[WSBARP] OT-NWMLS FORM 41 Exclusive Buyers Agency Agreement
Annie Fitzsimmons
atfitz at comcast.net
Thu Feb 2 07:53:57 PST 2023
Good Morning Justin. I would be happy to have a more in depth conversation with you about the bill and how a change in law may impact practices between brokers and consumers. I am not sure that I fully appreciate your concerns but would be happy to get a better understanding.
The bill language can be found here: 5191-S.pdf (wa.gov) https://lawfilesext.leg.wa.gov/biennium/2023-24/Pdf/Bills/Senate%20Bills/5191-S.pdf?q=20230202073915
Essentially, the bill requires brokers to provide a newly drafted pamphlet that describes the relationship between brokers and consumers in lay terms rather than simply restating the law. Additionally, it will require brokers to enter a contract with the broker's client, a seller or a buyer, depending on who the broker represents. The contract will have to cover mandatory subjects but there are no required terms. The law already requires brokers to enter a contract with sellers before an agency relationship can form. If revised, the law will treat contracting requirements the same for sellers and buyers.
While I don't expect immediate or significant changes in sellers offering compensation to buyer brokers, there is a consumer benefit in buyers having an opportunity to understand the compensation offered to their broker and to have a voice in determining how much that compensation should be ... in that buyers fund the compensation through the purchase price.
Let me know if you'd like to talk off-line.
Thanks - Annie
Annette T. Fitzsimmons P.S.
P.O. Box 430
Belfair, WA 98528
> On 02/01/2023 2:35 PM Justin Monro <justinm at monrolawfirm.com> wrote:
>
>
>
> I know brokers can practice limited law within the “forms”. I am a license broker. My questions is how are brokers going to interpret CPA and terms within the Form 41, that is outside the scope of selling a buyer a house, just my opinion.
>
>
> If I hear this right, why do buyers have a “voice” to pay a broker a commission. IMO buyers will not use a broker. Maybe I am missing something.
>
>
> Thanks Justin
>
>
> From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Kaitlyn Jackson
> Sent: Wednesday, February 1, 2023 2:24 PM
> To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
> Subject: Re: [WSBARP] OT-NWMLS FORM 41 Exclusive Buyers Agency Agreement
>
>
> Annie -
>
>
> I can't wait to hear more on this issue! I know it's been bubbling under the surface for a while now.
>
>
> Kaitlyn
>
> Sent with Right Inbox https://www.rightinbox.com/?utm_source=signature
>
>
>
> On Wed, Feb 1, 2023 at 2:21 PM Annie Fitzsimmons <atfitz at comcast.net mailto:atfitz at comcast.net > wrote:
>
> > >
> > Hi Justin. There are bills in the Legislature seeking to create transparency for buyers and sellers regarding the amount of compensation that sellers AND buyers pay. The bills have nothing to do with brokers practicing law. Brokers already practice law as allowed by the Supreme Court in Cultum v. Heritage House, a 1985 decision.
> >
> >
> > When I get back to my office, I will reply with bill numbers. There will be no requirement that any specific form be used by any broker or consumer. Rather, the bills will require brokers to have conversations with buyers about compensation and enter an agreement with buyers, just as agreements are currently required with sellers, so that buyers have a voice in the amount of and terms controlling compensation to a buyers broker.
> >
> >
> > I’ll provide more information in response to your email in a bit.
> >
> >
> > Thanks! Annie
> >
> >
> > Sent from my iPhone
> >
> >
> >
> > > > >
> > > On Feb 1, 2023, at 1:58 PM, Justin Monro <justinm at monrolawfirm.com mailto:justinm at monrolawfirm.com > wrote:
> > >
> > > > >
> > > > >
> > >
> > > Listmates:
> > >
> > >
> > > See the attached form.
> > >
> > >
> > > I heard and I am hearing this is going to be mandatory form in the NWMLS.
