Washington Real Estate Practices

Escrow documentation may be prepared by attorneys or by Limited Practice Officers (LPOs) licensed under Admission to Practice Rule 12 (APR 12). The latter are limited as to the scope and nature of the pre-authorized documents that the LPO may complete for execution by the parties, as opposed to the source of the Escrow Officer functions in other jurisdictions.

Yes, but the cancellation fee can be waived in certain circumstances.

On May 1, 2013, statute RCW 61.24.110 was amended to clarify agency relationships in reconveyances of deeds of trust and set out procedures if the trustee is unable or unwilling to recovney the deed of trust within 120 days following payment.

Customary: Warranty Deed (maximum warranties conveyed), Bargain and Sale Deed (warrants only against those encumbrances done/suffered by grantor), and Quit Claim Deed (warrants nothing).

Not Insurable: Tax Deed, Trustee’s Deed (may be insured under special circumstances).

Yes, RCW 48.29.190 (9-4-19)

No.

There are no special requirements for policy countersignatures. The issuing agency must be licensed in Washington and anyone that is authorized to sign on behalf of the agency may countersign the policy.

Taxes are liens on the property from January 1 in the year levied until paid. Due dates are April 30 (first ½) and October 31 (second ½). Delinquent taxes are subject to a 12% per annum interest rate computed on a monthly basis from delinquency date, and an additional 3% penalty is assessed on the amount of tax delinquent on May 31 of the year in which the tax is due. An additional 8% penalty is assessed on the total tax delinquent on November 30 of the year in which the tax is due.

Not customary. Extra-work charges may be made under some circumstances, but are considered part of the premium.

Who can be listed as the trustee on the Deed of Trust (e.g., residency and/or natural person requirements, etc.)? Can an underwriter or title agent be designated as the trustee, and, if so, is it customary?

Deed of Trust (common) and Mortgages (rare). The trustee of a deed of trust must be 1) any domestic corporation of which at least one officer is a Washington resident, or 2) any title insurance company authorized to insure title to real property in Washington, or its agents, or 3) any attorney who is an active member of the Washington state bar association at the time he/she is named trustee, or 4) any professional corporation, LLC, LLP, incorporated under the applicable Washington statutes, all of whose shareholders, members, or partners, respectively are either licensed attorneys or entities, provided all of the owners of those entities are licensed attorneys, or any domestic corporation wholly owned by any of these entities, or 5) any agency or instrumentality of the U.S. Government, or 6) any national bank, savings bank, or savings and loan associated chartered under the laws of the United States. It is customary that a title agent (not underwriter) be listed as a trustee on a deed of trust.

• Rights or claims of parties in possession not shown by the Public Records.
• Easements, or claims of easements, not shown by the Public Records.
• Encroachments, overlaps, boundary line disputes, or other matters which would be disclosed by an accurate survey or inspection of the Land.
• Any lien, or right to a lien, for services, labor, or material heretofore or hereafter furnished, imposed by law and not shown by the Public Records.
• Taxes or special assessments which are not shown as existing liens by the Public Records.

None.

Rate and form filings are done on a “file and use” basis. Rates may be used 15 days after submission and forms may be used 30 days after submission.

Yes, a real estate excise tax. The excise tax varies from county to county. Certain transactions are exempt.

Yes.

None.

None, other than acknowledgment.