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You are receiving this email because of your relationship with Washington Association of REALTORS. April 29, 2014 Stay Connected!

1 You are receiving this because of your relationship with Washington Association of REALTORS. April 29, 2014 Stay Connected! Legal Hotline Hotline Attorney writes the Legal Hotline Question and Answer of the Week. Please submit questions to or call (800) Please have your NRDS number ready when you call or the Hotline with your question. The Legal Hotline lawyer does not represent Washington Association of REALTORS members or their clients and customers. Research this topic and thousands of others online. Question: On two of my listings recently, I had the buyer's agent check "Other" on the Purchase and Sale Agreement, Page one, Line 12, Possession Date and write in "Upon closing and funding." What is your opinion on this and how it relates to Section F Possession and Closing where it sates the buyer is entitled to possession at 9:00 PM on the closing date? Answer: 1 of 9 4/29/14, 3:22 PM

2 Apparently, buyer's broker is attempting to structure a situation where possession changes at the time the deed is recorded as opposed to 9 pm. It is not at all clear that this language accomplishes that goal. The language used would not necessarily override the computation of time provision which sets 9 pm as the time for change of possession. Rather, "closing and funding" could just be another way to say closing, meaning that possession transfers on the day of closing... at 9 pm. If buyer's broker is attempting to create possession transfer at the exact moment in time that the transaction records and funds, buyer's broker should be much more specific and clear in the language used. However, if that is buyer broker's goal, listing broker should caution seller against that language if seller's house is occupied and being vacated at closing. If the seller is trying to vacate the house simultaneously with the closing, then seller needs a firm time target to hit. If the parties do not believe that 9 pm is the right time, then the parties can adjust that time to another specific time that they agree is fair. However, to leave the exact moment in time that seller must be out of the house to the whim of when docs are recorded and the escrow company cuts a proceeds check is unreasonable. Sellers deserve certainty in this time frame. 9 pm is used for this purpose because it is consistent with all other time frames used in the agreement and because it gives seller a few extra hours after a moving van is likely to have pulled away from the curb, to gather remaining items and do some final cleaning. If the parties prefer to establish 4:30 pm,for example, when the recording office closes, they can do that. It would never be a good idea, however, to have a floating target based on the time of recording and funding. For a printer friendly version of this week's Legal Hotline Q & A, click here. Career Help We have scanned and selected interesting tips & tricks articles from a variety of industry publications so you don't have to. Always check with your broker/owner to see if these practices fit within your company policies. GoConnect for Real Estate Brokers This app is designed by a real estate broker, for real estate brokers, to help you manage your checklists and lead follow-up on the go. Read the Tech Savvy Agent review here or download the iphone app here. Android users, stay tuned. The developer says that the ipad and Android versions are coming... 2 of 9 4/29/14, 3:22 PM

Tech Forum In case you missed the Tech Forum at last week's Spring Business Conference, our guest speaker was kind enough to share his presentation with us to share with you!

3 Good advice for those hesitant sellers... This post has some great advice for those potential sellers that are sitting on the fence. Use these strategies to help educate buyers and sellers about today's local market and help coax them to enter now instead of later! Tech Forum In case you missed the Tech Forum at last week's Spring Business Conference, our guest speaker was kind enough to share his presentation with us to share with you! David Spark with Spark Media Solution presented Time-Saving Tools & Techniques for REALTORS and you can view it here... Top Stories 2013 Washington REALTOR Awards The 2013 Washington REALTOR Awards were a hit! Take a few moments to congratulate all of the nominees and award winners. Check out the award winners here... Few signs of bubble trouble...pricing "not unrealistic" The Puget Sound Business Journal reports that the Seattle area posted the nation's thirdhighest monthly home-price rise but signs of a housing bubble are few... 3 of 9 4/29/14, 3:22 PM

4 Security Issue - Internet Explorer As you might of heard, there is a security exploit with Internet Explorer as mentioned by the Department of Homeland Security. This exploit takes advantage of the Adobe Flash add-on/extension for Internet Explorer. The Department of Homeland Security is recommending that all users who use Internet Explorer not to use it until a patch is released to fix this problem. If you want to use Internet Explorer you still can but make sure you disable the Adobe Flash add-on/extension. New Zero-Day Exploit Announcement... Mortgage National Averages 30-Yr FRM 15-Yr FRM 5/1-Yr ARM 1-Yr ARM Average Rates 4.33% 3.39% 3.03% 2.44% Change (from prior week) +0.06% +0.06% ----% ----% Fees & Points Margin N/A N/A Regional Averages (West) 30-Yr FRM 15-Yr FRM 5/1-Yr ARM 1-Yr ARM Average Rates 4.27% 3.34% 2.80% 2.15% Change (from prior week) +0.04% +0.05% -----% +0.02% Fees & Points Margin N/A N/A Source: Freddie Mac - Weekly mortgage rates released every Thursday. Freddie Mac's Primary Mortgage Market Survey 4 of 9 4/29/14, 3:22 PM

NAR participated in a public forum on e-closings and heard from agencies and trade groups relating to real estate e-closings. Read NAR's overview here.

