[WSBARP] Best practice - Conveying into new trust

[nestor at pplsweb.com]

That's why I typically go with that route for the preservation of
warranties. Well said.

 

Nestor Gorfinkel, Attorney at Law

Licensed in Washington & Florida

Florida Civil-Law (International) Notary

 

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.

 

P Please consider the environment before printing this e-mail.

 

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 Jeanne Dawes
Sent: Wednesday, February 20, 2019 10:28 AM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com
<mailto:wsbarp at lists.wsbarppt.com> >
Subject: Re: [WSBARP] Best practice - Conveying into new trust

 

John,  I typically use a Statutory Warranty Deed for properties because
typically I don't know whether they are insured, or when they were insured,
or under what ALTA policy they were insured (a lot of times is may be under
a much older policy).   My thought is that if the living trust is not
insured under the Grantor's existing policy the Trust would have a claim
against the Grantor under the statutory warranties, and the Grantor would
then have a claim against their title insurance policy, if they have one and
it is a covered claim.    If the property was not insured, then the Trust
would just deal with the issue, it is unlikely it would bring a claim
against the original grantor.   Does it make good sense to continue using
the Statutory Warranty Deed when transferring property to grantor trusts?

 

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

 <mailto:jjdawes at goregrewe.com> jjdawes at goregrewe.com

 



INFORMATION CONTAINED IN THIS E-MAIL TRANSMISSION IS PRIVILEGED AND
CONFIDENTIAL.  

 

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: Wednesday, February 20, 2019 9:39 AM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com
<mailto:wsbarp at lists.wsbarppt.com> >
Subject: Re: [WSBARP] Best practice - Conveying into new trust

 

>From a title insurance perspective, it probably doesn't matter what type of
deed you use, provided the trust is a "Living Trust" created for estate
planning purposes.

In the 2006 Owner's Policy the definition of "Insured" includes ".a trustee
or beneficiary of a trust created by a written instrument established by the
insured named in Schedule A for estate planning purposes." 

In the Alta Homeowner's Policy the insured ("You") is defined:  (3)  the
trustee or successor trustee of Your  Trust or any Estate Planning Entity
created for You to whom or to which You transfer Your Title after the Policy
Date; (4)  the beneficiaries of Your Trust upon Your death; or

Since these definitions are not dependent on continuation of warranty
provisions a quit claim deed would not jeopardize coverage. 

 

If the trust is not an estate planning trust, I would use a Statutory
Warranty Deed and request an endorsement from the client's Title Insurer.

 

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 marc
holmeslawgroup.com
Sent: Wednesday, February 20, 2019 8:52 AM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com
<mailto: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
 <mailto:marc at holmeslawgroup.com> marc at holmeslawgroup.com
(206) 357-4224 (ofc)
(206) 849-0853 (cell)

 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbarp/attachments/20190220/45fdcfd0/attachment.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.jpg
Type: image/jpeg
Size: 9460 bytes
Desc: not available
URL: <http://mailman.fsr.com/pipermail/wsbarp/attachments/20190220/45fdcfd0/image001.jpg>