis, Brian L.]

Justin.

It's customary that the buyer pay the extended coverage premium, which is on top of the standard coverage premium.  Seller typically pays the standard coverage premium.   Buyer also pays for the survey required to obtain extended coverage.



Brian L. Lewis
206-654-2206

On Dec 13, 2018, at 11:38 AM, Justin Monro <justinm at monrolawfirm.com<mailto:justinm at monrolawfirm.com>> wrote:

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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