True. Hi, I'm Annie Fitzsimmons. I'm your Washington Realtors Legal Hotline lawyer. And today's video is another in our continuing series entitled 'Fundamentals You Should Know.' Today, I want to talk about a frustration that brokers often have, and it's not actually surprising at all. When they timely and properly terminate a purchase and sale agreement using a contingency benefiting a buyer - a contingency provided through the state-wide forum system - and take that termination notice to escrow asking for a release of the earnest money, only to hear escrow respond with something along the lines of, 'We can't release earnest money until you bring us a rescission agreement.' This is frustrating to brokers because brokers are reading the boilerplate language on the statewide form contingency form, and the language says, for example, with respect to the inspection contingency, that the purchase and sale agreement on the 3435 is terminated and the earnest money shall be returned to the buyer. Buyer's broker knows that they timely obtained buyer's signature on Form 35R, timely delivered the Form 35R to listing broker and listing firm, and so buyer's broker knows that they've done everything they're supposed to do in order to terminate the transaction and recover the earnest money. And yet, escrow is saying, 'You have to bring us a rescission agreement.' So what's driving that? Well, the answer is escrow is, in concept, entirely right with the demand that escrow is making. Oftentimes, escrow will, in fact, ask for a rescission agreement, and they don't really need a rescission agreement. The truth is, when the buyer signed the Form 35R and it was timely and properly delivered to the listing broker and listing firm, that did, in fact, terminate the purchase and sale agreement. The purchase and sale agreement does not need...
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Video instructions and help with filling out and completing Dd 1750
