Loading...
HomeMy WebLinkAboutCAG2021-270 - Original - Rainier Title - Mendel Property Acquisition - 06/04/2021FOR CITY OF KENT OFFICIAL USE ONLY Sup/Mgr: Dir Asst: Dir/Dep: Z1i t/ KENT Agreement Routing Form For Approvals, Signatures and Records Management This form combines & replaces the Request for Mayo/s signature and contract cover Sheet forms. (Print on pink or cherry colored paped 9L BL (Optional) WaSHINGToN IE oLo.o. Originator: Lynn Osborn for Terry Jungman Department: Parks, Recreation & Community Services Date Sent: 0512512021 Date Required: Earliest possible Authorized to Sign: lVvruyo, or Designee Date of Council Approval: 514121 Budqet Account Number: P21012 Budset? flvesf]ruo Grant? ves! ruoZ Type: Jrl/fi c .9+.G ELorF E PE 0t E 0t IULot Vendor Name:ffi Category: ffiiasei$e Contract Vendor Number:5ub-Category: €+hen- Original Project 116,n", Mendel Property Acquisition ion project Details: Buyer's disclosure and closing instructions; and Closing Agreement and Escrow Instructions Ag reement Amo u n t: SgOO-SOfrS0 Start Date: 511112021 Basis for Selection of Contractor: Othef * Memoto Mayot mustbe attoched Termination Date: 1111012021 Local Business? Business License lf meets requirements per KCC 3,70.100, please complete'\/endor Putchose-Local Exceptions" form on Cityspace. mpt (KCC 5.01.045) Notice required prior to disclosure? lv"rffir.ro Contract Number:cAG202L-270 Comments: OK to sign,61412021, TW Date Received: City Attorney: 6l412l Date Routed: Mayor's Office City Clerk's Office a^oL PtE oltrtroiE =Eo o OE adccw22373-lJo Visit Documents,KentWA.gov to obtaln copies of all agreements rev.20210513 ; (253)216-0240 (P)/ (425)329-2194 (F)/ kentescrow@rainiertitle.com Revised 09-06-2020 Rainier Title, LLC - Kent 20435 72nd Ave. S., Bldg. 3 Ste 155 Kent, WA 98032 (253)216-0240 (P) (425)329-2194 (F) kentescrow@rainiertitle.com May 17, 2021 City of Kent 220 4th Ave S Kent, WA 98032 Re: Escrow Number: 793043RT Property Address: 10028 S.E. 267th Street, Kent, WA 98030 Thank you for choosing Rainier Title. To begin, we want to confirm some information with you to assure we’re in sync with the details of your transaction. Please review, complete, and sign the following documents at your earliest convenience (within 48 hours if possible!) The completed pages may be sent via fax to 425-329-2183 or email them to epro@rainiertitle.com. 1.Closing Agreement and Escrow Instructions Please review, return page 1 with signature(s) WITHIN 48 HOURS and retain pages 2-5. 2.Buyer Disclosure and Information Please complete and return WITHIN 48 HOURS. SIGNING APPOINTMENT: We will be contacting you a few days prior to closing to set up an appointment to sign your closing documents. Typically the signing is at least 24 to 72 hours prior to actual closing date. Please bring with you your photo ID (drivers license or passport) for identification purposes. This appointment usually takes an hour, and we will give you directions to our office for your convenience when we call. You are welcome to park here at our building with our compliments. FUNDS TO CLOSE: If you need to deposit funds into escrow, please provide a cashier’s check one business day prior to closing, drawn from a local bank, payable to Rainier Title, or you may send funds via wire transfer. Please note that Cash and/or ACH Deposits cannot be accepted *CAUTION* Our wire instructions are attached. Please do NOT use any wire instructions which differ from the attached. Our instructions rarely change so you should be suspicious if you receive new or revised instructions. We will advise you of the amount due when we set your appointment. Always verify the amount of funds to close directly with us prior to sending any wire. Closing a real estate transaction requires teamwork. We are honored to be a member of this team and look forward to working with you toward a smooth and timely closing. If you have any questions regarding your transaction, please don't hesitate to contact us. Sincerely, Your Rainier Title Closing Team ; (253)216-0240 (P)/ (425)329-2194 (F)/ kentescrow@rainiertitle.com Revised 09-06-2020 Escrow Assistant: Elizabeth Noel Phone: (253) 216-0244 Email: elizabethn@rainiertitle.com Escrow Closer: Jennie Graddon Phone: (253) 216-1024 Email:jennieg@rainiertitle.com Office Maps: http://www.rainiertitle.com Privacy Policy: http://www.rainiertitle.com/privacypolicy ; (253)216-0240 (P)/ (425)329-2194 (F)/ kentescrow@rainiertitle.com Page 1 of 5 Revised 09-06-2020 Closing Agreement and Escrow Instructions Buyer: Seller: Escrow Number: City of Kent Robert Mendel and Sally Mendel 793043RT Property Address: 10028 S.E. 267th Street, Kent, WA 98030 NOTICE TO PARTIES The services of the Closing Agent under these instructions will be performed by a person certified as a Limited Practice Officer under the Admission to Practice Rule 