[WSBARP] Deed in Lieu of Forfeiture

Wed Oct 16 14:14:13 PDT 2019

Yes, thank you for that. Whenever you do a deed in lieu, whether it be about a deed of trust, mortgage or contract, you pretty much need a title report, maybe just a tract book ownership, but better a guarantee; and you need to know if there are any intervening third party interests that are subordinate to the original financing instrument, but prior to the deed in lieu. That can be a bad surprise if it happens to turn out the wrong way. If there is an intervening interest, you have to figure out how to get rid of it, by an actual foreclosure/forfeiture, which then relates back for priority purposes to the original financing instrument; getting them to release or partially release enough for your client to have clear title; or whatever else works.  

Rob

Robert D. Wilson-Hoss 
Hoss & Wilson-Hoss, LLP 
236 West Birch Street 
Shelton, WA 98584 
360 426-2999

www.hossandwilson-hoss.com
rob at hctc.com

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From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Kary Krismer
Sent: Wednesday, October 16, 2019 2:03 PM
To: wsbarp at lists.wsbarppt.com
Subject: Re: [WSBARP] Deed in Lieu of Forfeiture

There is the issue of non-merger if there's an unknown junior interest.

Kary L. Krismer
206 723-2148

On 10/16/2019 1:52 PM, Jim Doran wrote:

Maybe the good old Quit Claim Deed is the only assurance that the Seller needs and that's all.   

James R. Doran

Attorney at Law

100 E. Pine Street -  Suite 205

Bellingham, WA 98225
(360)393-9506

jim at doranlegal.com

www.doranlegal.com

On Wed, Oct 16, 2019 at 1:49 PM Kailei Feeney <kailei at westseattlelaw.com> wrote:

Hello Jim,

I think Mr. Owen’s valid point is that with a real estate contract, the seller does not convey a deed to the buyer until all obligations under the real estate contract have been satisfied. 

As such, perhaps a deed back to seller is not appropriate (although once the contract was rescinded, if the rescission remained private, I could certainly see a QCD being used to clear title).

Regards,

Kailei

Kailei B. Feeney
Attorney-at-Law

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Seattle, WA 98116-3705                          

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From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Jim Doran
Sent: Wednesday, October 16, 2019 1:25 PM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] Deed in Lieu of Forfeiture

No.  There is such a thing as a Deed in Lieu of Forfeiture.  I could bootstrap a Quit Claim Deed into it.  but I thought a standard form would be available.

Thanks anyway for the thought.

Jim

James R. Doran

Attorney at Law

100 E. Pine Street -  Suite 205

Bellingham, WA 98225
(360)393-9506

jim at doranlegal.com

www.doranlegal.com

On Wed, Oct 16, 2019 at 1:16 PM Doug Owens <dougowens at seattlerelawyer.com> wrote:

Dear Jim, it seems to me that since the vendee on a real estate contract has not previously received a deed that person would be unable to execute a deed back to the vendor.  Perhaps a rescission of the contract could be executed and recorded.  Just a thought.  Yours truly, Doug Owens

On Oct 16, 2019, at 11:20 AM, Jim Doran <jim at doranlegal.com> wrote:

Does anyone have a form for a Deed in Lieu of Forfeiture?  This is a real estate contract situation.  Forfeiture not foreclosure. 

Thank you.

Jim Doran

James R. Doran

Attorney at Law

100 E. Pine Street -  Suite 205

Bellingham, WA 98225
(360)393-9506

jim at doranlegal.com

www.doranlegal.com <http://www.doranlegal.com/> 

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