[WSBARP] Letter of Intent/Title Ins. ?
Deborah Berg
DeborahBerg at comcast.net
Thu Dec 13 16:21:33 PST 2018
Remember that an LOI is not a binding contract, or even an enforceable
agreement to enter into a contract. It just lays out some of the terms the
buyer is wanting, for further negotiation. If your client accepts an LOI
you will want to move to a contract as quickly as you can. I agree with
prior statements regarding the cost of extended coverage on the title policy
and the cost of the survey required to obtain it.
Deborah Berg
From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com>
On Behalf Of 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
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<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
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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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