Memos

Short Sale Transaction Overview for Buyer and Seller

Posted by on Jul 10, 2012 in Memos | Comments Off on Short Sale Transaction Overview for Buyer and Seller

(This is a general overview and for informational purposes only.)   Thank you for considering our services to be closer of your home purchase or sale. This home is a short sale transaction and quite different than a normal buyer and seller transaction. Please be aware there are some monetary risks associated with this transaction for the buyer, such as the inspection and appraisal fees.   Once all parties sign the purchase and sale agreement, we must submit a completed “short sale package” to the Seller’s lender(s) for their approval. In this package, there will be a copy of...

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Foreclosure Fairness Act 2012 Amendments

Posted by on Jul 10, 2012 in Memos | Comments Off on Foreclosure Fairness Act 2012 Amendments

  The Foreclosure Fairness Act (the “Act”) was signed into law on April 14, 2011 and became effective July 22, 2012.   The amendments to the Act were signed into law on March 29, 2012, and the substantive provisions of the amendments will take effect on June 7, 2012.    The primary provisions of the Act, as amended, are substantially as follows:   I.                    “Meet and Confer” Provisions.   Prior law only required the lender on owner-occupied residential property to contact the borrower 30 days before commencing the non-judicial...

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Forms of Deeds Class

Posted by on Aug 9, 2011 in Articles, Memos | Comments Off on Forms of Deeds Class

           FORMS OF DEEDS   There are three types of deeds found under the 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 and interest in the described property.  It also creates, as of the date of delivery, the following statutory...

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Lender Lack of Authority

Posted by on Aug 9, 2011 in Articles, Memos | Comments Off on Lender Lack of Authority

Galvin Realty Law Group, P.S.   MEMORANDUM     Lender Lack of Authority to Enter Premises and What the Seller and Listing Agent Can do to Prevent such Entry FACTS:  Generally speaking, owners do not go to great lengths to maintain their property once the foreclosure process has begun.  Some owners vacate the house immediately upon default, leaving the property in its then-existing condition.  Other owners stay in the property during all or part of the foreclosure process, keeping the property only habitable.   Everyone knows that a well-maintained property will fetch a higher...

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Tenant Rights Post Floreclosure

Posted by on Aug 9, 2011 in Articles, Memos | Comments Off on Tenant Rights Post Floreclosure

Galvin Realty Law Group, P.S.   MEMORANDUM     1.      Summary. In response to the growing number of foreclosures, both the federal and state governments have passed laws to protect tenants.  The differences between the laws, which are set forth below, are difficult to reconcile.     2.      State Law (ESB 5810).   The new state law applies to one to four unit residential properties and does not have an expiration date.   The law requires that the new owner provide tenants with written notice of the foreclosure, which states that the property was...

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Personal Liability

Posted by on Aug 9, 2011 in Articles, Memos | Comments Off on Personal Liability

Galvin Realty Law Group, P.S.   MEMORANDUM     Personal Liability for Condominium Assessments FACTS. Condominium unit owners often fall behind on their homeowners association dues before or during a short sale or foreclosure.  Pursuant to RCW 64.34.364, condominium unit owners are personally liable for past due assessments.   ISSUE. Whether a homeowner should transfer his condominium unit to a limited liability company to avoid personal liability for past due condominium assessments.   SHORT ANSWER. No, a homeowner should not transfer his condominium unit to a limited...

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