12, adopted by the Washington State Supreme Court. Under that rule, Limited Practice Officers may only select, prepare and complete certain documents on forms which have been approved for their use. You are further advised that: The Limited Practice Officer is not acting as the advocate or representative of either (or any) of the parties. The documents prepared by the Limited Practice Officer will effect the legal rights of the parties The parties’ interests in the document may differ. The parties have the right to be represented by lawyers of their own selection. The Limited Practice Officer cannot give legal advice as to the manner in which the documents affect the parties. BY SIGNING THESE INSTRUCTIONS, EACH PARTY ACKNOWLEDGES: I have been specifically informed that the Closing Agent is forbidden by law from offering any advice concerning the merits of the transaction or the documents that will be used to close the transaction. The Closing Agent has not offered any legal advice or referred me to any named attorney, but has clearly requested that I seek legal counsel if I have any doubt concerning the transaction or these instructions. I have had adequate time and opportunity to read and understand these instructions (pages 1-5) and all other existing documents referred to in these instructions. BUYERS: Date: City of Kent Please complete and return via: Email: epro@rainiertitle.com or Fax 425-329-2183 Dana Ralph, Mayor 06/04/2021 ; (253)216-0240 (P)/ (425)329-2194 (F)/ kentescrow@rainiertitle.com Page 2 of 5 Closing Agreement and Escrow Instructions Revised 09-06-2020 The undersigned buyer and seller (referred to herein as “the parties”) hereby designate and appoint Rainier Title, LLC. (referred to herein as “the closing agent”) to act as their closing and escrow agent according to the following agreements and instructions. IT IS AGREED, AND THE CLOSING AGENT IS INSTRUCTED, AS FOLLOWS: Terms of Sale. The terms and conditions of the transaction which is the subject of these instructions (referred to herein as “the transaction”) are set forth in the parties’ Purchase and Sale Agreement, Earnest Money Agreement, or other written agreement, and any attachments, amendments or addenda to that agreement (referred to herein as “the parties’ agreement”), which is made a part of these instructions by this reference. If the Purchase and Sale Agreement provides that a commission is due at closing, the Company will require payment of the commission according to the broker’s demand, which will be furnished at the closing agent’s request. Any changes to the parties’ agreement will be made a part of these instructions, without further reference, when signed by the parties and delivered to the closing agent. These instructions are not intended to amend, modify or supersede the terms and conditions of the parties’ agreement and if there is any conflict or inconsistency between these instructions and the parties’ agreement, the terms and conditions of the parties’ agreement shall control. Description of Real Property. The real property which is the subject of the transaction (referred to herein as “the property”) is identified in the parties’ agreement. The documents required to close the transaction must contain the “legal description” of the property. If the parties’ agreement does not yet contain the correct legal description, the parties or the real estate agent should obtain an addendum setting forth the legal description as soon as possible and deliver it to the closing agent. Closing Date. Unless otherwise described in the parties’ agreement, the closing date shall be considered to be the date on which the legal documents are recorded and the funds are available for disbursement. Documents. The closing agent is instructed to select, prepare, complete, correct, receive, hold, record and deliver documents as necessary to close the transaction. The closing agent may request that certain documents be prepared or obtained by the parties or their attorneys, in which case the parties shall deliver the requested documents to the closing agent before the closing date. Execution of any document will be considered approval of its form and content by each party signing such document. Deposits and Disbursements of Funds. Before the closing date, each party shall deposit with the closing agent all funds required to be paid by such party to close the transaction, less any earnest money previously deposited with the real estate agent. The closing agent is authorized, but not required, to consider a lending institution’s written commitment to deposit funds as the equivalent of a deposit of such funds, if all conditions of the commitment will be met on or before the closing date. All funds deposited with the closing agent shall be deposited in an escrow trust account with a bank doing business in the