
Policy for 43 CFR 3809 Notice and Plan-Level Operations 43 CFR 3715 2009-2025 free printable template
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Hi I'm Annie Fitzsimmons I am your Washington Realtors Legal Hotline lawyer today's video discussion is the completion of thoughts surrounding paragraph 3 of 422 a's part of our subseries on Form 22 a which is part of our bigger series on real estate fundamentals you should know in our video regarding paragraph 3 we gave we've already discussed the nuts and bolts of how delivery the notice of right to terminate works what it means from the buyer the buyers response the significance of whether the buyer waves their financing contingency or not listing brokers here's what I want you to know, and I really want you to absorb this when you both select the forms to use and prepare the language on the purchase and sale agreement at any of the addenda you are engaged in the practice of law now I want you to think about paragraph 3 and the notice of right to terminate and all the things that we talked about already with respect to paragraph 3 and the notice of right to terminate that it's buyers form buyer included paragraph 3 in the form buyers asking seller to carry the burden of whether buyer gets their financing even though buyer is completely in control of every element whether buyer will be successful in getting that financing and buyer has invited seller to deliver the notice of right to terminate and with the delivery of that notice a right to terminate seller asks buyer hey buyer are you in fact ready to waive your financing contingency have you made a good-faith effort because if a buyer has chosen a competent lender and has made a good-faith effort to get their financing then there is not a buyer and a lender out there who can't have underwriting approval or declination within 30 days a mutual acceptance I refuse to believe that there is a single competent lender with a buyer who has made a good-faith effort to deliver documentation to that lender where the lender cannot determine within 30 days whether the buyer will get underwriting approval now the buyers' appraisal may not be in yet we handle that issue through paragraph 3 C 3 C with a box properly marked allows buyer to retain the protection of the low appraisal provision going forward we'll talk about that in a minute but listing brokers I want you to understand all of those background facts associated with paragraph 3 a Form 22 a and then ask yourself this question what would the lawyer representing my seller do in this situation would a lawyer bring two sellers attention the fact that buyer has invited seller to deliver the notice of right to terminate which whether buyer waives their financing contingency or does it waive their financing contingency as we discussed in the last video either one of those outcomes still benefits seller so to nutshell the question would a lawyer representing the seller advise seller of their opportunity to deliver the 22 an are knowing that delivery of the 22 AR will only yield a positive outcome to seller either way no matter what buyer does it's going...
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