The new regulation is for all commercial deals signed after April 21. While some title officers have been providing the form to brokers the past few years, the actual practice is no longer necessary. The step can save brokers precious time - sometimes hours – when closing a deal.
According to Peter E. Johndrow, Commercial Account Manager for Transnation Title, the move had been rumored for some time. The City of Seattle is the only Puget Sound jurisdiction still requiring the form.
"I'm thinking the real estate brokerage community has to be ecstatic about this new regulation change," Johndrow said. "In some cases, it can take up to three hours or more to get a signed certificate from the city. For most people this is a very ineffective way to spend their time. The good brokers that I know would rather be doing something else."
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