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

Fri May 4 10:55:12 PDT 2018

Good points. When I represent a Seller, I show the agent in advance the language I wanted added to the P&S agreement.

Nestor 

Nestor Gorfinkel, Attorney at Law

Licensed in Washington & Florida

Florida Civil-Law (International) Notary

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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 4, 2018 10:43 AM
To: wsbarp at lists.wsbarppt.com
Subject: Re: [WSBARP] Bargain & Sale Deed - Push Back - Friday Rant

BTW, one more thing not directly related to the original report.

Agents don't tend to like attorneys being involved because most attorneys don't operate at the speed of real estate.  I've had transactions where properties were listed, an offer made and then accepted, all in one day (I represented the buyer--that wouldn't be likely to happen on one of my listings because I want them exposed to the market).  And that was before electronic signatures, which have helped speed things up even more.

So my advise would be that where you do represent a seller to have the seller's agent give you all the current forms they think will be likely on the transaction so that any tweaks to standard terms can be dealt with in advance via the addendum attached to the listing I suggested, with the review being only of filled in blanks, check boxes and custom language.

That and complete your review within ten minutes of receiving the offer.  ;-)

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

On 5/4/2018 10:26 AM, Kary Krismer wrote:

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.

Robert R. Rowley | Attorney at Law

7 S. Howard St, Suite 218

Spokane, WA  99201

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