[WSBARP] New Statewide Residential Forms Out Effective Today

[Kary Krismer]

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.

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Kary L. Krismer
206 723-2148