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October 23, 2018 • Stay Connected!
         


QUESTION:  Title is in the deceased person's name. There is an executor who is selling the property. Would this situation be exempt from filling out the Form 17? Would the executor still fill out the environmental section?



ANSWER:   If an "executor" is selling the property, then title to the property MUST be in the name of the estate of the deceased person. Broker should provide all of the information she has in this regard to the title company that issued the preliminary commitment for title and ask the title company to amend the preliminary commitment if it determines that its identification of the fee simple owner is incorrect. Broker cannot market property if there is disagreement between the person signing the PSA as seller and the title company as to who owns the property. In reality, there is probably no disagreement but there is likely a lack of current information in the possession of the title company. Broker needs to correct that problem as quickly as possible.
 
Assuming that title to the property is actually held in the name of the estate of a deceased person and that an executor will sign the deed conveying title to a buyer, the transaction is exempt from the Seller Disclosure Act and seller has no obligation to complete or deliver any portion of the Form 17.
 

 

The Legal Hotline Lawyer does not represent Washington REALTORS or its members. To browse through our database of past Q & A's, visit www.warealtor.org. Attorney Annie Fitzsimmons writes the Legal Hotline Question and Answer of the Week. Please submit questions to legalhotline@warealtor.org or leave a message at 800.562.6027. Please include your NRDS number.



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Primary Mortgage Rates Survey
(updated every Thursday)  Source:  Freddie Mac
 
  October 18, 2018       30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.85%  4.26%  4.10%
 Fees & Points  0.5
 0.4
 0.3
 Margin  N/A  N/A  2.77



  October 11, 2018       30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.90%  4.29%  4.07%
 Fees & Points  0.5
 0.5
 0.3
 Margin  N/A  N/A  2.77



  October 4, 2018       30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.71%  4.15%  4.01%
 Fees & Points  0.4
 0.4
 0.3
 Margin  N/A  N/A  2.76



  Sept. 27, 2018       30-yr FRM  15-Yr FRM  5/1-Yr ARM
 Average Rates  4.72%  4.16%  3.97%
 Fees & PointsHTML  0.5
 0.5
 0.3
 Margin  N/A  N/A  2.76



 
 UPCOMING CLASSES
 
Date Class Location CE  
24-OCT NAR Code of EthicsPuyallup3.0More info...
25-OCT NAR Code of EthicsLive Webinar3.0More info...
01-NOV NAR Code of EthicsWalla Walla3.0More info...
05-NOV NAR Code of EthicsKennewick3.0More info...
05-NOV Internet CorrectKennewick3.5More info...
07-NOV Water Rights & Supply IssuesPort Townsend3.5More info...
09-NOVNAR Code of EthicsShelton3.0More info...
09-NOV NAR Code of EthicsYakima3.0More info...
     

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