Can I eSign Washington Payment Guaranty

Where can i get a pamd 22a form

hi I'm Annie Fitzsimmons I'm your Washington Realtors Legal Hotline lawyer today in part 2 of this video series we are going to talk about guess which paragraph 2 paragraph 2 of our financing addendum and the title of the paragraph 2 is loan information now before we talk about the specifics of the loan information I want to talk a little theory with you let's talk about what the financing contingency is really all about here's what the financing contingency says the financing contingency says from buyer to seller seller I love your house really want to own it only problem is I have no idea if I can afford it so recognizing that you could probably sell your house to another buyer I'm asking you please take your house off the market and give me the opportunity to buy your house and if you will do that I'm gonna make promises to you in return and and the very first promise I'm going to make to you is the promise set forth in paragraph 2 of forum 22 a and that promise goes like this seller I promise that I am going to use good faith to go get this loan and I'm inviting you seller to confirm that I did that I'm inviting you to stay a hundred percent on top of my loan efforts so that you never have to wonder whether or not I'm making good-faith forward progress in closing this loan in a way that's timely to close the purchase of the transaction form 22 a I'm sorry yet form 22 a paragraph to loan information says from buyer to seller seller I invite you on day 10 following mutual acceptance and 10 is the boiler plate default language but it's really the right amount of time to use it's enough time to give buyer opportunity to make their loan and get their disclosure documents back from the lender so that buyers confirmed with the lender that they're going to be going forward with invites the buyer invites seller on day ten following mutual acceptance to send a form 22 a L to the buyer and that's a request for loan information form 22 al says to buyer buyer you have three days following receipt of this 22 al to respond to me using a form 22 a P this is one of the very few instances in the statewide forums where the the form that buyer has to use is mandated by the forms themselves form 22 a says that buyer must respond on Form 22 AP why because form 22 AP provides the guidelines for all of the information that buyer is required to give to seller form 22 AP requires that the buyer provide number 1 the identification of the lender with whom buyer made loan application number 2 check mark box representation of all of the documents that buyer has already provided to the lender number 3 a warranty that buyer has provided to buyers lender all of the documents that lender is seek has asked for buyer to provide so far in other words everything the lenders asks of me I have already delivered to the lender there's nothing outstanding it's not like the lenders been asking me for my tax returns and I've been saying yeah yeah yeah I'll get to it when I get to it everything the lenders asked me for I've provided that's the third element of the 22 AP and then the last part of the 22 AP is really the biggie that the last proportion of the 22 AP is buyers agreement or buyers instruction to buyers lender to provide information to both listing broker and seller upon listing brokers or sellers request and there is no limit on the number of times that listing broker and seller can ask lender for information if if listing broker wants to call buyers lender every hour on the hour they could do that be a really bad idea but they could do that it would be an equally bad idea for list Brokers to sit on their hands and never make contact with buyers lender to never follow up with what's the status of buyers loan listing brokers I want you to understand I want this really to penetrate what we've said in this video the financing contingency is buyers request of seller please take your property off the market while I go and try and find a loan and and that is a huge favor for you seller to give me buyer a complete stranger to you so in return here is the promise I make to you when you ask for confirmation of my good-faith efforts I will give you that confirmation listing brokers buyer is inviting seller to get this information from buyer you are not being overly aggressive or burdensome or anything else when you are on behalf of seller submit a timely 22 al to the buyers broker instead you are complying with the standard of care required of a lawyer the standard of care to which you are held when you both select and fill in the blanks on the pre-printed standardized purchase and sale agreement forms if a lawyer were representing seller would the lawyer recommend a seller that they go get that information that buyer offered up through their terms in the financing contingency if you reach a conclusion yes a lawyer would do that which I hope you do reach that conclusion then you're right and that is the standard of care to which you will be held as you advise seller through the use of the form 22 a we're ending this video discussing paragraph 2 with that statement when our next video will pick up with the discussion of paragraph 3 and it's going to feed right off the end of this video so hang on for that discussion if you have any other questions though between now and next fry send an email to me Legal Hotline at waa realtor.org thank you for being a washington realtors member you