State of Washington. The parties hereby acknowledge that except as provided by Supreme Court Admission to Practice Rule 12.1 and 12.1 (h) adopted in 1995, the money deposited with closing agent by them in connection with this escrow will be further deposited into a non-interest bearing account with a financial institution (“the funds depository”) whose deposits are covered by FDIC insurance. The parties further acknowledge that in calculating the amount of available insurance, the FDIC will consolidate moneys deposited under this escrow with all other funds of the undersigned which are on deposit with the funds depository. The parties do therefore release closing agent from any liability and assume all responsibility for any loss to themselves which may result from a lack of FDIC insurance in excess of $250,000.00. The parties acknowledge that the Closing Agent may receive incidental benefits from the financial institution based on the existence of its escrow trust account deposits. The closing agent shall not be required to disburse any funds deposited by check or draft until it has been advised by its bank that such check or draft has been honored. RCW 18.44.070 provides that an escrow agent shall not make disbursements until the next business day after the business day on which the funds are deposited unless the deposit is made in cash, by interbank electronic wire transfer, or in a form that permits conversion of the deposit to cash on the same day the deposit is made. All disbursements shall be made by the closing agent’s check or, if the payee so instructs in writing, by electronic wire transfer. Settlement Statement. The closing agent is instructed to prepare a preliminary, estimated settlement statement showing all funds deposited for the account of each of the parties and the proposed disbursements from such funds. No funds shall be disbursed until the parties have examined and approved the settlement statement. Some items may be estimated, and the final amount of each estimated item will be adjusted to the exact amount required to be paid at the time of disbursement. The settlement statement will be subject to audit and any errors or omissions may be corrected at any time. If any monetary error is found, the amount will be immediately paid by the party liable for such payment to the party entitled to receive it. PLEASE RETAIN FOR YOUR RECORDS ; (253)216-0240 (P)/ (425)329-2194 (F)/ kentescrow@rainiertitle.com Page 3 of 5 Closing Agreement and Escrow Instructions Revised 09-06-2020 Pro-rations. Adjustments or pro-rations of real estate taxes, and other charges if any, which appear on the Title Report, shall be made on the basis of a 365 day year, unless the closing agent is otherwise instructed in writing. Title Insurance. The closing agent shall order or obtain copies and forward to the parties as applicable, a Preliminary Commitment for the Title Insurance on the property (referred to herein as “the title report”), together with copies of the exceptions noted thereon. The parties shall be responsible to review these items for accuracy, a verification of the legal description, and to determine their acceptability for purposes of closing. Verification of Existing Encumbrances. The closing agent is permitted to request a written statement from the holder of each existing encumbrance on the property, verifying its status, terms, balance owing and, if it will not be removed at closing, the requirements that must be met to obtain a waiver of any due-on-sale provision. The closing agent is authorized to rely upon such written statements in the performance of its duties, without liability or responsibility for their accuracy or completeness. The Closing Agent may further rely upon any verbal update to a written payoff statement provided by an existing lender and the borrower agrees to indemnify Closing Agent for payoff amounts which may be regarded as incomplete or inaccurate by the lender upon receipt. Disclosure of Information to Third Parties. The closing agent is authorized to furnish, upon request, copies of any closing documents, agreements or instructions concerning the transaction to the parties’ designated attorneys, and to their real estate agent, relocation company, the designated lender, loan broker and title insurance company involved in the transaction. Records Retention. Unless otherwise prescribed by law, the closing agent may destroy after six (6) years from the closing date hereof, these and records, agreements and instruments relating to the closing of this transaction, including all documentation and accounting information, excluding however, any and all loan documents. Closing Agent’s Fees and Expenses. The closing agent’s fee is intended as compensation for the usual closing services as set forth in these instructions. If additional services are