<html xmlns:v="urn:schemas-microsoft-com:vml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:w="urn:schemas-microsoft-com:office:word" xmlns:m="http://schemas.microsoft.com/office/2004/12/omml" xmlns="http://www.w3.org/TR/REC-html40">
<head>
<meta http-equiv="Content-Type" content="text/html; charset=utf-8">
<meta name="Generator" content="Microsoft Word 14 (filtered medium)">
<style><!--
/* Font Definitions */
@font-face
{font-family:Calibri;
panose-1:2 15 5 2 2 2 4 3 2 4;}
@font-face
{font-family:Tahoma;
panose-1:2 11 6 4 3 5 4 4 2 4;}
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{margin:0in;
margin-bottom:.0001pt;
font-size:12.0pt;
font-family:"Times New Roman","serif";}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:blue;
text-decoration:underline;}
a:visited, span.MsoHyperlinkFollowed
{mso-style-priority:99;
color:purple;
text-decoration:underline;}
p.MsoAcetate, li.MsoAcetate, div.MsoAcetate
{mso-style-priority:99;
mso-style-link:"Balloon Text Char";
margin:0in;
margin-bottom:.0001pt;
font-size:8.0pt;
font-family:"Tahoma","sans-serif";}
span.EmailStyle17
{mso-style-type:personal;
font-family:"Calibri","sans-serif";
color:#1F497D;}
span.BalloonTextChar
{mso-style-name:"Balloon Text Char";
mso-style-priority:99;
mso-style-link:"Balloon Text";
font-family:"Tahoma","sans-serif";}
span.EmailStyle20
{mso-style-type:personal-reply;
font-family:"Calibri","sans-serif";
color:#1F497D;}
.MsoChpDefault
{mso-style-type:export-only;
font-size:10.0pt;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;}
div.WordSection1
{page:WordSection1;}
--></style><!--[if gte mso 9]><xml>
<o:shapedefaults v:ext="edit" spidmax="1026" />
</xml><![endif]--><!--[if gte mso 9]><xml>
<o:shapelayout v:ext="edit">
<o:idmap v:ext="edit" data="1" />
</o:shapelayout></xml><![endif]-->
</head>
<body lang="EN-US" link="blue" vlink="purple">
<div class="WordSection1">
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">If new lender is getting a lender’s title policy, the title insurer might be willing to insure the gap if escrow is used.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
<div>
<p class="MsoNormal"><b><i><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">Kathleen J. Hopkins
<o:p></o:p></span></i></b></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">Real Property Law Group, PLLC
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">1326 Fifth Avenue, Suite 654
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">Seattle, WA 98101
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">Phone & Fax: (206) 625-0404
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">email: khopkins@rp-lawgroup.com
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">www.rp-lawgroup.com
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"> <o:p></o:p></span></p>
<p class="MsoNormal"><b><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">This message is protected by the attorney-client privilege and the work-product doctrine; if you are not the intended recipient of this message please let
the sender know you received it in error and please delete this message. Thank you.<o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></b></p>
<p class="MsoNormal"><b><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">Pursuant to U.S. Treasury Regulations concerning tax practice, you are advised that this message is not intended or written to be used, and it cannot be
used, by anyone for the purpose of avoiding penalties that may be imposed under any tax laws; or promoting, marketing or recommending to another party any transaction or matter addressed herein.
