Articles

The Pitfalls of Quit Claim Deeds

Posted by on Jul 15, 2015 in Memos | 0 comments

1. What Does a Quit Claim Deed Convey? A Quit Claim Deed conveys, without warranty, all of the Grantor’s right, title and interest in the described property (RCW 64.04.050). In short, it conveys whatever interest the Grantor held, which could be no interest at all. For example, if the estate of a deceased individual holds title to the property and the grantor listed on the Quit Claim Deed is the executor of the estate (and not the estate itself), then the grantee listed on the Quit Claim Deed may not have an interest in the property post-Closing, despite the fact that a deed was...

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Escrow Tips for a Trouble Free Closing

Posted by on Dec 27, 2012 in Memos | Comments Off on Escrow Tips for a Trouble Free Closing

Insert the mailing address, email address and phone number on the first page of the purchase and sale agreement for both buyer and seller or email it to us if confidentiality is an issue. With this information, we can send out the initial escrow paperwork which provides our contact numbers for questions and detailed information regarding the closing process. (This typically relives you of escrow related questions.) In addition, if they live out of state, we can work with your client to coordinate their document signing via express mail or assist in arranging an out-of-state signing. Provide...

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What Type of Deed is Best for your Transaction?

Posted by on Nov 16, 2012 in Memos | Comments Off on What Type of Deed is Best for your Transaction?

Buyers and Sellers often overlook the importance of the type of deed used in their transaction which can have significant consequences for both parties.   There are three types of deeds found under the Washington conveyance statute.  They are the Statutory Warranty Deed (RCW 64.04.030), the Bargain and Sale Deed (RCW 64.04.040) and the Quit Claim Deed (RCW 64.04.050).  The differences amongst these three types of deeds may be described as follows:   1.         Statutory Warranty Deed (RCW 64.04.030).  The Statutory Warranty Deed conveys all of the Grantor’s right, title...

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June 2012 Updates on Home Affordable Modification Program (HAMP) and Home Affordable Avoidance Program (HAFA)

Posted by on Jul 10, 2012 in Memos | Comments Off on June 2012 Updates on Home Affordable Modification Program (HAMP) and Home Affordable Avoidance Program (HAFA)

1.      PROGRAM EXTENSIONS. Supplemental Directive No. 12-02, issued on March 9, 2012 and becoming effective on June 1, 2012, extended the deadline for eligibility in Making Home Affordable (MHA) and all of its component programs through December 31, 2013.   A.    HAMP Extension. In order for a loan to be eligible for modification under HAMP, an Intial Package must be submitted by the borrower on or before December 31, 2013.   B.     HAFA Extension. In order for a loan to be eligible for HAFA, either: (i) a fully executed Short Sale Agreement (SSA) or Deed-in-Lieu...

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2012 Legislative Updates

Posted by on Jul 10, 2012 in Memos | Comments Off on 2012 Legislative Updates

STATE LEGISLATION   1.      Homeowners in Crisis (Engrossed Substitute House Bill 2614). Effective June 7, 2012, a lender must provide written notice to a borrower if the lender intends to release its deed of trust or mortgage on the borrower’s owner-occupied real property for less than full payment of the debt.  Among other things, the notice must state that the lender is either waiving or reserving its right to collect full payment of the debt and that the lender’s right to collect the outstanding debt will be forfeited if the lender does not initiate an action to collect the...

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Disclosure of Letter of Lender’s Consent

Posted by on Jul 10, 2012 in Memos | Comments Off on Disclosure of Letter of Lender’s Consent

 Rules of Confidentiality Related to Disclosure of Terms of Letter of Lender’s Consent by Listing Broker or Law Firm Negotiating Short Sale ISSUE:  MAY A LISTING BROKER OR LAW FIRM NEGOTIATING A SHORT SALE DISCLOSE THE TERMS OF THE LETTER(S) OF LENDER’S CONSENT ISSUED BY SELLER’S LENDER(S)  WITHOUT THE CONSENT OF SELLER?   ANSWER:  NO   FACTS:  Many lenders for buyers have been insisting that they receive copies of the Letter(s) of Lender’s Consent (the “Letters”) as a condition for approving a buyer’s loan, and those buyer’s lenders have been insistent that...

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