[WSBARP] New wrinkle on closings

[Kary Krismer]

The state-wide forms people are apparently working on this issue and 
apparently finding a number of different issues necessary to resolve. So 
caution is probably indicated.

I've heard they've discounted the casualty insurance issue, which I 
consider to be the major issue.  I think paragraph 3 should probably 
provide that both parties should maintain insurance until recorded if 
you're willing to take the risk on that issue.  But with that paragraph 
1 language changing the definition of closing seemingly the buyer would 
have an insurable interest, unlike the standard state-wide forms.

I'd not have thought too much about the county rejecting documents 
prepared by a professional escrow in a normal purchase-sale 
transaction.  Has anyone seen that?  There is typically limited power of 
attorney language to correct mistakes as part of the escrow 
instructions, so maybe that would deal with it where the document didn't 
need to be completely redrawn.  But what about a valuation issue holding 
things up?

Kary L. Krismer
206 723-2148

On 11/3/2020 3:02 PM, Craig Gourley wrote:
>
> Listmates,  I just received an addendum on a Purchase and Sale we are 
> closing and it has my antenna’s up.
>
> I have seen gap insurance in limited cases when something unusual 
> happens and title will insure as of a specific date even though a deed 
> has not recorded but it is typically with the consent of the lender.  
> Given the propensity of the County recording office to play Jr lawyer 
> and reject recordings for any number of stupid reasons I am reluctant 
> to follow this addendum.   What if the county rejects the recording 
> and requires one of the parties to re-sign something and that party 
> now refuses?  I am concerned about an insurable interest in the event 
> of a casualty.  I am sure given a minute I can come up with additional 
> participants in the potential parade of horrors.   Thoughts? Comments? 
> Am I being overly concerned about nothing? The addendum is below.
>
> *Gourley Law Group*
>
> *Snohomish Escrow*
>
> *The Exchange Connection*
>
> **
>
> 1002 10^th Street / PO Box 1091
>
> Snohomish, WA 98291
>
> 360.568.5065
>
> 360.568.8092  fax
>
> _Craig at glgmail.com <mailto:Craig at glgmail.com>_
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