The Purchase and Sales Agreement
Updated Oct. 9, 2013
If you are purchasing a house the one document that you should actually spend time reading is the Purchase and Sales Agreement in Seattle. Why? Because it spells out the terms and conditions of the sale of the house from one party to another. Have a question please feel free to contact mehere.. A good understanding to...

The three steps of title insurance
Updated Oct. 9, 2013
The questions that a title search is trying to answer are:. Is the person selling the property actually have the right to sell the property. Yes, people try to sell properties that they don't have the right to sell. If the buyer buying the correct parcel of land. There can be a lot of issues with this one from...

What does a title examiner do?
Updated Oct. 9, 2013
Once the title report returns from research the title examiner determines:. Does the seller of the property have the right to sell the property.. The status of the property taxes of the property.. Are there any Judgments or Liens against the buyer or the seller.. One important item to remember is that the title search...

Lower mortgage insurance rates
Updated Oct. 9, 2013
We all know that earlier this year FHA raised upfront mortgage insurance to 1.75% of the loan amount and the annual insurance premiums to 1.25% for some transactions.. Live in an expensive area? Add another .25% for for jumbo loans.. Encourage Congress to support H.R. 5884 for lower up-front premiums for FHA first time...

Does title insurance protect me?
Updated Oct. 9, 2013
If there is a claim made against you property title that is covered by your policy then the title insurance company will protect your title. In some cases, if the claim proceeds to court they will defend you at their expenses and settle the claim at their expense. . This post concludes my series on title insurance...

Your escrow is closed
Updated Oct. 9, 2013
Escrow is closed! We all love to hear that, but what does it really mean? The close of escrow is the day that the documents are recorded and title passes from the seller to the buyer. The buyer becomes the owner of the property and the seller has access to the proceeds of the sale.. One issue that can arise on the close of...

Earnest Money
Updated Oct. 9, 2013
Different parts of the country have different rules for earnest money. Earnest money information in Seattle can be accessed through your Realtor or contact me here.. In general the down payment made for the purchase of the property is the earnest money. The idea behind it is evidence of good faith toward the...

Fee simple and survey
Updated Oct. 9, 2013
Let's talk a little about fee simple and legal description in Seattle.. Fee simple is a description of ownership to a property that enables the owner to sell or convey the property with out many restrictions.. The Legal description of a property is the legal description of the property. There are different...

Quit Claim Form
Updated Oct. 9, 2013
When you execute a quit claim deed in Seattle you are releasing your interest in real property. This is a type of deed that passes title, claim, or any interest in the property. The important item to note is that a quit claim deed does not include any type of warranty of title.. There are many instances where quit claim...

Land Survey
Updated Oct. 9, 2013
When we are talking about a Survey in Seattle we are not talking about questioning a lot of people for their opinion. We are talking about a land survey. You can always reach me here for questions.. So what is a survey? It is a depiction on a map of real property. The survey is performed by a licensed surveyor and it...

Vesting of title
Updated Oct. 24, 2014
This post concludes our series on Real Estate Terms. Vesting, Waive, and Warranty Deed all have to do with your relationship to a parcel of real property. . Vesting in a property is the name, current status, and manner of title of ownership in real property.. Waive is to release your right to a property.. Warranty Deed is...

How to take title
Updated Oct. 9, 2013
There are many way to taking title to Real Estate in Seattle. . A Single Man/Woman: A man or woman who is not legally married. If you are not currently legally married this is how you should take title.. An Unmarried Man/Woman: If you are a man or woman who was legally married and is now legally divorced you should take...

Community Property
Updated Oct. 9, 2013
If you are considering buying Real Estate in Seattle, then you need to know about Community Property in Seattle. According to Washington State law; if a married man or woman buy property while they are married and it is not purchased as separate property then it is assumed to be community property. If you have...

Joint Tenancy
Updated Oct. 9, 2013
Some people choose to use Join Tenancy to purchase property in Seattle. The main reason people take title in joint tenancy is the right of survivorship. When one party of the joint tenancy dies. the title to the property transfers to the surviving joint tenants. This type of title ownership is usually used as part of a...

Tenancy in common
Updated Oct. 9, 2013
What is Tenancy in Common in Seattle? It is similar to joint tenancy but the interest in the property is not required to be equal and can be assigned at different times. One other key element is that there is no right of survivorship. Each party owns an interest and upon their death vests in their heirs. Questions about...

Domestic Partnership
Updated Oct. 9, 2013
Do you have a Domestic Partnership in Seattle? If you do there is a way for you to take title. There is a piece of legislation called the Domestic Partnership Expansion Act that does not have all the same rights of marriage but does give property right to domestic partners. Have a question please clickhere.. The...

August Seattle Real Estate Wrap
Updated Oct. 9, 2013
Today I would like to review some August Real Estate news in Seattle. There are going to be some comments on the National market also but as they say, all Real Estate is local. If you have any questions about financing please feel free to contact me here.. The big question is "Have home values hit bottom?" Yes. The home...

Warranty Deed
Updated Oct. 9, 2013
Are you buying or selling a house in Seattle? If so, you will probably see a Statutory Warranty Deed in Seattle. This is a type of deed with a warranty that conveys title to real property and warranties that the seller is the owner of the title and has the authority to convey the property. The property is also free of...

Quit Claim
Updated Oct. 9, 2013
When would you use a Quit Claim Deed in Seattle? Quit claim deeds are used to convey all rights and interest the grantor has in real property to the grantee. It is important to note that there is no warranty of title with this form. It also does not convey any interest the grantor may acquire in the property after the...

Bargain and Sale Deed
Updated Oct. 9, 2013
When would you use a Bargain and Sale Deed in Seattle? There are two types of this form; a statutory and non statutory. The non statutory form do not contain warranties unless identified. The statutory form convey a fee simple title to real property and contains warranties. The warranties include that the seller...