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

Fri May 4 10:38:35 PDT 2018

Kary, I do the same thing, attach my Fiduciary Addendum to the Listing Agreement which states a Special Warranty Deed will be used, and provides the closing agent with the “special” language, which is not contained in the LPO form Bargain and Sale Deed.  Unfortunately it is also not contained in the LPO form “Special Warranty Deed” which is why I include it in my instructions.  I get pushback from the closing agent who routinely tell me they are not allowed to insert the special language contained in my Fiduciary Addendum (which is incorrect), but usually I just take their deed pop in the paragraph and return it.  It is easier than arguing with them.  BUT, what I’ve learned from the WSBA is that the LPO Board has decided rather to correct the Special Warranty Deed by adding the “special” language, they are to remove the form from the list of approved documents.  Go figure.
Jeanne

Jeanne J. Dawes
Attorney at Law
Gore & Grewe, P.S.
103 E. Indiana Avenue, Suite A
Spokane, WA 99207-2317
Voice:  509-326-7500
Fax:      509-326-7503
jjdawes at goregrewe.com<mailto:jjdawes at goregrewe.com>

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From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Kary Krismer
Sent: Friday, May 04, 2018 10:26 AM
To: wsbarp at lists.wsbarppt.com
Subject: Re: [WSBARP] Bargain & Sale Deed - Push Back - Friday Rant

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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