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Video instructions and help with filling out and completing Irs Form 5495

Instructions and Help about What Form 5495 Etc

Hi I'm Annie Fitzsimmons I'm your Washington Realtors legal hotline lawyer and this is a video in a continuing series discussing for statewide forums changes that take effect in the summer of 2022 today we're going to talk about four forms 22d 65 a and B and form 68 modifications to the rental forms the last three aren't all that significant so we're going to start with 22 D and really forms the changes to form 22 d aren't all that significant either but they do impact something that most brokers use which is paragraph 3 most brokers will check the box paragraph 3 which is the box that requires seller to maintain the property currently to maintain the property and provides buyer with the opportunity to for a walk through the revisions to paragraph 3 may not seem all that substantial but the language is changed significantly to put a burden on seller to repair or replace any systems or appliances that become the malfunction or become inoperative prior to closing not possession which it used to say but closing and the burden on seller is now affirmative seller must repair or replace systems or appliances that malfunction or become an operative prior to closing sellers who want to try and sell without making any repairs or modifications prior to closing you might think of an REO seller or a sale seller for example who say we're not we're not doing anything between now and closing we don't care what happens to the property listing brokers you want to make sure that paragraph 3 is not checked on Form 22d if that's your sellers position because form 22d paragraph 3 now creates an affirmative obligation on seller to repair or replace malfunctioning systems and appliances it still provides the same walk through opportunity for buyer five days prior to closing none of that portion of form 22d paragraph three changed the other change to form 22d is with respect to lisa's that buyer will be assuming at closing if buyer is assuming leases at closing now remember form 21 boilerplate language of form 21 says that seller is going to pay off all leases so there's any fixtures that are subject to a lease for example the security system or water filtration system something like that even a propane tank or a satellite dish the boilerplate language of form 21 says seller is going to pay off that lease there are some leases that seller can't pay off for example most propane tank in mini satellite dish Lisa's seller cannot pay off there's other ones that seller simply may not want to pay off and so buyer can use form 22d to agree to assume existing leases the change to form 22d gives buyer the opportunity to review any leases that buyer may be assuming the boiler plate or the default language is five days even the parties of course can negotiate that number of days but the default language is 45 days the buyer would have to review any leases that buyer will be assuming and terminate the transaction if those leases are not acceptable that's 22d no other changes to 22d form 65 a and 65 be our short-term rental agreements they are to be used when buyer is taking early possession 65a or seller is retaining delayed possession 65 be when your parties agree to either delayed or early possession and sign a purchase and sale agreement identifying a possession date based on early or delayed possession the boilerplate language of form 21 says that the parties will 65a or 65 be they will sign them which means that when your clients signs a form 21 agreeing to a possession date other than closing you must present your client with either 65 a or 65 be the corresponding rental form so that they know what they're agreeing to because when they sign form 21 they're agreeing to sign either 65 a or 65 be if possession is not on closing ok 65 and 65 be have both been simplified their terms have been modernized to make the forms more user-friendly the the titles of the forms for example now say early occupancy or delayed possession so that you know not only based on the form number but based on the title itself which form to use in which circumstance there has been a provision added for renters insurance encouraging by encouraging the tenant to obtain renter's insurance and also including the carbon the required carbon monoxide language that's that's now necessary to all leases in Washington state remember if your parties have possession on a date other than closing then the tenant arrangement that is created is subject to the landlord tenant act in in all cases of possession not on closing the person who's acting as the landlord does not intend to be a true landlord under the landlord tenant act for example sellers delayed possession buyer at closing becomes the landlord if the dishwasher goes out while the land while the seller is a tenant then the landlord tenant act says that the landlord the buyer will repair that dishwasher brokers my only admonition to you is make sure that your clients understand the significance of possession any time other than closing I don't want you to think that we're revising form 65 a and B and that we're having a video presentation on it because we think it's a great idea for there to be a possession date other than on closing although sometimes it is a necessity so if it's a necessity make sure you document it you use 65 a or 65 be and make sure your client understands the significance of being either a landlord or a tenant in Washington State the residential landlord tenant act applies and it can carry heavy burdens for a landlord make sure that the landlord in your transaction understands the significance of their.

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