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Weekly Membership Newsletter
November 7, 2017 • Stay Connected!
         

QUESTION:  Is a buyer or seller prohibited from withdrawing their offer or counteroffer, contained in the Form 35R (Inspection Response Addendum), prior to acceptance?



ANSWER:  When buyer and seller sign Form 35 (Inspection Contingency), they each agree that their inspection contingency negotiations will provide the other party three days to consider the offer they make. Said differently, buyer agrees that when buyer makes a request of seller, based on Form 35, buyer will give seller three days to accept, counter or reject buyer's request. During those three days, buyer agrees that buyer will not withdraw buyer's request for repairs and/or concessions. Buyer agrees that during those three days, buyer will not change buyer's mind and terminate the agreement. If seller fails to respond during seller's three day response period, buyer then has three days to determine how buyer wants to proceed and could, at that time, terminate the PSA.
 
If, however, seller responds, during seller's three day response period, by countering buyer's request for repairs and/or concessions, seller also agrees that seller will not withdraw seller's counteroffer for three days following seller's delivery of the counteroffer. Seller agrees that buyer will have the benefit of all three days to consider seller's counteroffer and decide how to proceed.
 
The boiler plate language that creates this limitation on withdrawing offers and counteroffers under the inspection contingency is found in Form 35, lines 37-39.
 

 

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!

  


  

Washington REALTORS® & Tax Reform
We are still looking into the details of this complicated proposal, but at first glance it appears that middle class homeowners are hurt by this proposal. Not only by capping the MID, but by capping property tax deductions and doubling the standard deduction. We believe that our tax system should be reformed, but not on the backs of middle class homeowners. Tell Congress that tax reform should not mean an increase on middle class homeowners.
Take Action →

 
Homeownership Benefits Aren’t Just Financial
(Source: Seattle King County REALTORS) You’ve heard that owning a home has benefits financially—but did you know there are major social benefits, too? Improved educational performance in children, improved health, higher civic participation, and reduced crime rates are the realized social benefits of homeownership. These findings come from... 
More →


 
Let's Terminate Use of the Word 'Rescind'
WR Legal Hotline Lawyer Annie Fitzsimmons writes in the latest Legal Hotline article for RE Magazine: "We have an industry-wide misunderstanding of what happens at the end of a failed transaction and the paperwork that is needed to send departing parties on their way. The misunderstanding results in lots of confusion for all of us, the professionals, so imagine what it does to our collective clients..." 
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Leadership Institute Deadline Approaches
Join your fellow REALTORS® in a series of powerful retreats including sessions on leadership, team-building, goal setting, improving communication skills, and more! The deadline for application is November 30th so don't miss your chance to attend this engaging, dynamic experience.
Apply →


Gifts & Gadgets for Under $15
(Source: Tech Helpline) What can you buy for less than $15 at Amazon.com? Let’s take a look at some cool gifts and gadgets for agent offices, home and on the road. Some of these items might even make your Holiday “wish list.”...  
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Legal Hotline Video:
Seller's Approval Before Switching Lenders
Is a Buyer allowed to use a Lender, different from the Lender who wrote the Pre-Approval Letter, that was used by the Buyer to, at least in part, persuade the Seller to accept Buyer's offer? Is Buyer required to get pre-approval of Seller before switching Lenders? Washington REALTORS® Legal Hotline Lawyer Annie Fitzsimmons answers...
 
More →


 
Primary Mortgage Rates Survey
(updated every Thursday)  Source:  Freddie Mac
 
 November 2, 2017  30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  3.94%  3.27%  3.23%
 Fees & Points  0.5
 0.5
 0.5
 Margin  N/A  N/A  2.74



 October 26, 2017  30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  3.94%  3.25%  3.21%
 Fees & Points  0.5
 0.5
 0.4
 Margin  N/A  N/A  2.74



 October 19, 2017  30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  3.88%  3.19%  3.17%
 Fees & Points  0.5
 0.5
 0.4
 Margin  N/A  N/A  2.74



 October 12, 2017  30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  3.91%  3.21%  3.16%
 Fees & Points  0.5
 0.5
 0.4
 Margin  N/A  N/A  2.74





 
 
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