New Short Sale Rules in Washington State
A new law was recently created in Olympia and revises existing law with regard to short sales for owner-occupied properties. House Bill 2614 goes into effect June 7, 2012. In part, the law provides: A) “Upon its first written notice”…
What is a 1031 exchange?
‘Section 1031 Like-Kind Exchange’ is a part of the Residential Purchase and Sale Agreement. What is it addressing? In the Northwest Multiple Listing Purchase & Sale Agreement it is simply an agreement between Buyer & Seller to cooperate in signing the…
Carbon Monoxide Detector Requirements
Beginning April 1, 2012 sellers are required to equip owner-occupied single family homes with Carbon Monoxide alarms at the time of sale. This includes single family homes, condominiums and manufactured/mobile homes. The carbon monoxide detector requirements began with the passing…
Why pay for title insurance?
Many Buyers and Sellers wonder about that ‘title insurance’ charge on the Settlement Statement. The Seller buys a policy for the Buyer and the Buyer pays for a policy for their Lender (if they are getting a mortgage). So what…
New 3.8% sales tax on real estate
Is there a new 3.8% sales tax on real estate transactions? Here is your answer according to the National Association of Realtors… Q: Is there a 3.8% real estate “sales tax” or a transfer tax created in health care bill?…
Oil tanks not in use
Homeowners/Sellers must pay attention to whether they have an abandoned oil tank in their yard. The law requires that the oil tank no longer in use must be decommissioned. It is absolutely advised that the homeowner take action on this,…
Form 17: The Seller Disclosure Form
The Seller Disclosure form is a document in which sellers answer, to the best of their knowledge, a series of questions about the condition of the home and disclose any known defects. It is important for any seller to go…
Home Insurance 101
What amount of homeowner’s insurance is required? Your homeowner’s insurance policy should cover the cost to rebuild your home. This insured amount may be higher or lower than the actual purchase price as long as it meets the loan requirements….
What is title insurance?
Title insurance insures the lender and/or buyers against the possibility of unknown liens or discrepancies in ownership on the property they are purchasing. Sellers buy title insurance for the buyers, covering the amount of the purchase price; buyers buy title…