<o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#00B050">Please consider the environment before printing this message.<o:p></o:p></span></b></p>
</div>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
<div>
<div style="border:none;border-top:solid #B5C4DF 1.0pt;padding:3.0pt 0in 0in 0in">
<p class="MsoNormal"><b><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif"">From:</span></b><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif""> wsbarp-bounces@lists.wsbarppt.com [mailto:wsbarp-bounces@lists.wsbarppt.com]
<b>On Behalf Of </b>Eric Nelsen<br>
<b>Sent:</b> Friday, January 09, 2015 11:27 AM<br>
<b>To:</b> WSBA Real Property Listserv<br>
<b>Subject:</b> Re: [WSBARP] lenders at a logerheads on release of security<o:p></o:p></span></p>
</div>
</div>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">Of course any solution involves changing somebody's mind. DOL won't, so that's out.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">Could current lender agree to let escrow handle the title elimination, so that current lender deposits the title, escrow handles as necessary to get title eliminated,
and then completes the transaction?<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">Or maybe new lender would take the land plus mobile home title as security, with additional DOT covenant that buyer will eliminate title within X days after
closing, on penalty of default?<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">That's all I've got on a Friday.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Calibri","sans-serif";color:#1F497D">Sincerely,<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Calibri","sans-serif";color:#1F497D">Eric<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Calibri","sans-serif";color:#1F497D">Eric C. Nelsen<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Calibri","sans-serif";color:#1F497D">SAYRE LAW OFFICES, PLLC<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Calibri","sans-serif";color:#1F497D">1320 University St<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Calibri","sans-serif";color:#1F497D">Seattle WA 98101-2837<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Calibri","sans-serif";color:#1F497D">phone 206-625-0092<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Calibri","sans-serif";color:#1F497D">fax 206-625-9040<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
<div>
<div style="border:none;border-top:solid #B5C4DF 1.0pt;padding:3.0pt 0in 0in 0in">
<p class="MsoNormal"><b><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif"">From:</span></b><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif"">
<a href="mailto:wsbarp-bounces@lists.wsbarppt.com">wsbarp-bounces@lists.wsbarppt.com</a> [<a href="mailto:wsbarp-bounces@lists.wsbarppt.com">mailto:wsbarp-bounces@lists.wsbarppt.com</a>]
<b>On Behalf Of </b>Josh Grant<br>
<b>Sent:</b> Friday, January 09, 2015 10:36 AM<br>
<b>To:</b> wsbar<br>
<b>Subject:</b> [WSBARP] lenders at a logerheads on release of security<o:p></o:p></span></p>
</div>
</div>
<p class="MsoNormal"><o:p> </o:p></p>
<div>
<div>
<div>
<p class="MsoNormal"><span style="font-family:"Calibri","sans-serif";color:black">Interesting closing we are attempting to get done.<o:p></o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-family:"Calibri","sans-serif";color:black"> <o:p></o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-family:"Calibri","sans-serif";color:black">Sale is of a mobile home and land. Nice mobile. Current lender understandably says “We won’t release the title until we get our money”.<o:p></o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-family:"Calibri","sans-serif";color:black"> <o:p></o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-family:"Calibri","sans-serif";color:black">New lender says “Oh, I see the title elimination never took place so we won’t fund the sale until the title is eliminated”.<o:p></o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-family:"Calibri","sans-serif";color:black"> <o:p></o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-family:"Calibri","sans-serif";color:black">DOL representative says, “you can’t eliminate the title without turning in the title”<o:p></o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-family:"Calibri","sans-serif";color:black"> <o:p></o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-family:"Calibri","sans-serif";color:black">I see each lender’s point.<o:p></o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-family:"Calibri","sans-serif";color:black"> <o:p></o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-family:"Calibri","sans-serif";color:black">The only suggestion I have thought of is that the seller gets a $50,000 bridge loan to clear off the title. But I think for several reasons, that may not be as a practical matter
doable.<o:p></o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-family:"Calibri","sans-serif";color:black"> <o:p></o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-family:"Calibri","sans-serif";color:black">Any other suggestions.<o:p></o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-family:"Calibri","sans-serif";color:black"> <o:p></o:p></span></p>
</div>
<div>
<p class="MsoNormal"><span style="font-family:"Calibri","sans-serif";color:black">Joshua F. Grant, PS<br>
Attorney at Law<br>
P. O. Box 619<br>
Wilbur, WA 99185<br>
tel 509 647 5578<br>
fax 509 647 2734<o:p></o:p></span></p>
</div>
</div>
</div>
</div>
</body>
</html>