> > >
> > >
> > > Buyers are to pay buyer brokers commission. Might be some litigation over this already in court.
> > >
> > >
> > > Can someone share what is going on. I don’t think this is a good idea, because brokers could be practicing law.
> > >
> > >
> > > Thoughts.
> > >
> > >
> > > Thank you,
> > >
> > >
> > > Justin K. Monro
> > >
> > > Attorney at Law
> > >
> > > The Monro Law Firm PS Inc.
> > >
> > > 1830 Bickford Ave. Ste 204
> > >
> > > Snohomish, WA 98290
> > >
> > >
> > > <From 41 2.1.23.pdf>
> > >
> > > ***Disclaimer: Please note that RPPT listserv participation is not restricted to practicing attorneys and may include non-practicing attorneys, law students, professionals working in related fields, and others.***
> > >
> > > _______________________________________________
> > > WSBARP mailing list
> > > WSBARP at lists.wsbarppt.com mailto:WSBARP at lists.wsbarppt.com
> > > http://mailman.fsr.com/mailman/listinfo/wsbarp
> > >
> > > > >
> > ***Disclaimer: Please note that RPPT listserv participation is not restricted to practicing attorneys and may include non-practicing attorneys, law students, professionals working in related fields, and others.***
> >
> > _______________________________________________
> > WSBARP mailing list
> > WSBARP at lists.wsbarppt.com mailto:WSBARP at lists.wsbarppt.com
> > http://mailman.fsr.com/mailman/listinfo/wsbarp
> >
> > >
>
>
> --
>
> Thank you,
>
>
>
> Kaitlyn R. Jackson, Senior Associate Attorney
>
> Dimension Law Group, PLLC
>
> Office: 206-973-3500│Fax: 206-577-5090
>
> Email: kaitlyn at dimensionlaw.com http://dimensionlaw.com/http://www.dimensionlaw.com/
>
> 631 Strander Blvd, Suite G, Tukwila, WA 98188
>
>
>
> PRIVILEGED AND CONFIDENTIAL: This email (including any attachments) is intended only for the use of the individual or entity named above and may contain privileged or confidential information. If you are not the intended recipient, or the employee or agent responsible to deliver it to the intended recipient, you are notified that any review, dissemination, distribution or copying of this email is prohibited. If you have received this email in error, please immediately notify us by email, facsimile, or telephone; return the email to us at the email address below; and destroy all paper and electronic copies.
>
>
> PRIVILEGED AND CONFIDENTIAL: This e-mail (including any attachments) is intended only for the use of the individual or entity named above and may contain privileged or confidential information. If you are not the intended recipient, or the employee or agent responsible to deliver it to the intended recipient, you are notified that any review, dissemination, distribution or copying of this e-mail is prohibited. Attempts to intercept this message are in violation of 18 USC 2511(1) of the Electronic Communications Privacy Act, which subjects the interceptor to fines, imprisonment and/or civil damages. If you have received this e-mail in error, please immediately notify us by e-mail, facsimile, or telephone; return the e-mail to us at the e-mail address below; and destroy all paper and electronic copies. Any settlement offer contained herein is made pursuant to Washington ER 408, and without admitting fault or liability on the part of this firm’s client(s) or its agents. IRS CIRCULAR 230 DISCLAIMER: To ensure compliance with requirements imposed by the IRS, I inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code; or (ii) promoting, marketing or recommending to another party any transaction or tax-related matter addressed herein.
>
> ***Disclaimer: Please note that RPPT listserv participation is not restricted to practicing attorneys and may include non-practicing attorneys, law students, professionals working in related fields, and others.***
>
> _______________________________________________
> WSBARP mailing list
> WSBARP at lists.wsbarppt.com
> http://mailman.fsr.com/mailman/listinfo/wsbarp
>
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbarp/attachments/20230202/ab710d33/attachment.html>
More information about the WSBARP
mailing list