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April 3, 2018 • Stay Connected!
         

QUESTION:  We have mutual acceptance with Mrs. Buyer purchasing as a "married person purchasing as her separate estate". One week later, Selling agent submits an addendum adding Spouse, Mr. Buyer, and changing status to "a married couple". Does Mr. Seller, who has just been added to a completed contract, need to sign all the pages of the contract as well? What is the rule when adding or deleting parties after mutual acceptance?



ANSWER:  The answer to this question depends upon whether Mrs. Buyer was identified, on the original PSA, as "Mrs. Buyer and/or assigns". Since the question is silent on that fact, it is presumed that Mrs. Buyer's name was not followed by "and/or assigns". If "and/or assigns" had been included with Mrs. Buyer's name, then Mrs. Buyer would have had the contractual right to assign her buyer's rights in the PSA to her marital community, "Mrs and Mr Buyer," without seller's permission. Statewide Form 32 would be the correct form to use for that purpose.
 
Since "and/or assigns" was not included with Mrs. Buyer's name on the PSA, then changing the buyer on the PSA requires seller's consent. In this case, buyer will seek seller's permission to assign the buyer's interest in the PSA from Mrs. Buyer to Mrs. and Mr. Buyer, a married couple. If seller balks at this assignment request, then both brokers should each advise their client to seek legal counsel. Seller may have a technical right to refuse the assignment but in a courtroom setting, it is likely that a court would require seller to prove more justification for refusing this assignment request. How a court would rule on a question like this would be entirely fact dependent so there is no way the Hotline lawyer can say that a buyer necessarily does or does not have the right to make an assignment of this nature. Instead, if a dispute arises between buyer and seller over this question, brokers should advise their clients to seek legal counsel for assistance in evaluating how the facts of the given situation will impact the decisions each party must make.
 
Assuming seller consents to the assignment, the best approach to making the assignment would be for seller and original buyer to sign an addendum allowing buyer to assign buyer's rights in the PSA to "Mrs. and Mr. Buyer, a married couple". Then, Mrs. Buyer can use a Form 32 to assign her buyer's interest to her and her husband. Both Mrs. and Mr. Buyer will sign the Form 32. Mr. Buyer will not be required to go back and sign all of the pages of the PSA. Seller is not required to sign the Form 32 because seller will have already consented to buyer's assignment.  

 

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.



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Primary Mortgage Rates Survey
(updated every Thursday)  Source:  Freddie Mac
 
 March 29, 2018    30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.44%  3.90%  3.66%
 Fees & Points  0.5
 0.5
 0.4
 Margin  N/A  N/A  2.75



 March 22, 2018    30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.45%  3.91%  3.68%
 Fees & Points  0.5
 0.5
 0.4
 Margin  N/A  N/A  2.75



 March 15, 2018    30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.44%  3.90%  3.67%
 Fees & Points  0.5
 0.5
 0.4
 Margin  N/A  N/A  2.75



 March 8, 2018   30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.46%  3.94%  3.63%
 Fees & Points  0.5
 0.5
 0.4
 Margin  N/A  N/A  2.75



 March 1, 2018       30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.43%  3.90%  3.62%
 Fees & Points  0.5
 0.5
 0.4
 Margin  N/A  N/A  2.75



 
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