[WSBARP] New Statewide Residential Forms Out Effective Today

[Timothy Lehr]

Thank you, Kary 

Timothy C. Lehr
Attorney at Law



p:   360.855.0131
e:   timothy at stileslaw.com
w:  www.stileslaw.com

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-----Original Message-----
From: Kary Krismer <Krismer at comcast.net> 
Sent: Wednesday, March 3, 2021 9:46 AM
To: realprop at googlegroups.com; wsbarp at lists.wsbarppt.com
Subject: [WSBARP] New Statewide Residential Forms Out Effective Today

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