[WSBARP] New Statewide Residential Forms Out Effective Today
Kary Krismer
Krismer at comcast.net
Wed Mar 3 09:45:34 PST 2021
Just a heads up. There are new statewide forms out that agents will be
using starting today. Mainly technical changes for the most part, but
the most interesting substantive changes are:
1. The financing addendum (22A) has a new option for a financing
contingency that automatically expires after X days. The buyer needs to
cancel the contract before the time expires to get their EM back. The
remaining system is also an option, but they got rid of the unnecessary
step of requesting loan information 10 days after mutual acceptance.
2. The escalation addendum (35E) has provisions if the escalated price
is miscalculated by the seller or a competing offer is not a competing
offer. But if no offer is sent at the competing offer the price remains
at the non-escalated price.
Most the other changes are technical, such as replacing the the
confusing term "Selling Broker," but there are other minor changes such
as making clear that the septic inspection is subject to the buyers
subjective standard of approval. So the listing agreements and basic
purchase sale agreements (e.g. 21) are amended.
--
Kary L. Krismer
206 723-2148
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