[WSBARP] NWMLS Charges/Assessments prepaid

[Kary Krismer]

Form 28 for condos is similar/identical.

I would point out it's also an issue with the practice regarding resale 
certificates in Washington.  Those are more typically ordered after 
mutual acceptance, but we typically try to have them in hand before 
listing and then update them if the property doesn't sell quickly.

Having the resale cert beforehand would deal with issues like this, at 
least as to having knowledge of the facts (not knowing how the contract 
terms work is another matter).  But it can also deal with other issues.  
The reason we started that practice was a situation where we represented 
the buyer, negotiated the inspection, and then discovered that the condo 
association was planning on replacing all the wood siding at tremendous 
expense and well beyond their ability to fund without a loan. (As an 
aside, complete residing was probably unnecessary--the HOA was likely 
getting bad advice.) Our buyer rightly backed out and basically everyone 
wasted their time and money on the deal because of the lack of timely 
information (the listing agent was apparently unaware).

Conversely, the resale certificate could show good information, such as 
high reserves and a positive reserve study, which is something a listing 
agent should also know.

Kary L. Krismer
John L. Scott, Inc.
206 723-2148

On 8/13/2019 9:04 AM, Doris Eslinger wrote:
>
> The multiple listing’s form 21 would have another paragraph buried in 
> the form with more details.  E.g. for the 02/17 Form 21, on page 2 
> under Paragraph “h” it states: “Buyer is advised to verify the 
> existence and amount of any …assessments that may be charged against 
> the Property before or after Closing.  Seller will pay such charges 
> that are or become due on or before Closing. _Charges levied before 
> Closing, but becoming due after Closing_shall be paid as agreed in 
> Specific Terms No. 13.”
>
> In your case, I agree with you, Seller should pay if the box “prepaid 
> in full by Seller at Closing.”
>
> Regards,
>
> *Doris Eslinger*
> *Eslinger Law Office***
> (425) 451-3237
> **
>
>
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