Vashon Homes & Events from Go! Real Estate

Vashon Real Estate: Going Green with Paperwork

November 20, 2008 at 1:34 am Leave a comment

Twenty years ago a house sales transaction required three sheets of paper.  Today a sale takes 25 sheets of paper (at a minimum). Changes in state and local laws, the increased sophistication of the parties to a transaction, and the need to spell out in detail all of the items that might end up in a lawsuit are driving the blizzard of documents that surrounds a home sale, according to the Northwest Multiple Listing Service.  This ream of paperwork also involves a significant increase in the amount of energy consumes by the parties to a transaction, their agents and brokers. 

In a recent transaction handled by Keller WIlliams, the complexity of the transaction multiplied the paperwork exponentially, as the buyers wrestled with financing issues, multiple offers, sought extensions for deadlines, made an offer on a bank-owned house which was declined by the bank, and mismanaged exchanges of faxes.

Is this waste of resources and energy really necessary?  Many parties do not even read the fine print presented to them by their agents, instead relying on the expertise of their agents to steer them through the boilerplate.

What do the forms accomplish?  A Purchase and Sale Agreement, along with customized addendums, is the instrument defining the offer that  a potential buyer makes on a home and the the terms of sale are negotiated.  This document is subject to back and forth negotiations by the parties.  Eventually, in a successful negotiation, one P&S Agreement emerges with the agreed terms to the deal.

The Purchase and Sale Agreement is accompanied by a Financing Addendum, Identification of Utilities, an Optional Clauses Addendum, Inspection Addendum, Inspection Notice, Title Contingency Addendum, Addendum/Amendment to Purchase and Sale, Seller Disclosure Statement, Disclosure of Information on Lead-based Paint and Lead-based Paint Hazards, Agency Disclosure, Commission Disbursement Form, and a Northwest Multiple Listing Service Status Change.

Go! Real Estate has recognized the need to reduce paperwork in housing transactions and has implemented policies to promote the electronic exchange of documents.  These documents are legally valid and can be exchanged via the internet rather through an exchange of paper and the delay of mail delivery.  This is just one way that Go! has embraced the internet to create a greener real estate practice.

Entry filed under: • Real Estate, Housing Market News, Living Green, Living Green Resources, Think Green. Tags: Green real estate, Seattle real estate, Seattle sustainable living, Vashon real estate, Vashon sustainable living.