5 Government Affairs Pilot Project to Explore e-closings... The Consumer Financial Protection Bureau (CFPB) is launching a pilot project to further gather information on how e-closings impact the industry (compared to paper-based closings). NAR participated in a public forum on e-closings and heard from agencies and trade groups relating to real estate e-closings. Read NAR's overview here. If you're interested in learning more about the CFPB's pilot project and guidelines, read more here... Education For your convenience, Washington REALTORS Education offers both online education and live classes, including webinars! To participate in a webinar, all you need is internet access and a phone. For more information, or to sign up for classes, visit The Washington REALTOR Legal Issues in Real Estate Symposium (aka Legal Symposium) is a one-day education event for REALTORS and real estate licensees. The full-day will offer 7.5 clock hours of education you can apply to your annual license renewal. This event will take place at the Conference Center at SEATAC Airport on May 29, 2014 and will feature leading Washington real estate attorneys (see below) who will present information important to the practice of real estate. 5 of 9 4/29/14, 3:22 PM

6 Upcoming Live Classes: Date Course Title CE Hours Instructor Location Registration Options 4/30/2014 The Principles & Punch of Ad Writing 3.5 Pili Meyer Olympia/Webinar 9:00am-12:30pm 4/30/2014 CORE 3.5 Michael Alvarez Walla Walla (509) /7/2014 Effective Negotiation for Real Estate Professionals 7.5 Pili Meyer Tacoma 8:30am-4:30pm 5/7/2014 CORE 3.5 5/7/2014 Best of the Legal Hotline 4.0 Longview (360) Longview (360) /8/2014 List to Sell 7.5 Pili Meyer Tri City 8:30am-5pm (509) /8/2014 One Size Doesn't Fit All 7.5 Doug Tingvall Yakima (509) /20-21/2014 Seniors Real Estate Specialist (SRES) 13.0 Pili Meyer Vancouver 5/22/2014 Core 3.5 Olympia (360) of 9 4/29/14, 3:22 PM

7 5/22/2014 Best of the Legal Hotline 4.0 Olympia (360) /27-28/2014 Seniors Real Estate Specialist (SRES) 13.0 Pili Meyer Tacoma 8:30am-4:30pm 5/29/2014 Networking & Referral Systems 7.5 Margo Willis Kent (509) /29/2014 Legal Symposium 7.5 Various SeaTac Conference Center 6/5/2014 CORE 4.0 Pili Meyer Yakima (509) /6/2014 Regional Professional Standards 7.5 Jan Ellingson Wenatchee (509) /12/2014 Statewide Forms (full day) 7.5 Vancouver 6/12/2014 6/18/2014 Water Rights & Water Supply Issues for REALTORS Water Rights & Water Supply Issues for REALTORS 3.5 Bill Clarke TBD (509) Bill Clarke Tri-City (509) /20/2014 CORE & More 7.5 Vancouver 7/10/2014 Legal Aspects of RE Tech & Intellectual Property 4.0 Doug Tingvall Tri-City (509) /10/2014 OSCAR: Outrageously Sloppy Contracts Agents Rite 3.5 Doug Tingvall Tri-City (509) /27/2014 VA & Military Real Estate Specialist 7.5 Pili Meyer Yakima 10/7-8/2014 edcon Various SeaTac (800) or 10/15/2014 Best of the Legal Hotline /15/2014 Agency Law /16/2014 Statewide Forms 7.5 Yakima (509) Yakima (509) Tri-City (509) Visit Washington REALTORS Education for a complete list of classes, how to register, and more... Thank You, Sponsors! 7 of 9 4/29/14, 3:22 PM

Best of the Legal Hotline Q & A Question Property is owned by a trust, not an estate. Is the trust subject to the Seller Disclosure Act? Click here for the ANSWER!

8 Best of the Legal Hotline Q & A Question Property is owned by a trust, not an estate. Is the trust subject to the Seller Disclosure Act? Click here for the ANSWER! Hotline Attorney writes the Legal Hotline Question and Answer of the Week. Please submit questions to legalhotline@warealtor.org or call (800) Please have your NRDS number ready when you call or the Hotline with your question. The Legal Hotline lawyer does not represent Washington Association of REALTORS members or their clients and customers. Research this topic and thousands of others online. Member Resource Quick Links Please have your NRDS number and password ready when you access some of these links. 8 of 9 4/29/14, 3:22 PM

Stay Connected! Washington REALTORS www.warealtor.

klaniecki@warealtor.org by cara.mcneil@warealtor.

9 Stay Connected! Washington REALTORS PO Box 719, Olympia, WA Copyright All Rights Reserved. Forward this This was sent to by Update Profile/ Address Instant removal with SafeUnsubscribe Privacy Policy. Washington REALTORS PO Box 719 Olympia WA of 9 4/29/14, 3:22 PM

You are receiving this because of your relationship with Washington Association of REALTORS. May 27, 2014 Stay Connected!

You are receiving this because of your relationship with Washington Association of REALTORS. May 27, 2014 Stay Connected! You are receiving this email because of your relationship with Washington Association of REALTORS. May 27, 2014 Stay Connected! Hotline Attorney Annie Fitzsimmons writes the Legal Hotline Question and