requested or required to comply with any change or addition to the parties’ agreement or these instructions, or as a result of any party’s assignment of interest or delay in performance, the parties agree to pay a reasonable additional fee for such services. The parties shall also reimburse the closing agent for any out-of-pocket costs and expenses incurred by it under these instructions, including but not limited to excessive fax costs, electronic wire transfer costs and courier fees. Cancellation. These instructions may be canceled by a written agreement, signed by all of the parties, and payment of the closing agent’s fees, costs and expenses. Upon receipt of such agreement and payment, the closing agent shall return any money or documents then held by it to the parties that deposited the same, and shall have no further duties or responsibilities under these instructions. Inability to Comply With Instructions. If the closing agent receives conflicting instructions or determines, for any reason, that it cannot comply with these instructions by the date for closing specified in the parties’ agreement or in any written extension of that date, it shall notify the parties, request further instructions, and in its discretion: (1) continue to perform its duties and close the transaction as soon as possible after receiving further instructions, or (2) if no conflicting instructions have been received, return any money or documents then held by it to the parties that deposited the same, less any fees and expenses chargeable to such party, or (3) commence a court action, deposit the money and documents held by it into the registry of the court, and ask the court to determine the rights of the parties. When the money and documents have been returned to the parties or deposited into the registry of the court, the closing agent shall have no further duties or responsibilities under these instructions. Disputes. Should any dispute arise between the parties, or any of them, and/or any other party, concerning the property or funds involved in the transaction, the closing agent may, at its sole discretion, hold all documents and funds in their existing status pending resolution of the dispute, or join or commence a court action, deposit the money and documents held by it with the court, and ask the court to determine the rights of the parties. Upon depositing said funds and documents with the court, the closing agent shall have no further duties or responsibilities under these instructions. The parties jointly and severally agree to pay the closing agent’s costs, expenses and reasonable attorney’s fees incurred in any lawsuit arising out of or in connection with the transaction or these instructions, whether such lawsuit is instituted by the closing agent, the parties, or any other person. PLEASE RETAIN FOR YOUR RECORDS ; (253)216-0240 (P)/ (425)329-2194 (F)/ kentescrow@rainiertitle.com Page 4 of 5 Closing Agreement and Escrow Instructions Revised 09-06-2020 Notices. Any notice, declaration or request made under these instructions shall be in writing, signed by the party giving such notice or making such declaration or request, and personally delivered or mailed to the closing agent and other parties. Amendments. Any amendment, addition or supplement to these instructions must be in writing, signed by the appropriate parties and delivered to the closing agent. Counterparts. These instructions may be executed in one or more counterparts with like effect as if all signatures appeared on one copy. IMPORTANT - READ CAREFULLY The following items must be completed by the parties, outside of escrow, and are not part of the closing agents’ duties under these instructions. Inspection and Approval of the Property. Any required inspections or approvals of the property or of improvements, additions or repairs to the property will be arranged and completed by the parties, outside of escrow. The closing agent shall have no liability with respect to the physical condition of the property, or any buildings, improvements, plumbing, heating, cooling, electrical, septic or other systems on the property, and no responsibility to inspect the property, or to otherwise determine its physical condition, or to determine whether any required improvements, additions or repairs have been satisfactorily completed. Undisclosed Sewer Charges. Buyer and seller acknowledge that the subject property may be located within one of those participating cities or sewer districts which have entered into a special contractual relationship with the Metro Council which may allow Metro to levy a fee or charge an additional service fee. Buyer and Seller agree that any adjustment shall be handled outside of closing and Escrow Closer shall be held harmless with respect to any such “capacity charge”. Real Estate Disclosure. A Residential