[WSBARP] Gift Deed

[John McCrady]

The parents would still not be insured under the policy.
John McCrady
Counsel
Puget Sound Title Company
5350 Orchard Street West
University Place WA 98467
253-476-5721
j.mccrady at pstitle.com

From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of nestor at pplsweb.com
Sent: Monday, April 08, 2019 3:12 PM
To: 'WSBA Real Property Listserv' <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] Gift Deed

What if Daughter remains on title along with parents?


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<mailto:wsbarp-bounces at lists.wsbarppt.com> <wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com>> On Behalf Of John McCrady
Sent: Monday, April 8, 2019 2:06 PM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com<mailto:wsbarp at lists.wsbarppt.com>>
Subject: Re: [WSBARP] Gift Deed

>From a title company point of view, if daughter conveys title by Statutory Warranty Deed, they would be covered under the covenants of warranty contained in the deed.  They would not be insured under the Title Policy.  The daughter would continue to be covered under the title policy to the extent she has liability under the covenants of warranty.
They may be able to accomplish their goals through the "Continuation of Coverage" terms of the Alta Homeowner's Policy (should that be the policy held by daughter):

 1.                  CONTINUATION OF COVERAGE
a. This Policy insures You forever, even after You no longer have Your Title. You cannot assign this Policy to anyone else.

b. This Policy also insures:
(1) anyone who inherits Your Title because of Your death;

(2) Your spouse who receives Your Title because of dissolution of Your marriage;

(3) the trustee or successor trustee of a Trust to whom You transfer Your Title after the Policy Date; or

(4) the beneficiaries of Your Trust upon Your death.
c. We may assert against the insureds identified in Section 2.b. any rights and defenses that We have against any previous insured under this Policy.

Other title policy forms have similar provisions.  Daughter and parents should review the title policy and discuss with the issuer how to accomplish their goals.

John McCrady
Counsel
Puget Sound Title Company
5350 Orchard Street West
University Place WA 98467
253-476-5721
j.mccrady at pstitle.com<mailto:j.mccrady at pstitle.com>

From: wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com> [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of nestor at pplsweb.com<mailto:nestor at pplsweb.com>
Sent: Monday, April 08, 2019 12:03 PM
To: 'WSBA Real Property Listserv' <wsbarp at lists.wsbarppt.com<mailto:wsbarp at lists.wsbarppt.com>>
Subject: [WSBARP] Gift Deed

Daughter want to quitclaim to parents. Parents want to be covered under the title insurance without paying a premium (of course). If Daughter executes a warranty deed, will the parents be covered with exception to of anything as of the date of transfer and any issue arising under the daughter? If not full coverage, what will they have?


Nestor Gorfinkel, Attorney at Law & Florida Civil-Law Notary
Admitted to practice law in Florida & Washington

ATTENTION - This e-mail message and any attachment to this e-mail message may contain confidential information that is legally privileged. If you are not the intended recipient, you must not review, retransmit, convert to hard copy, copy, use or disseminate this e-mail or any attachments to it. If you have received this e-mail in error, please notify us immediately by return e-mail or by telephone at the phone numbers provided herein and delete this message. Please note that if this e-mail message contains a forwarded message or is a reply to a prior message, some or all of the contents of this message or any attachments may not have been produced by the sender.

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