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<p>The state-wide forms people are apparently working on this issue
and apparently finding a number of different issues necessary to
resolve. So caution is probably indicated. <br>
</p>
<p>I've heard they've discounted the casualty insurance issue, which
I consider to be the major issue. I think paragraph 3 should
probably provide that both parties should maintain insurance until
recorded if you're willing to take the risk on that issue. But
with that paragraph 1 language changing the definition of closing
seemingly the buyer would have an insurable interest, unlike the
standard state-wide forms.<br>
</p>
<p>I'd not have thought too much about the county rejecting
documents prepared by a professional escrow in a normal
purchase-sale transaction. Has anyone seen that? There is
typically limited power of attorney language to correct mistakes
as part of the escrow instructions, so maybe that would deal with
it where the document didn't need to be completely redrawn. But
what about a valuation issue holding things up?<br>
</p>
<pre class="moz-signature" cols="72">Kary L. Krismer
206 723-2148</pre>
<div class="moz-cite-prefix">On 11/3/2020 3:02 PM, Craig Gourley
wrote:<br>
</div>
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<p class="MsoNormal">Listmates, I just received an addendum on
a Purchase and Sale we are closing and it has my antenna’s
up. <o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">I have seen gap insurance in limited cases
when something unusual happens and title will insure as of a
specific date even though a deed has not recorded but it is
typically with the consent of the lender. Given the
propensity of the County recording office to play Jr lawyer
and reject recordings for any number of stupid reasons I am
reluctant to follow this addendum. What if the county
rejects the recording and requires one of the parties to
re-sign something and that party now refuses? I am concerned
about an insurable interest in the event of a casualty. I am
sure given a minute I can come up with additional participants
in the potential parade of horrors. Thoughts? Comments? Am I
being overly concerned about nothing? The addendum is below.
<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal"><b><span style="font-size:14.0pt">Gourley
Law Group<o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="font-size:12.0pt">Snohomish
Escrow<o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="font-size:12.0pt">The
Exchange Connection<o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="font-size:14.0pt"><o:p> </o:p></span></b></p>
<p class="MsoNormal"><span
style="font-size:10.0pt;font-family:"Arial Rounded MT
Bold",sans-serif">1002 10<sup>th</sup> Street / PO Box
1091<o:p></o:p></span></p>
<p class="MsoNormal"><span
style="font-size:10.0pt;font-family:"Arial Rounded MT
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