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<p class="MsoNormal">I haven’t had the specific situation come up with a cash transaction but we had an escrow transaction where the funds were wired in from a lender and a similar dispute developed. After consulting with the buyer’s attorney, we returned
the money to the buyer’s lender as of course the lender was insistent and the buyer had no desire to make payments on money sitting in my trust account. We provided proof of deposit etc. to the buyer in their lawsuit and, to my knowledge, the fact that the
funds did not remain on deposit with us never was an issue in the case as at the time performance was due, the buyer was ready willing and able to perform.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">Thanks,<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Rich Holland<o:p></o:p></p>
<p class="MsoNormal"><a href="mailto:rich@pnwle.com"><span style="color:#0563C1">rich@pnwle.com</span></a><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:10.0pt">733 7th Avenue, Suite 110<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt">Kirkland, WA 98033<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt">425-836-6240 / 425-748-3901 (fax)<o:p></o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-size:9.0pt">The information contained in this communication, and in any attached document(s), is privileged and/or confidential, intended solely for the individual/entity to whom/which it was sent. If you are not the
intended recipient, you are hereby notified that any dissemination, distribution, or copying of this information is strictly prohibited. If you have received this email in error, please notify me immediately at the email address, mailing address, or telephone
or fax number above.<o:p></o:p></span></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal"><b>From:</b> wsbarp-bounces@lists.wsbarppt.com [mailto:wsbarp-bounces@lists.wsbarppt.com]
<b>On Behalf Of </b>Eric Nelsen<br>
<b>Sent:</b> Thursday, July 07, 2016 10:17 AM<br>
<b>To:</b> WSBA Real Property listserve (wsbarp@lists.wsbarppt.com) <wsbarp@lists.wsbarppt.com><br>
<b>Subject:</b> [WSBARP] PSA Seller refuses to close; Buyer's right to withdraw funds?<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Standard residential PSA, closing was set to occur last week. All-cash deal, no financing. Buyer timely deposited all funds, but Seller has refused to complete the sale or even sign closing documents.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Buyer intends to file for specific performance, but in the meantime: Is there any problem with the Buyer withdrawing all funds from escrow at this point, while sending the Seller a letter confirming that the Buyer reserves all rights and
intends to sue for breach of the contract? Buyer has already clearly demonstrated willingness and ability to timely close the transaction and I do not think the full purchase price should have to sit for months in escrow until the litigation is resolved. Any
other thoughts or advice?<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-size:12.0pt">Sincerely,<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt">Eric<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt">Eric C. Nelsen<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt">SAYRE LAW OFFICES, PLLC<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt">1417 31st Ave South<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt">Seattle WA 98144-3909<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt">phone 206-625-0092<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt">fax 206-625-9040<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt"><o:p> </o:p></span></p>
<p class="MsoNormal"><b><span style="font-size:12.0pt;color:red">Please Note that We Have Moved<o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="font-size:12.0pt"><o:p> </o:p></span></b></p>
<p class="MsoNormal"><span style="font-size:12.0pt">We have moved our Seattle office to Mount Baker Ridge (a small commercial community just above the I-90 tunnel).<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt"><o:p> </o:p></span></p>
<p class="MsoNormal"><b><span style="font-size:12.0pt">Our new address is 1417 31st Avenue South, Seattle WA 98144.
</span></b><span style="font-size:12.0pt">All other contact information remains the same.<o:p></o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
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