Washington Real Estate Contract Law
???? Hi everyone — hoping someone with a Washington State real estate law degree (PSA, Form 22A) can weigh in.
I’m the seller. The buyer wrote an offer stating they were getting a conventional purchase loan. After we went under contract, I learned their actual financing is a refinance on another property.
They have now told me after notice to perform was sent: • They are waiving the financing contingency, and • The deal will now be “cash at close” if/when their refinance funds.
My questions: 1. Can a buyer in Washington unilaterally waive the financing contingency and continue with financing that is different than what was stated in the PSA? 2. If the “cash” only exists after their refinance funds, is that considered a financing change? 3. Doesn’t NWMLS Form 22A require seller approval for any change in financing type?
My understanding is: • The buyer can waive their own protection, but • They cannot change the financing type (conventional → refinance → “cash-if-refi-closes”) without the seller’s written approval, because that materially changes the terms of the offer and the risk to the seller.
Would appreciate any insight, especially from WA attorneys.????
Location: Washington
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