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<p>Possession is defined as on-closing in the vast majority of
residential transactions, so it would affect possession on most
transactions. The very purpose of these amendments is to allow
possession on schedule, although in a multiple closing transaction
it could also be to allow funds for the second closing.<br>
</p>
<p>And allowing possession pre or post-closing is now rather risky
with the Covid issues.</p>
<p>The first time I came across this issue was about three years ago
on a closing which should have been the Friday before the 4th of
July. The title company offered to treat it as closed. Neither
the buyer nor seller wanted that--the buyer wasn't planning on
moving into the property until the next week and representing the
buyer I didn't want the risk of a fire from fireworks with an
insurance company denying coverage.<br>
</p>
<pre class="moz-signature" cols="72">Kary L. Krismer
206 723-2148</pre>
<div class="moz-cite-prefix">On 11/3/2020 5:22 PM, David Daniel
wrote:<br>
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<blockquote type="cite"
cite="mid:CAHXepJy8rG11V9UhD7kQHzBDniZm=z_D9w+K=BasvekA=SWdjw@mail.gmail.com">
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<div class="gmail_default"
style="font-family:verdana,sans-serif;font-size:small;color:#073763">Possession
would not be affected. It would be delivered as per the
contract, either upon closing or at some other specified
time. This addendum solely changes the contractual point of
closing from being the time of recording to the time of
submission for recording (assuming the other conditions are
met, i.e. the funds are made available to Seller). </div>
<div class="gmail_default"
style="font-family:verdana,sans-serif;font-size:small;color:#073763"><br>
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<div class="gmail_default"
style="font-family:verdana,sans-serif;font-size:small;color:#073763">Oh,
and as to the point raised earlier regarding lender consent,
nothing there would be changed either. Lender consent would
(as always) be required for the parties to close, and the
lender would have a copy of this addendum together with the
contract before approving the release of the funds. </div>
<div class="gmail_default"
style="font-family:verdana,sans-serif;font-size:small;color:#073763"><br>
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<div class="gmail_default"
style="font-family:verdana,sans-serif;font-size:small;color:#073763">Appreciating
the feedback and thoughts! Thank you.</div>
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<div dir="ltr" class="gmail_attr">On Tue, Nov 3, 2020 at 5:09
PM Tom Ashton <<a href="mailto:Tashton@tomashtonlaw.com"
moz-do-not-send="true">Tashton@tomashtonlaw.com</a>>
wrote:<br>
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<div id="gmail-m_2399747367308328479divRplyFwdMsg"
dir="ltr"><font style="font-size:11pt" face="Calibri,
sans-serif" color="#000000"><b>From:</b> <a
href="mailto:wsbarp-bounces@lists.wsbarppt.com"
target="_blank" moz-do-not-send="true">wsbarp-bounces@lists.wsbarppt.com</a>
<<a href="mailto:wsbarp-bounces@lists.wsbarppt.com"
target="_blank" moz-do-not-send="true">wsbarp-bounces@lists.wsbarppt.com</a>>
on behalf of David Daniel <<a
href="mailto:ddaniel@demcolaw.com" target="_blank"
moz-do-not-send="true">ddaniel@demcolaw.com</a>><br>
<b>Sent:</b> Tuesday, November 3, 2020 4:39:59 PM<br>
<b>To:</b> WSBA Real Property Listserv <<a
href="mailto:wsbarp@lists.wsbarppt.com"
target="_blank" moz-do-not-send="true">wsbarp@lists.wsbarppt.com</a>><br>
<b>Subject:</b> Re: [WSBARP] New wrinkle on closings</font>
<div> </div>
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<div dir="ltr">
<div
style="font-family:verdana,sans-serif;font-size:small;color:rgb(7,55,99)">
<div>This addendum language came out of our office.
It came about in response to a recent notice from
King County (a number of weeks back) that
recordings may be delayed by several days or more.
We had word that other counties were experiencing
similar issues as well. Given our understanding
that title and casualty insurers are generally
willing to insure the gap period, we came up with
this addendum to address the concern of the
parties becoming out of contract if the
transaction did not "close" on time. </div>
<div><br>
</div>
<div>I appreciate the thoughtful commentary offered
by Craig and Kary. Here would be my thoughts in
response:</div>
</div>
<div
style="font-family:verdana,sans-serif;font-size:small;color:rgb(7,55,99)"><br>
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<div
style="font-family:verdana,sans-serif;font-size:small;color:rgb(7,55,99)">
<div><span
style="font-family:Arial,Helvetica,sans-serif;color:rgb(34,34,34)">What
if the county rejects the recording and requires
one of the parties to re-sign something and that
party now refuses?</span> </div>
<div>I don't think either party would have a basis
to refuse, and both parties would be bound by the
duty of good faith and fair dealing to complete
the act of recording. As between Buyer and Seller,
the transaction would be closed as of the
"Submission Date" (which is defined earlier in
form to be the date on which the closing docs are
submitted to the county for recording, regardless
of whether they are actually recorded that day).