Real Estate Sales Disclosure may be required to be furnished by the seller to the buyer before the closing of the sale of subject property in accordance with Title 64 RCW, enacted 1994 and as amended. Escrow Closer has not advised either party as to the scope of such disclosure or the parties’ rights or duties thereunder, but has advised both parties to review these matters with their real estate agent or an attorney of their choice. Escrow Closer is hereby assured by the buyer that any disclosure required, including any disclosure relative to Farm and Timber, Asbestos or Lead Base Paint, has been received and the appropriate time has expired and Escrow Closer has no duty to independently confirm such receipt and time expiration by buyer. Personal Property. Any required inspections, approvals or transfers of possession of any owned or leased fixtures, equipment or other items of personal property included in the transaction, and payment of any personal property, sales or use taxes, will be completed by the parties outside of escrow. Unless otherwise instructed in writing, the closing agent shall have no responsibility with respect to such personal property and shall not be required to determine the status or condition of the title to, encumbrances upon, ownership, or physical condition of such personal property, nor to calculate, pro-rate, collect, prepare returns for or pay any personal property tax, sales tax or use tax arising from the transaction. Utilities. If the Purchase and Sale Agreement lists the names and addresses of public utilities which could claim a lien, the Closing Agent shall request statements for payment of final or estimated billings and is instructed to pay the amounts demanded by such designated public utilities. In the event such designated public utilities do not provide the payment information within the time allowances prescribed by law, Closing Agent shall have no further responsibility to the parties for the payment of said utilities, and shall not be required to pay them, and seller agrees to discharge said utilities outside of escrow. All other orders, cancellations, transfers, payments and adjustment of accounts for installation or service of water, sewer, garbage collection, electricity, gas, fuel oil, telephone, television cable and any other utilities for public services, including installation fees, will be completed by the parties outside of escrow. Unless specifically instructed in writing by one or more parties in accordance with State of Washington RCW 60.80, all orders, cancellations, transfers, payments and adjustments of accounts for water, sewer, garbage collection, electricity, gas, FUEL OIL, telephone, television cable and any other utilities or public services will be completed by the parties outside of escrow. Unless otherwise instructed, the closing agent shall have no responsibility to determine, collect, pay, pro-rate or adjust charges for installation or service for any utilities or public services, except to pro-rate existing recurrent assessments for public improvements if any, which may appear on the title report. PLEASE RETAIN FOR YOUR RECORDS ; (253)216-0240 (P)/ (425)329-2194 (F)/ kentescrow@rainiertitle.com Page 5 of 5 Closing Agreement and Escrow Instructions Revised 09-06-2020 Fire or Casualty Insurance. If a new policy of fire, hazard or casualty insurance on the property is necessary to close the transaction, the buyer will arrange for the policy to be issued, and will provide evidence of the required insurance coverage to the closing agent before the closing date, together with a paid premium receipt or an authorization to pay the premium through escrow. Possession of the Property. The transfer of possession of the property shall be arranged between the parties, or through their respective real estate agents, outside of escrow, and shall not be the responsibility of the closing agent. Collection Account. If any financing for the transaction will be provided by a private party, the parties are advised to open a collection account at a financial institution to receive and disburse payments to be made under the private promissory note or contract. The collection account shall be established by the parties outside of escrow and shall not be the responsibility of the closing agent. 