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Weekly Membership Newsletter
May 15, 2018 • Stay Connected!
         

QUESTION:  I am the listing agent. Seller countered an offer that identified 3 buyers as purchasers. I wrote on the Seller Counter that seller's offer shall expire “April 10 at 10AM.” One of the buyer's signatures accepting counter was at 10:59AM on April 10. We are now a month later and past the inspection period. Can seller terminate the transaction based on the late signature by buyer accepting seller's counter?



ANSWER:  Probably not. Seller will likely be held to have ratified the PSA by moving forward based on the terms of the PSA without objecting to buyer's late signature. Seller could have treated seller's counteroffer, at 10:01 am on April 10, as though it was expired or seller could have objected to the late signature when it arrived an hour late ... but seller did neither of those things. Instead, seller acted as though buyer and seller were in a binding PSA. Seller let buyer and buyer's inspector inspect the home. Seller may have negotiated with buyer regarding buyer's inspection contingency. It is possible that seller acquiesced to the terms of the PSA in other ways as well. Seller may have allowed access to buyer's appraiser or performed a septic or well inspection pursuant to the terms of the PSA or through listing broker, opened escrow, communicated with buyer's lender and/or changed the status in the MLS from "active". All of these actions show seller's acquiescence to the terms of the agreement with buyer and waiver of any defect associated with buyer's late acceptance of seller's counteroffer. Based on these actions and others like them, a court would likely hold that seller ratified the PSA through seller's actions and cannot now, a month later, object to buyer's one-hour late acceptance of seller's counteroffer.

 

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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Heads Up! Code of Ethics Cycle Ending
REALTORS® are required to complete ethics training within two-year cycles and the deadline for the current cycle is December 31, 2018. Training may be completed through your local REALTOR® association, via one of upcoming WR webinars (stay tuned for dates) or you can take it online. A few online options include NAR's online training or Interact CE's Ethics Adventure
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REALTORS® Take to the Hill in D.C.
Around 9,000 REALTORS® and state and local association executives are convening in Washington, D.C., this week to promote key policy issues that affect the real estate industry and their markets. Members will meet with lawmakers and Trump administration officials to advance policies on a host of concerns, including housing inventory and affordability, the National Flood Insurance Program, and net neutrality protections to ensure that the internet offers equal access to businesses and consumers. Stay up to date at Legislative Live.
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May REAL Trends Newsletter Available
Washington REALTORS subscribes to the REAL Trends newsletter so members have access to information about trends, technology, regulations, and more real estate industry topics. The May newsletter is now available.
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Two Ways You Can Commit a Fair Housing Violation Without Even Knowing It
(Source: Speaking of Real Estate) While the Fair Housing Act’s purpose—barring discrimination in the sale, rental, or financing of residential property—may be easy to understand, navigating the many intricacies of the landmark statute can be tricky even for experienced real estate professionals, said experts on the 1968 law who spoke during a recent event in Fairfax, Va.
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Primary Mortgage Rates Survey
(updated every Thursday)  Source:  Freddie Mac
 
 May 10, 2018       30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.55%  4.01%  3.77%
 Fees & Points  0.5
 0.4
 0.3
 Margin  N/A  N/A  2.76



 May 03, 2018       30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.55%  4.03%  3.69%
 Fees & Points  0.5
 0.4
 0.3
 Margin  N/A  N/A  2.76



 April 26, 2018       30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.58%  4.02%  3.74%
 Fees & Points  0.5
 0.4
 0.3
 Margin  N/A  N/A  2.76



 April 19, 2018       30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.47%  3.94%  3.67%
 Fees & Points  0.5
 0.4
 0.3
 Margin  N/A  N/A  2.76



 April 12, 2018       30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.42%  3.87%  3.61%
 Fees & Points  0.4
 0.4
 0.3
 Margin  N/A  N/A  2.76



 
 UPCOMING CLASSES
Date Class Location CE  
17-MAY Washington Landlord Tenant LawSeattle3.0More info...
21-MAY  Accredited Buyers Representative Puyallup 15.0 More info...
23-MAY At Home With Diversity Olympia7.5More info...
29-MAY To Disclose or Not to Disclose Wenatchee3.5More info...
29-MAY Best of the Legal HotlineWenatchee4.0More info...
30-MAY CORE & MoreKennewick7.5More info...
13-JUN Code of Ethics in Real LifeChelan3.0More info...
13-JUNCode of Ethics in Real LifeE.Wenatchee3.0More info...
21-JUNThe Hotline Vs. The Bottom LineShelton3.5More info...
21-JUN To Disclose or Not to DiscloseShelton4.0More info...
26-JUN NAR Code of EthicsBellingham3.0More info...
27-JUN NAR Code of EthicsOlympia3.0More info...
29-JUN NAR Code of EthicsPuyallup3.0More info...
     


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Expires on: 11:59PM PST 05/31/2018 
Promo Code: RELAX  Expires on: 11:59PM PST 05/31/2018 Discount amount: 27%  Restrictions: Cannot be combined with any other offer. Can use as entire cart discount or individual products. Unlimited use until expiration date. Does not apply to Ethics Adventure products.