[WSBARP] Waiver of Redemption Rights after Judicial Foreclosure?

Fri Jan 16 07:48:12 PST 2015

Danielle,

Remember that the transfer is not exempt. WAC 458-61A-208(6)(b). You list
whatever is true and fair value consideration (WAC 458-61A-101(2)(c)) and
pay the excise which shouldn’t be that much.

Also, no need to specifically reference the right of redemption in the quit
claim legal description (though it doesn’t hurt). Remember that you are
merely quit claiming one of the “bundles of sticks.”

Also, if former owners were husband and wife you need the quit claim from
both spouses.

*Robert R. Rowley* | Attorney at Law

505 W. Riverside Ave, Suite 500

Spokane, WA  99201

Telephone: (509) 252-5074

Mobile: (509) 994-1143

Facsimile: (509) 928-3084

Email: rob at rowleylegal.com

Web Site: www.rowleylegal.com

*From:* Danielle Flatt [mailto:danielle at dimensionlaw.com]
*Sent:* Thursday, January 15, 2015 6:48 PM
*To:* rob at rowleylegal.com
*Subject:* Re: [WSBARP] Waiver of Redemption Rights after Judicial
Foreclosure?

Rob,

Thank you for your response. May I ask how you have done the excise tax
affidavit in these situations?  Will the recorder accept as the legal
description "right of redemption to [parcel #]"? How is the selling price
computed when the parcel itself is not being conveyed, just a right to
redeem it (such as a cash for keys agreement)?  What about when there is
non-monetary consideration (e.g., ability to occupy the property for a
months after the sale so the debtor can locate new housing)?

Best Regards,

DANIELLE FLATT | ATTORNEY | DIMENSION LAW GROUP PLLC
1900 S Puget Dr, Suite 203 | Renton, WA 98055
t: *206.973.3500 ext 126*   |   f: *866.696.0892 * | e:
*danielle at dimensionlaw.com
<danielle at dimensionlaw.com>* | www.dimensionlaw.com

**Please take note of our new phone number**

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On Wed, Jan 14, 2015 at 2:37 PM, Rob Rowley <rob at rowleylegal.com> wrote:

The best way to transfer the redemption rights is a quit claim deed from
the judgment debtor to the new purchaser.  This is typically what is
required by the title company in order to obtain marketable title to the
property.

*Robert R. Rowley* | Attorney at Law

505 W. Riverside Ave, Suite 500

Spokane, WA  99201

Telephone: (509) 252-5074

Mobile: (509) 994-1143

Facsimile: (509) 928-3084

Email: rob at rowleylegal.com

Web Site: www.rowleylegal.com

*From:* wsbarp-bounces at lists.wsbarppt.com [mailto:
wsbarp-bounces at lists.wsbarppt.com] *On Behalf Of *Danielle Flatt
*Sent:* Wednesday, January 14, 2015 1:54 PM
*To:* wsbarp at lists.wsbarppt.com
*Subject:* [WSBARP] Waiver of Redemption Rights after Judicial Foreclosure?

Good Afternoon Listmates,

I'm looking for insight into waiving redemption rights after a judicial
foreclosure.  May a judgment debtor in a judicial foreclosure waive or
convey its right of redemption after the sale to the purchaser?  If so,
what is the best instrument to use for the waiver?

What can the recipient of the waiver do to protect himself from the
judgment-debtor later rescinding the waiver or arguing it was coerced into
the waiver?

Thank you,

DANIELLE FLATT | ATTORNEY | DIMENSION LAW GROUP PLLC
1900 S Puget Dr, Suite 203 | Renton, WA 98055
t: *206.973.3500 ext 126 <206.973.3500%20ext%20126>*   |   f: *866.696.0892
<866.696.0892> * | e: *danielle at dimensionlaw.com
<danielle at dimensionlaw.com>* | www.dimensionlaw.com

**Please take note of our new phone number**

PRIVILEGED AND CONFIDENTIAL:  This e-mail (including any attachments) is
intended only for the use of the individual or entity named above and may
contain privileged or confidential information. If you are not the intended
recipient, or the employee or agent responsible to deliver it to the
intended recipient, you are notified that any review, dissemination,
distribution or copying of this e-mail is prohibited. If you have received
this e-mail in error, please immediately notify us by e-mail, facsimile, or
telephone; return the e-mail to us at the e-mail address below; and destroy
all paper and electronic copies.

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