[WSBARP] Escrow Closing Question

[Justin Monro]

Thank you for the responses.

Justin Monro

From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Drayna, Paul S.
Sent: Thursday, September 19, 2024 3:14 PM
To: wsbarp at lists.wsbarppt.com
Subject: Re: [WSBARP] Escrow Closing Question

I don't know if there's a legal requirement for the escrow office to send it, but it is customary for them to do so. Each brokerage firm typically gets a copy of the HUD showing their client's side of the transaction (generally not the other side, unless the brokerage firm was a dual agent).

DOL rules require real estate brokerage firms to keep the closing statements in their transaction files. See WAC 308-124C-105:<https://app.leg.wa.gov/WAC/default.aspx?cite=308-124C-105> which provides that required records include "(c) A transaction folder containing all agreements, receipts, contracts, documents, leases, closing statements, broker price opinions, referral agreements, and material correspondence, for each real estate or business opportunity transaction, and for each rental, lease, contract or mortgage collection account." Transaction files must be kept for at least three years.

Paul S. Drayna | Helsell Fetterman LLP
Attorney | Of Counsel
800 Fifth Avenue, Suite 3200
Seattle, WA 98104
Direct: 206.689.2177
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From: wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com> <wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com>> On Behalf Of justinm at monrolawfirm.com<mailto:justinm at monrolawfirm.com>
Sent: Thursday, September 19, 2024 2:49 PM
To: 'WSBA Real Property Listserv' <wsbarp at lists.wsbarppt.com<mailto:wsbarp at lists.wsbarppt.com>>
Subject: [WSBARP] Escrow Closing Question

[EXTERNAL MESSAGE]
Listmates:

Is the Escrow officer or escrow office required or required under law to send the HUD to the listing Designated Broker or their office upon closing of the transaction.

Thank you,

Justin Monro
Attorney at Law
The Monro Law Firm PS Inc.


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