Building
In This Issue
My Sale Failed, Now What?
Remembering Those Who Served
Memorial Day Barbeque - Summer Kick-off!
Cascade on Facebook
Cascade Title:  Consistent, Courteous and Complete Title & Escrow Services


Scott Hogan
Manager/Vice President


Business Development


Escrow Officer/LPO


Escrow Officer/LPO


Escrow Officer/LPO



Join Our Mailing List
memorial_day5.jpg
My Sale Failed, Now What?
Earnest Money Changes Coming In July!

One of the biggest headaches facing both Realtors® and title  companies is the disposition of earnest money ("EM") when a transaction unravels. Both Buyer and Seller want the earnest money, putting the holder of funds in an impossible situation: give the money to one party, and incur the wrath (or lawsuit) of the other party. The traditional way to resolve this is an Interpleader action - the holder of the earnest money files a lawsuit naming both parties and deposits the money with the Court. Even though the parties say they'll "fight to the death" over the $1000 (or whatever the EM amount is), they usually change their minds when they realize they may have to hire an attorney and/or wait months or years to get any money or even their "day in Court." As outlined in the following edited excerpt from the excellent explanation by Annie Fitzsimmons of the Washington Association of Realtors (the Legal Hotline guru) in her May 19 Weekly Get the Facts Newsletter, here are the changes coming in July:
  • HB 1730 takes effect on July 24, 2015 and governs escrow companies and real estate firms (along with other holders of earnest money). The new law regulates EM held on or after July 24.
  • If the holder of the EM receives written demand from either party for release of the EM, the holder must take one of three actions within 15 days; (1) The holder can notify the other party of the demand; (2) the holder can disburse the funds; or (3)  the holder can interplead the funds.
  • If the holder notifies the other party of the demand, the notice must include a copy of the demand and must give the other party 20 days to object to release of the funds to the demanding party. The notice will also advise that if objection is not timely received, the holder will release the funds to the demanding party. The notice will be sent the other party's address as specified in the holder's file.
  • If the holder receives no response to the notice, then at the end of the 20 day period, the holder must release the funds to the demanding party within 10 days and the non-responding party may not sue the holder for recovery of the funds.
  • If the other party objects to release of the funds, the holder must interplead the funds within 60 days unless the parties give the holder different, mutually signed instructions.
  • The new statute provides the form language necessary to start an interpleader and allows the holder to serve the parties by mailing the forms to the addresses for the parties in holder's file. Personal service is not required on the parties. The holder will have to file the pleadings and deposit the funds with the local Superior Court. The holder is not required to pay a filing fee.
 
Memorial Day - Remembering Those Who Served

We all appreciate Memorial Day as a rare opportunity for a three day weekend, and we enjoy the barbeques and get togethers that often mark the holiday.  But most importantly, we recognize the day as a remembrance of those who have died in service to our country.  Memorial Day, originally called Decoration Day, owing to the tradition of decorating graves with flowers, wreaths and flags, was first observed on May 30th, 1868 to commemorate the sacrifices of Civil War soldiers.  Click here to read more about the origins of this day of remembrance.  We at Cascade Title Company extend our heartfelt gratitude to those who have served, who are serving, and who have given the ultimate sacrifice in defense of our freedom.  Wishing you all a safe and meaningful Memorial Day.

"We do not know one promise these men made, one pledge they gave, one word they spoke; but we do know they summed up and perfected, by one supreme act, the highest virtues of men and citizens. For love of country they accepted death, and thus resolved all doubts, and made immortal their patriotism and their virtue."                                                             - James A. Garfield
                                       May 30, 1868 Arlington National Cemetery 

   

Kicking off Summer with a Memorial Day
Barbeque!

Memorial Day is a wonderful time to dust off the backyard barbecue,  fire up the grill and kick off summer in style!  Looking for some great recipes for the grill?  Click here to browse some top-rated menu items!  If you're planning a party and need some inspiration for Memorial Day-themed decor and activities, click here.  Last but not least, don't forget to top off your meal with a beautiful and delicious, Red, White and Blue Firecracker Cake!  Wishing you all a terrific weekend!
We're on Facebook!
 

Join Us On Facebook! Like us on Facebook! Check out our Facebook page and give us a big thumbs up!

   

404 E. 15th St., Suite 12, Vancouver, WA 98663
Office  (360) 695-1301
Toll Free (877) 695-1301
Fax (360) 695-2358

Building