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<p>This is a residential transaction and the statewide forms contain
an election of remedies clause, and well over 90% of the time the
selection is forfeiture of earnest money, eliminating the actual
damages remedy.</p>
<p>Also, it's important to realize that the standard NWMLS form
provides that the listing firm gets to keep one-half the EM in the
event of forfeiture. Quite frankly, large earnest monies do not
impress me on the seller side, although too small of EM can make a
buyer's offer practically illusory. I don't think I've ever had a
single multiple offer situation where the amount of the EM was the
deciding factor.<br>
</p>
<pre class="moz-signature" cols="72">Kary L. Krismer
John L. Scott, Inc.
206 723-2148</pre>
<div class="moz-cite-prefix">On 5/12/2020 3:56 PM, Paul Neumiller
wrote:<br>
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<p class="MsoNormal"><b>From:</b>
<a class="moz-txt-link-abbreviated" href="mailto:wsbarp-bounces@lists.wsbarppt.com">wsbarp-bounces@lists.wsbarppt.com</a>
<a class="moz-txt-link-rfc2396E" href="mailto:wsbarp-bounces@lists.wsbarppt.com"><wsbarp-bounces@lists.wsbarppt.com></a>
<b>On Behalf Of </b>Craig Blackmon<br>
<b>Sent:</b> Tuesday, May 12, 2020 3:30 PM<br>
<b>To:</b> <a class="moz-txt-link-abbreviated" href="mailto:jeff@bellanddavispllc.com">jeff@bellanddavispllc.com</a>; WSBA Real Property
Listserv <a class="moz-txt-link-rfc2396E" href="mailto:wsbarp@lists.wsbarppt.com"><wsbarp@lists.wsbarppt.com></a><br>
<b>Subject:</b> Re: [WSBARP] Limit on Earnest Money Amount
that can be forfeited.<o:p></o:p></p>
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<p class="MsoNormal">On Tue, May 12, 2020 at 3:27 PM Jeff
Davis <<a href="mailto:jeff@bellanddavispllc.com"
moz-do-not-send="true">jeff@bellanddavispllc.com</a>>
wrote:<o:p></o:p></p>
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<div>
<p class="MsoNormal"
style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">Listmates,<o:p></o:p></p>
<p class="MsoNormal"
style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"> <o:p></o:p></p>
<p class="MsoNormal"
style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">Probate
estate is selling decedents home. Buyer wants to put
down a large earnest money that amounts to 13% of the
purchase price. Somewhere in the past, it seems our
Courts limited the amount of earnest money a Seller
can retain on default to somewhere around 5% of the
purchase price. Your thoughts would be helpful.<o:p></o:p></p>
<p class="MsoNormal"
style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"> <o:p></o:p></p>
<p class="MsoNormal"
style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">Jeff
Davis<o:p></o:p></p>
<p class="MsoNormal"
style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"> <o:p></o:p></p>
<p class="MsoNormal"
style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span
style="font-size:10.0pt;font-family:"Tahoma",sans-serif;color:black">W.
Jeff Davis, Esq.</span><o:p></o:p></p>
<p class="MsoNormal"
style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span
style="font-size:10.0pt;font-family:"Tahoma",sans-serif;color:black">BELL
& DAVIS PLLC<br>
P.O. Box 510<br>
Sequim WA 98382<br>
Phone No.:(360) 683.1129 <br>
Fax No.: (360) 683.1258 <br>
email: <a href="mailto:info@bellanddavispllc.com"
target="_blank" moz-do-not-send="true">info@bellanddavispllc.com</a><br>
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