1099-S Reporting of Sellers Proceeds. In compliance with the Tax Reform Act of 1986, Internal Revenue Code Sections 6045(e), 6676, 6722, 6723, and 7203 and as further amended, seller shall provide all information necessary, including Seller’s Taxpayer Identification Number (TIN), for the preparation of a Form 1099-S as required by the Internal Revenue Service in connection with the closing and completion of the transaction. Closing agent reserves the right not to close the escrow if adequate information to complete Form 1099-S is not provided by the seller. Foreign Investment in Real Property Tax Act. If any seller is, or may be, a non-resident alien or a foreign corporation, partnership, trust or estate for the purposes of United States income taxation, the parties are advised to consult with their attorneys before the closing date to determine their responsibilities and liabilities, if any, under the Foreign Investment in Real Property Tax Act (Section 1445 et seq. of the Internal Revenue Code). The closing agent is not required to verify the nationality or foreign status of any of the sellers, or to withhold, report or pay any amounts due under such act, unless directed by the parties in writing. However, the closing agent may request additional information or documentation concerning sellers’ foreign status, and the parties agree to cooperate by providing such information and documentation. Approvals and Permits. The parties are advised to consult with their attorneys to determine whether any building, zoning, subdivision, septic system, or other construction or land use permits or approvals will be required, either before or after the closing date. The closing agent shall have no responsibility with respect to any such permit or approval, and shall have no liability arising from the failure of any party to obtain, or from the refusal of any governmental authority to grant, any such permit or approval. Condominiums and Common Interest Communities. A seller may be required to deliver a resale certificate or public offering statement to the buyer of a condominium unit prior to closing in accordance with RCW Chapter 64.34, known as the Condominium Act. A seller may be required to deliver a public offering statement or resale certificate to the buyer of property within certain common interest communities prior to closing in accordance with Senate Bill 6175, known as the Washington Uniform Common Interest Ownership Act. Compliance with Certain Laws. The parties are advised to consult with their attorneys to determine their rights and responsibilities, if any, under the Consumer Protection Act, Truth-in-Lending Act or other similar laws. The Closing Agent shall have no responsibility for the parties’ compliance, nor any liability arising from the failure of any party to comply, with any such law. Additional Agreements, Instructions and Disclosures: Any additional instructions noted below or attached by addenda are hereby incorporated into these instructions and made a part hereof. If the Closing Agent has received all instructions, funds and documents to complete recording prior to the Closing Date of the Purchase and Sale Agreement, and if the title policy will be issued with an Effective Date no later than the Closing Date, the Closing Agent is authorized to complete the closing of the transaction until and unless the authority is withdrawn by one of the parties or a lender financing the transaction. PLEASE RETAIN FOR YOUR RECORDS ; (253)216-0240 (P)/ (425)329-2194 (F)/ kentescrow@rainiertitle.com Page 1 of 2 Buyer Disclosure and Information Revised 09-06-2020 Buyer Disclosure & Information Escrow Number: 793043RT Property Address: 10028 S.E. 267th Street, Kent, WA 98030 Please indicate how you plan to hold title to the property: Unmarried person(s) Married Couple Married Person, purchasing separate Please note, if you are married and purchasing as your separate estate, your spouse may be required to sign a number of closing documents. Buyers are Registered Washington State Domestic Partners Pending Divorce (if you checked this, please call our office ASAP!) Other Please provide your spouses name: Do you plan to occupy the property as your primary residence after closing? Yes No If No, please indicate your mailing address: 220 Fourth Ave. South Kent WA 98032 Address City State Zip Continue… Please complete and return via: Email: epro@rainiertitle.com or Fax 425-329-2183 ; (253)216-0240 (P)/ (425)329-2194 (F)/ kentescrow@rainiertitle.com Page 2 of 2 Buyer Disclosure and Information Revised 09-06-2020 Buyer Disclosure & Information Escrow Number: 793043RT Property Address: 10028 S.E. 267th Street, Kent, WA 98030 Mortgage Company/Broker you are using: None Loan Officer’s Name:Phone #: Loan Officer’s Email: We will obtain a 1st loan: Yes No We will obtain a 2nd loan: Yes No No Lender involved – Paying Cash Will be in town to sign all of my documents Will NOT be in town to sign – Please overnight documents to the following address: 220 Fourth Ave. South Kent WA 98032 Address City State Zip Buyer 1 Name (print): City of Kent Email: JParascondola@kentwa.gov Home #: Work #: 253-856-5100 Cell #: Current Address: 220 Fourth Ave. South Kent WA 98032 Street City State Zip SS# 91-6001254 Buyer 2 Name (print): Email: Home #: Work #: Cell #: Current Address: Street City State Zip SS# Are you participating in a 1031 Tax