[WSBARP] Best practice - Conveying into new trust
Lewis, Brian L.
Lewis at ryanlaw.com
Wed Feb 20 09:09:53 PST 2019
Marc,
Under the 2006 ALTA policy, the definition of "insured" generally includes grantor trusts so the endorsement is not necessary. Under older policies (1992 and 1970 ALTA policy forms), the best practice is to get the additional insured endorsement. Any of the forms of deeds should work, and I would think a QCD should be fine.
Brian L. Lewis
Member
Ryan, Swanson & Cleveland, PLLC
1201 Third Avenue, Suite 3400 | Seattle WA 98101-3034
Direct 206.654.2206 | Direct Fax 206.652.2906
Lewis at ryanlaw.com<mailto:Lewis at ryanlaw.com> | www.ryanswansonlaw.com<http://www.ryanswansonlaw.com>
.
[Ryan Swanson and Cleveland Logo]<http://www.ryanswansonlaw.com/>
From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of marc holmeslawgroup.com
Sent: Wednesday, February 20, 2019 8:52 AM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: [WSBARP] Best practice - Conveying into new trust
I've seen quit claim, bargain and sale, special warranty, and statutory warranty deeds used to convey property into a trust and am trying to decide which to use and whether to ask the title company for an endorsement for the new "insured."
Any opinion on which is most appropriate form of deed and whether a title endorsement is even necessary. I vaguely recall that this sort of conveyance won't disturb continuity of coverage under either an ALTA Standard or ALTA Homeowner's policy.
Marc Holmes, JD
Holmes Law Group PLLC
2303 W. Commodore Way, Suite 306
Seattle, WA 98199
marc at holmeslawgroup.com<mailto:marc at holmeslawgroup.com>
(206) 357-4224 (ofc)
(206) 849-0853 (cell)
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