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</o:shapelayout></xml><![endif]--></head><body lang=EN-US link="#0563C1" vlink="#954F72"><div class=WordSection1><p class=MsoNormal>Remember that an LOI is not a binding contract, or even an enforceable agreement to enter into a contract. It just lays out some of the terms the buyer is wanting, for further negotiation. If your client accepts an LOI you will want to move to a contract as quickly as you can. I agree with prior statements regarding the cost of extended coverage on the title policy and the cost of the survey required to obtain it.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Deborah Berg<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><div><div style='border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in'><p class=MsoNormal><b>From:</b> wsbarp-bounces@lists.wsbarppt.com <wsbarp-bounces@lists.wsbarppt.com> <b>On Behalf Of </b>nestor@pplsweb.com<br><b>Sent:</b> Thursday, December 13, 2018 10:58 AM<br><b>To:</b> 'WSBA Real Property Listserv' <wsbarp@lists.wsbarppt.com><br><b>Subject:</b> Re: [WSBARP] Letter of Intent/Title Ins. ?<o:p></o:p></p></div></div><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>If parties already agreed on price and basic terms such as earnest money, Due diligence period, whether subject to financing and closing date, I would draft a contract. <o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>As for extended policy that is subject to negotiation, but Buyer typically pays for standard policy and Buyer makes up the difference for extended.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Nestor<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><b><span style='color:black'>Nestor Gorfinkel, Attorney at Law <o:p></o:p></span></b></p><p class=MsoNormal><b><span style='color:black'>Admitted to practice law in Washington & Florida <o:p></o:p></span></b></p><p class=MsoNormal><b><span style='color:black'>Florida Civil-Law (International) Notary<o:p></o:p></span></b></p><p class=MsoNormal><b><span style='color:black'>Puget Property Legal Services, PC<o:p></o:p></span></b></p><p class=MsoNormal><b><span style='color:black'>11900 NE First Street Suite 300<o:p></o:p></span></b></p><p class=MsoNormal><b><span style='color:black'>Bellevue, WA 98005</span><span style='color:#385623'><o:p></o:p></span></b></p><p class=MsoNormal><b><span style='color:black'>Tel. (425) 961-0519<o:p></o:p></span></b></p><p class=MsoNormal><b><span style='color:black'>Fax. (888) 522-3601<o:p></o:p></span></b></p><p class=MsoNormal><b><span style='color:black'><o:p> </o:p></span></b></p><p class=MsoNormal><b><span style='color:black'><o:p> </o:p></span></b></p><p class=MsoNormal><b><span style='font-size:10.0pt;color:black'>ATTENTION - </span></b><b><span style='font-size:10.0pt'>This e-mail message and any attachment to this e-mail message may contain confidential information that is legally privileged. If you are not the intended recipient, you must not review, retransmit, convert to hard copy, copy, use or disseminate this e-mail or any attachments to it. If you have received this e-mail in error, please notify us immediately by return e-mail or by telephone at the phone numbers provided herein and delete this message. Please note that if this e-mail message contains a forwarded message or is a reply to a prior message, some or all of the contents of this message or any attachments may not have been produced by the sender.<o:p></o:p></span></b></p><p class=MsoNormal><b><span style='font-size:10.0pt;color:black'><o:p> </o:p></span></b></p><p class=MsoNormal><b><span style='font-size:24.0pt;font-family:Webdings;color:#009900'>P</span></b><b><span style='font-size:24.0pt;color:#009900'> </span></b><b><span style='font-size:9.0pt;font-family:"Verdana",sans-serif;color:#009900'>Please consider the environment before printing this e-mail.</span></b><o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><div><div style='border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in'><p class=MsoNormal><b>From:</b> <a href="mailto:wsbarp-bounces@lists.wsbarppt.com">wsbarp-bounces@lists.wsbarppt.com</a> <<a href="mailto:wsbarp-bounces@lists.wsbarppt.com">wsbarp-bounces@lists.wsbarppt.com</a>> <b>On Behalf Of </b>Justin Monro<br><b>Sent:</b> Thursday, December 13, 2018 10:28 AM<br><b>To:</b> 'wsbarp@lists.wsbarppt.com' <<a href="mailto:wsbarp@lists.wsbarppt.com">wsbarp@lists.wsbarppt.com</a>><br><b>Subject:</b> [WSBARP] Letter of Intent/Title Ins. ?<o:p></o:p></p></div></div><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Hello.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Client process of selling property and accepting Letter of Intent (LOI). <o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Clients property, 5 acres with home, some wet issues (likely) and potential plat of property. Client would like to sell to developer. <o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>However, developer came back and requested an extended title coverage to be paid by seller. Is this beneficial to my seller? Maybe I am wrong but I assumed the extended coverage included a survey? <o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Also, is there anything wrong with accepting LOI or just write a P&S agreement. Thoughts. Thank you for any answers!<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Thank you,<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Justin K. Monro<o:p></o:p></p><p class=MsoNormal>Attorney at Law <o:p></o:p></p><p class=MsoNormal>The Monro Law Firm PS Inc.<o:p></o:p></p><p class=MsoNormal>1830 Bickford Ave. Ste 204<o:p></o:p></p><p class=MsoNormal>Snohomish, WA 98290<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p></div></body></html>