Read Get the Facts including the Legal Hotline Q & A
Get the Facts is a Membership update sent to Washington REALTOR® members and contacts each Tuesday.  
Click here if you are having trouble viewing this message.
 
Weekly Membership Newsletter
September 5, 2017 • Stay Connected!
Access Member Services:  warealtor.org | Legal Hotline | Tech Helpline
         

QUESTION:  What happens if the seller has completed all the items on the 35R and the buyer has a re-inspect and inspector says not all was done, seller does more work and inspector says it is okay with a few minor items, no material defects. Minor items can still be fixed. We are 5 days to closing. Buyer is all approved for financing. Buyer sends addendum terminating the transaction because not all the work was completed. Form 35 required that all work be completed three days prior to closing. What does it mean in Form 35 item (1)(d) "Sellers repairs are subject to reinspect and approval by buyer." Is this a big wiggle clause for a buyer to bail?



ANSWER:  Form 35 does NOT say "Sellers repairs are subject to re-inspect and approval by buyer." Form 35 says that seller's repairs are subject to "re-inspection and approval" by the buyer's original inspector. Buyer has no discretion in this matter and buyer has no independent right to determine that seller has not adequately completed the repairs. Buyer's ability to terminate is tied directly to the assessment of buyer's inspector. Whether this buyer can terminate is dependent entirely upon what buyer's inspector said. Did buyer's inspector "approve" the repairs? (It is not clear whether buyer's inspector approved the repairs based on the information given in the question.) Additionally, it is significant that closing is five days away. Buyer certainly has no basis for terminating at this point because seller is not even obligated to complete repairs until three days prior to closing. As a result, if there are any remaining repairs to be completed, seller has two days to get those done. If, without argument, seller has made all repairs no later than three days before closing and buyer's inspector has "approved" the repairs, then buyer has no lawful basis for terminating pursuant to the Form 35 Inspection Contingency. If buyer persists, broker should advise seller to seek legal counsel.

 

The Legal Hotline Lawyer does not represent Washington REALTORS or its members. To browse through our database of past Q & A's, visit www.warealtor.org. Attorney Annie Fitzsimmons writes the Legal Hotline Question and Answer of the Week. Please submit questions to legalhotline@warealtor.org . Please tell us your NRDS number when you e-mail the Hotline with your question.


 

Thank you, Corporate Sponsors!

  


 
The Hirst Decision Conference Call
Dial in to discuss what the 2017 Legislature didn't do, what it still might do, and what it means at the local level... Join us September 7th from 1-2 PM PST for a conference call update with WR Public Policy Director Bill Clarke. This short informative session will review the State Supreme Court’s Hirst Growth Management Act decision regarding water availability for new private wells, proposals in the 2017 Legislature to modify the Hirst decision, and what is currently occurring at the local level.  [Read more...]
 

 
 
Call for Action!  We Need Your Help
Over 1,000 members have responded but we need more!  It only takes a few clicks to urge Congress to support H.R. 2874, “The 21st Century Flood Reform Act." H.R. 2874 reauthorizes the NFIP and makes a number of critical improvements to the NFIP. Reauthorization of the NFIP will help over 5 million homeowners in 22,000 communities around the country, so it is critical Congress acts now.  [Take Action...]
 

 
 
Using Failure to Grow Your Business
(Source: YPN Lounge) Why do you think we don’t make our failures public? This is easy to see on social media. Pictures of couples on the beach in Punta Cana, our friend getting promoted to a management position, and our co-worker’s weekly production numbers dominate our newsfeeds. And we can’t help but ask ourselves, why is everyone having success but me? [Read more...
 

 
 
Tech Helpline - What to Do When Your
Smartphone Falls Into The Water 
(Source: Tech Helpline) Kerplunk! That may be the most dreaded sound a smartphone user can ever hear. If your cell phone has ever dropped in the water, you know exactly what I mean. Here are some things you can do when your smartphone decides unexpectedly to take a bath.  [Read more...
 

 
 
Primary Mortgage Rates Survey
(updated every Thursday)  Source:  Freddie Mac
 
 August 31, 2017  30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  3.82%  3.12%  3.14%
 Fees & Points  0.5
 0.5
 0.5
 Margin  N/A  N/A  2.74



 August 24, 2017  30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  3.86%  3.16%  3.17%
 Fees & Points  0.5
 0.5
 0.5
 Margin  N/A  N/A  2.74



 August 17, 2017  30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  3.89%  3.16%  3.16%
 Fees & Points  0.4
 0.5
 0.4
 Margin  N/A  N/A  2.74



 
 
It's Time to Register for the Business Symposium
We'll have a full day of valuable real estate info + a nationally recognized instructor. Washington REALTORS® Fall Business Symposium is coming up on September 28th, 2017. Reserve your spot and come hear speaker Chandra Hall talk about Real Estate Systems, Negotiations, Investments, and Exit Strategies while earning 7.5 Clock Hours. Note the location! We'll be at the Seattle Airport Conference Center and lunch & parking are included. [Register...
 

 
 
Rare CIPS Opportunity in Vancouver
Take advantage of this rare opportunity to take the Certified International Property Specialist course (CIPS designation). The course is a total of five days and includes topics like:
  • 9/8 - Global Real Estate Local Market
  • 9/15 - Global Real Estate Transaction Tool
  • 10/20 - Americas & International Real Estate
  • 10/27 - Asia/Pacific & International Real Estate
  • 11/9 - At Home With Diversity Certification (AHWD)  
  • [More info & schedule...

 
 OTHER UPCOMING CLASSES
Date Class Location CE  
08-Sep
Global Real Estate Local Market
(part of the CIPS Course)
Vancouver 7.5 More info...
13-Sep Real Estate Safety Matters Olympia 3.5 More info...
13-Sep Social Media Marketing for REALTORS Olympia 3.5 More info...
14-Sep
Water Right & Water Supply
Issues for REALTORS
Walla Walla 3.5 More info...
14-Sep Disclosure Requirements in RE Transactions Kennewick 7.5 More info...
15-Sep
Global Real Estate Local Market
(part of the CIPS Course)
Vancouver 7.5 More info...
18-19-Sep
Accredited Buyer Representative
(ABR) Course
Wenatchee 15 More info...
20-Sep Advanced 1031 Exchanges Hood River, OR 3 More info...
28-Sep Fundamentals of Commercial RE Olympia 4 More info...
28-Sep Real Estate Safety Matters Kennewick 3.5 More info...