Deferred Exchange? No Yes If YES – Name of Facilitator: Phone #: Contact Name:Fax #: Please complete and return via: Email: epro@rainiertitle.com or Fax 425-329-2183 Page 1 of 2 Buyer Disclosure and Information Revised 09-06-2020 Rainier Title, LLC - Kent 20435 72nd Ave. S., Bldg. 3 Ste 155 Kent, WA 98032 (253)216-0240 (P) (425)329-2194 (F) kentescrow@rainiertitle.com Date: 5/17/2021 KEYBANK WIRE TRANSFER INSTRUCTIONS If you are authorizing funds to be wired to escrow for closing, please direct the transfer as follows: Bank:Keybank 1301 5th Avenue 24th Floor Seattle, WA 98101 Account Name: Rainier Title, LLC Account Number: 479681268427 ABA / Bank Routing Number:125000574 SWIFT code for international wires KEYBUS33 WIRE DETAILS MUST INCLUDE THE FOLLOWING REFERENCE INFORMATION OR BE SUBJECT TO REJECTION Our Escrow Number:793043RT Transactee Name: City of Kent Property Address: 10028 S.E. 267th Street, Kent, WA 98030 FUNDS MUST BE WIRED: ACH/Electronic Deposits are NOT accepted and will be rejected by our bank. These instructions are for the purpose of sending wire transfers only. Other forms of payment may cause a closing delay. **BE AWARE! Online banking fraud is on the rise. If you receive an email amending our wire transfer instructions, please call our office immediately to verify the information prior to sending funds. Our wire instructions rarely change so any deviation should be considered suspicious.** Page 2 of 2 Buyer Disclosure and Information Revised 09-06-2020 WHAT ARE GOOD FUNDS? Good Funds are funds which are immediately available to the title/escrow company upon deposit. Depending on the type of funds deposited, a waiting period may apply before the transaction can close and funds can be disbursed. ACCEPTED BANK WIRES: We encourage all customers to send funds via wire transfer. These funds are available for immediate credit and can be disbursed the quickest, thereby ensuring a timely closing. Closing funds must be wired if the total is more than $250,000. CASHIER’S CHECKS: When a bank issues a cashier’s check they first verify the funds are available in the account. Cashier’s checks are considered good funds once they have been deposited and cleared. This takes between 1 and 3 days depending on the issuing bank. Cashier’s checks must be issued in Washington State or they will be treated like a personal check and can delay closing. NOT ACCEPTED ACH TRANSFERS: ACH transfers are not the same as a bank wire. Both are completed electronically. However, ACH transfers can be recalled up to 90 days after completion and without our approval. This does not meet the good funds requirement and is therefore not an acceptable form of funds. Our bank blocks these transfers and may not notify us. FOREIGN & VIRTUAL CURRENCIES: All funds must be converted to US Dollars prior to deposit to escrow. CASH: We are not able to properly secure cash deposits and do not accept cash. Call us today if you have questions! (888-828-0018) GOOD FUNDS REQUIRED FOR CLOSING Signature: TT!'�1,r7Gly`�IGI�?9Gi81 POT Email: tjungman@kentwa.gov Signature: AZ- �- Email: rlashley@kentwa.gov Signature: Brian Levenhag i (Jun 3, 202116:28 PDT) Email: bjlevenhagen@kentwa.gov URGENT -PROPERTY ACQUISITION CLOSING DOCS Final Audit Report 2021-06-03 Created: 2021-05-26 By: Lynn Osborn (losborn@kentwa.gov) Status: Signed Transaction ID: CBJCHBCAABAA-NANBEW-bKcn-uhiQulB8BHTsOvfZMG4 "URGENT -PROPERTY ACQUISITION CLOSING DOCS" Histor y Document created by Lynn Osborn (losborn@kentwa.gov) 2021-05-26 - 2:45:44 PM GMT- IP address: 146.129.252.126 Document emailed to Terry Jungman (tjungman@kentwa.gov) for signature 2021-05-26 - 2:49:46 PM GMT E Email viewed by Terry Jungman (tjungman@kentwa.gov) 2021-05-26 - 3:40:24 PM GMT- IP address: 73.118.200.115 Document e-signed by Terry Jungman (tjungman@kentwa.gov) Signature Date: 2021-05-26 - 3:41:26 PM GMT - Time Source: server- IP address: 73.118.200.115 Document emailed to Ronald Lashley (rlashley@kentwa.gov) for signature 2021-05-26 - 3:41:28 PM GMT Email viewed by Ronald Lashley (rlashley@kentwa.gov) 2021-05-26 - 4:35:12 PM GMT- IP address: 146.129.252.126 Document e-signed by Ronald Lashley (rlashley@kentwa.gov) Signature Date: 2021-05-26 - 4:41:16 PM GMT - Time Source: server- IP address: 146.129.252.126 Document emailed to Brian Levenhagen (bjlevenhagen@kentwa.gov) for signature 2021-05-26 - 4:41:19 PM GMT E Email viewed by Brian Levenhagen (bjlevenhagen@kentwa.gov) 2021-05-26 - 4:41:26 PM GMT- IP address: 174.246.80.160 t E Email viewed by Brian Levenhagen (bjlevenhagen@kentwa.gov) 2021-06-03 - 11:27:33 PM GMT- IP address: 146.129.252.126 Adobe Sign Document e-signed by Brian Levenhagen (bjlevenhagen@kentwa.gov) Signature Date: 2021-06-03 - 11:28:27 PM GMT - Time Source: server- IP address: 146.129.252.126 Agreement completed. 2021-06-03 - 11:28:27 PM GMT 0 Adobe Sign