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Collection Account. If any financing for the transaction will be provided by a private party, the <br />parties are advised to open a collection account at a financial institution to receive and disburse payments <br />to be made under the private promissory note or contract. The collection account shall be established by <br />the parties outside of escrow and shall not be the responsibility of the closing agent. <br />1099-S Reporting of Sellers Proceeds. In compliance with the Tax Reform Act of 1986, Internal <br />Revenue Code Sections 6045(e), 6676, 6722, 6723, and 7203 and as further amended, seller shall <br />provide all information necessary, including Seller's Taxpayer Identification Number (TIN), for the <br />preparation of a Form 1099-S as required by the Internal Revenue Service in connection with the closing <br />and completion of the transaction. Closing agent reserves the right not to close the escrow if adequate <br />information to complete Form 1099-S is not provided by the seller. <br />Foreign Investment in Real Property Tax Act. If any seller is, or may be, a non-resident alien <br />or a foreign corporation, partnership, trust or estate for the purposes of United States income taxation, the <br />parties are advised to consult with their attorneys before the closing date to determine their responsibilities <br />and liabilities, if any, under the Foreign Investment in Real Property Tax Act (Section 1445 et seq. of the <br />Internal Revenue Code). The closing agent is not required to verify the nationality or foreign status of any <br />of the sellers, or to withhold, report or pay any amounts due under such act, unless directed by the parties <br />in writing. However, the closing agent may request additional information or documentation concerning <br />sellers' foreign status, and the parties agree to cooperate by providing such information and <br />documentation. <br />Approvals and Permits. The parties are advised to consult with their attorneys to determine <br />whether any building, zoning, subdivision, septic system, or other construction or land use permits or <br />approvals will be required, either before or after the closing date. The closing agent shall have no <br />responsibility with respect to any such permit or approval, and shall have no liability arising from the failure <br />of any party to obtain, or from the refusal of any governmental authority to grant, any such permit or <br />approval. <br />Condominiums and Common Interest Communities: A seller may be required to deliver a <br />resale certificate or public offering statement to the buyer of a condominium unit prior to closing in <br />accordance with RCW Chapter 64.34, known as the Condominium Act. <br />A seller may be required to deliver a public offering statement or resale certificate to the buyer of <br />property within certain common interest communities prior to closing in accordance with Senate Bill 6175; <br />known as the Washington Uniform Common Interest Ownership Act. <br />Closing Agent cannot advise either party as to the scope of such requirements or the parties' <br />rights or duties thereunder, but hereby advises both parties to review these matters with an attorney of <br />their choice. Closing Agent has no duty to independently confirm such requirements, if applicable, will be <br />or has been met prior to closing. <br />Compliance with Certain Laws. The parties are advised to consult with their attorneys to <br />determine their rights and responsibilities, if any, under the Consumer Protection Act, Truth -in -Lending Act <br />or other similar laws. The Closing Agent shall have no responsibility for the parties' compliance, nor any <br />liability arising from the failure of any party to comply, with any such law. <br />Public Record Telephone Number(s): The Washington State Department of Revenue requires <br />that a telephone number for the Grantor and Grantee are included on the Real Estate Excise Tax Affidavit. <br />This document gets recorded with the county auditor's office and the information contained within will <br />become public record. The parties are encouraged to review the Real Estate Excise Tax Affidavit and <br />notify their closing team, in writing, at least 48 hours prior to closing, with any request to include an <br />alternative telephone number <br />Page 5 of 6 <br />