[WSBARP] Letter of Intent/Title Ins. ?

[Craig Gourley]

If the developer wants extended they pay for it. Typically on these if the purcchase price is acceptable I go straight to a Purchase and Sale agreement. If this is an assembledge  deal where they are assembling multiple parcels don't accept a lot yield based price or you will end up with all the detention and other infrastructure on your client's parcel.

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________________________________
From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> on behalf of nestor at pplsweb.com <nestor at pplsweb.com>
Sent: Thursday, December 13, 2018 1:59:39 PM
To: 'WSBA Real Property Listserv'
Subject: Re: [WSBARP] Letter of Intent/Title Ins. ?

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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