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Weekly Membership Newsletter
December 11, 2018 • Stay Connected!
         


QUESTION:  Our agent is the buyer's agent. The buyers delivered the EM directly to the escrow company. Listing agent is insisting that we must provide the listing firm with a Form 89 (receipt) showing that we received the EM even though we did not. Listing firm claims that the DOL auditor requires a Form 89 showing receipt by buyer's broker even if buyer's broker never actually received the EM.
 
So, is this broker confused on what exactly the DOL requires? One cannot simply create a fake form 89, right?



ANSWER:  Buyer's broker is correct. When buyer delivers EM directly to escrow, the only proof required for the transaction files in both the listing and the selling firm, is confirmation from the escrow company that the EM was received. Buyer's broker may not create a receipt for money that was never received by broker. Since this earnest money was deposited by buyer, directly to escrow, buyer's broker never received the EM and thus cannot generate a receipt. A receipt from buyer's broker, showing receipt of money that broker never received, would be a falsehood and perpetuation of a falsehood would actually create auditing and other problems for broker and firm.
 
This issue is confusing to many listing firms but buyer broker is correct. In a transaction where buyer deposits EM directly to escrow, transaction files will only have one piece of documentation related to the deposit and that one document will be the escrow company's receipt or proof of delivery of the funds to escrow.
               
 

 

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 or leave a message at 800.562.6027. Please include your NRDS number.


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Primary Mortgage Rates Survey
(updated every Thursday)  Source:  Freddie Mac
 
  December 6, 2018       30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.75%  4.21%  4.07%
 Fees & Points  0.5
 0.4
 0.3
 Margin  N/A  N/A  2.78



  November 29, 2018       30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.81%  4.25%  4.12%
 Fees & Points  0.5
 0.4
 0.3
 Margin  N/A  N/A  2.77



  November 21, 2018       30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.81%  4.24%  4.09%
 Fees & Points  0.4
 0.5
 0.3
 Margin  N/A  N/A  2.76



  November 15, 2018       30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.94%  4.36%  4.14%
 Fees & Points  0.5
 0.4
 0.3
 Margin  N/A  N/A  2.77



 
 UPCOMING CLASSES
 
Date Class Location CE  
14-DECTrends Trade ShowSeattle3.0More info...
20-DECNAR Code of EthicsWebinar3.0More info...
     

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