[WSBARP] Letter of Intent/Title Ins. ?

[nestor at pplsweb.com]

Correction.  Seller pays Standard and Buyer pays difference for Extended and
for survey.

 

 

Nestor Gorfinkel, Attorney at Law

Licensed in Washington & Florida

Florida Civil-Law (International) Notary

 

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From: nestor at pplsweb.com <nestor at pplsweb.com> 
Sent: Thursday, December 13, 2018 10:58 AM
To: 'WSBA Real Property Listserv' <wsbarp at lists.wsbarppt.com>
Subject: RE: [WSBARP] Letter of Intent/Title Ins. ?

 

If parties already agreed on price and basic terms such as earnest money,
Due diligence period,  whether subject to financing and closing date, I
would draft a contract. 

 

As for extended policy that is subject to negotiation, but Buyer typically
pays for standard policy and Buyer makes up the difference for extended.

 

Nestor

 

 

Nestor Gorfinkel, Attorney at Law 

Admitted to practice law in Washington & Florida 

Florida Civil-Law (International) Notary

Puget Property Legal Services, PC

11900 NE First Street Suite 300

Bellevue, WA 98005

Tel. (425) 961-0519

Fax. (888) 522-3601

 

 

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From: wsbarp-bounces at lists.wsbarppt.com
<mailto:wsbarp-bounces at lists.wsbarppt.com>
<wsbarp-bounces at lists.wsbarppt.com
<mailto: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
<mailto: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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