[WSBARP] Bargain & Sale Deed - Push Back - Friday Rant

Fri May 4 10:26:26 PDT 2018

There were two parts to your "rant."  One about warranty deeds, but you 
also mentioned just getting standard title insurance, which I took to 
mean not the "homeowner's" type policies.  If so, what's the thinking as 
to that?

As to the SWD, I tend to do a lot of transactions where the seller, 
typically a bankruptcy trustee or probate estate administrator, has an 
addendum which calls for a lesser deed, and often it gives them a choice 
of different deeds.  I've yet to have a buyer push back on that.  I 
suspect to the extent you're getting push back that it's because you're 
coming in too late in the process, after an offer has been made.  If you 
want your sellers to use a lesser deed then it would probably be better 
to have an addendum prepared in advance and attached to the listing, 
with any other standard terms you'd like to tweak.

Kary L. Krismer
John L. Scott/KMS Renton
206 723-2148

On 5/4/2018 10:13 AM, Rob Rowley wrote:
>
> It always boggles my mind how much pushback you get in the residential 
> real estate industry when you represent a seller and advise them to 
> use a bargain and sale as opposed to the standard form warranty deed 
> per the MLS form.  Always insured with a standard owner’s policy.  
> Brokers with decades of experience scratch their head and say well 
> that's only something that banks can use when they do trustee deeds.  
> Even had an appraiser recently voice issues on a residential appraisal 
> claiming this somehow affected the chain of title and thus value.
>
> Is this just Spokane or is this a statewide thing?
>
> Thinking out loud (I always know the answer – ‘impossible’) on how 
> hard would it be to have the residential real estate industry change 
> the standard form to allow an election as opposed to making the 
> warranty deed the default.
>
> I got religion on the issue of limiting warranties over 20+ years ago 
> when at my old firm we ended up suing an elderly couple on an old 
> warranty deed and they end up having to go into bankruptcy.  Over the 
> decades I've had at least a handful of claims and lawsuits involving 
> warranty deeds when they could have been eliminated or substantially 
> mitigated.  Typically your garden-variety fence and shared driveway 
> disputes.
>
> My Friday ramble.
>
> **
>
> image002.jpg at 01D33EAD*Robert R. Rowley*| Attorney at Law
>
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