As such the parties would not be out of contract
or free to walk away, but rather would be closed
as between the two of them, but with the surviving
need/obligation to record the documents, which
essentially would be a ministerial act at that
point, but not one which either party would be
entitled to avoid. I suppose if the seller just
disappeared then a court could be petitioned for
an order to complete the recording.</div>
<div><br>
</div>
<div><span
style="color:rgb(34,34,34);font-family:Arial,Helvetica,sans-serif">I
am concerned about an insurable interest in the
event of a casualty.</span> <br>
</div>
<div>The Buyer would have an insurable interest due
to the change in definition of "closing", and as
paragraph 3 says, both parties should ensure that
they have adequate coverage from the point of
closing to the point of recording.</div>
<div><br>
</div>
<div>I believe (but do not know for sure) that NWMLS
will be addressing this issue in an upcoming round
of forms revisions. </div>
<div><br>
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<p
style="background-image:initial;background-position:initial;background-repeat:initial"><b><span
style="font-size:11pt;font-family:Garamond,serif;color:rgb(7,55,99)">David
C. Daniel</span></b><span
style="font-size:11pt;font-family:Garamond,serif;color:rgb(7,55,99)">,
Attorney</span><br>
</p>
<p
style="background-image:initial;background-position:initial;background-repeat:initial"><span
style="font-size:11pt;font-family:Garamond,serif;color:rgb(7,55,99)"><u><sup>____________________________________</sup></u><br>
</span><b><span
style="font-size:13.5pt;font-family:Garamond,serif;color:rgb(7,55,99)"> DEMCO
LAW FIRM, P.S.</span></b><span
style="font-size:11pt;font-family:Garamond,serif;color:rgb(7,55,99)"><br>
<u><sup>____________________________________</sup><br>
</u><b>Office
|</b> (206)
203-6000<br>
<b>Email |</b> </span><u><span
style="font-size:11pt;font-family:Garamond,serif;color:rgb(17,85,204)"><a
href="mailto:ddaniel@demcolaw.com" target="_blank"
moz-do-not-send="true">ddaniel@demcolaw.com</a></span></u><span
style="font-size:12pt;font-family:"Times New Roman",serif"><span></span></span></p>
<p
style="background-image:initial;background-position:initial;background-repeat:initial"></p>
<p
style="background-image:initial;background-position:initial;background-repeat:initial"><span
style="font-size:11pt;font-family:Garamond,serif;color:rgb(7,55,99)">5224
Wilson Ave.
S., Suite 200</span></p>
<p
style="background-image:initial;background-position:initial;background-repeat:initial"><span
style="font-size:11pt;font-family:Garamond,serif;color:rgb(7,55,99)">Seattle,
WA 98118</span><span
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<div dir="ltr">On Tue, Nov 3, 2020 at 3:13 PM Kary
Krismer <<a href="mailto:Krismer@comcast.net"
target="_blank" moz-do-not-send="true">Krismer@comcast.net</a>>
wrote:<br>
</div>
<blockquote style="margin:0px 0px 0px
0.8ex;border-left:1px solid
rgb(204,204,204);padding-left:1ex">
<div>
<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 cols="72">Kary L. Krismer
206 723-2148</pre>
<div>On 11/3/2020 3:02 PM, Craig Gourley wrote:<br>
</div>
<blockquote type="cite">
<div>
<p>Listmates, I just received an addendum on
a Purchase and Sale we are closing and it
has my antenna’s up. </p>
<p> </p>
<p>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. </p>
<p> </p>
<p><img
id="gmail-m_2399747367308328479x_gmail-m_7431614166907259282gmail-m_6717249610982794677gmail-m_-6347366469683000126Picture_x0020_1"
src="cid:part10.1C3829FE.2BE3C8F3@comcast.net" style="width: 7.2916in;
height: 2.3541in;" class="" width="700"
height="226"></p>
<p> </p>
<p><b><span style="font-size:14pt">Gourley Law
Group</span></b></p>
<p><b><span style="font-size:12pt">Snohomish
Escrow</span></b></p>
<p><b><span style="font-size:12pt">The
Exchange Connection</span></b></p>
<p><b><span style="font-size:14pt"> </span></b></p>
<p><span>1002 10<sup>th</sup> Street / PO Box
1091</span></p>
<p><span>Snohomish, WA 98291</span></p>
<p><span> </span></p>
<p><span>360.568.5065</span></p>
<p><span>360.568.8092 fax</span></p>
<p><u><span><a href="mailto:Craig@glgmail.com"
target="_blank" moz-do-not-send="true"><span
style="color:rgb(5,99,193)">Craig@glgmail.com</span></a></span></u><span></span></p>
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